Allegiant Travel (ALGT) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-33166
Entity Registrant Name	Allegiant Travel Co
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-4745737
Entity Address, Address Line One	1201 North Town Center Drive
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89144
City Area Code	702
Local Phone Number	851-7300
Title of 12(b) Security	Common stock, par value $0.001
Trading Symbol	ALGT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,429,004
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001362468
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS_(un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 317,573	$ 229,989
Restricted cash	17,157	15,457
Short-term investments	690,593	725,063
Accounts receivable	57,798	106,578
Expendable parts, supplies and fuel, net	35,086	35,546
Prepaid expenses and other current assets	181,893	161,636
TOTAL CURRENT ASSETS	1,300,100	1,274,269
Property and equipment, net	2,946,941	2,810,693
Long-term investments	68,801	63,318
Deferred major maintenance, net	162,221	157,410
Operating lease right-of-use assets, net	106,999	111,679
Deposits and other assets	95,359	93,928
TOTAL ASSETS:	4,680,421	4,511,297
CURRENT LIABILITIES
Accounts payable	65,936	58,335
Accrued liabilities	225,510	226,276
Current operating lease liabilities	20,200	19,973
Air traffic liability	479,530	379,459
Loyalty program liability	36,417	32,888
Current maturities of long-term debt and finance lease obligations, net of related costs	289,669	152,900
TOTAL CURRENT LIABILITIES	1,117,262	869,831
Long-term debt and finance lease obligations, net of current maturities and related costs	1,816,151	1,944,078
Deferred income taxes	348,334	346,388
Noncurrent operating lease liabilities	89,903	94,972
Loyalty program liability	23,216	23,612
Other noncurrent liabilities	14,158	11,718
TOTAL LIABILITIES:	3,409,024	3,290,599
SHAREHOLDERS' EQUITY
Common stock, par value $0.001	25	25
Treasury shares	(672,493)	(660,023)
Additional paid in capital	714,506	709,471
Accumulated other comprehensive income, net	3,242	1,257
Retained earnings	1,226,117	1,169,968
TOTAL EQUITY:	1,271,397	1,220,698
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:	$ 4,680,421	$ 4,511,297

CONSOLIDATED BALANCE SHEETS_(_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING REVENUES:
Passenger	$ 609,277	$ 463,961
Third party products	26,037	22,480
Fixed fee contracts	14,117	13,386
Other	256	282
Total operating revenues	649,687	500,109
OPERATING EXPENSES:
Aircraft fuel	189,546	164,137
Salaries and benefits	159,623	134,010
Station operations	61,520	65,744
Depreciation and amortization	54,680	46,343
Maintenance and repairs	26,442	27,820
Sales and marketing	26,928	22,350
Aircraft lease rentals	7,092	6,132
Other	30,643	26,202
Special charges	(1,612)	142
Total operating expenses	554,862	492,880
OPERATING INCOME	94,825	7,229
OTHER (INCOME) EXPENSES:
Interest expense	35,708	19,791
Capitalized interest	(5,180)	(1,216)
Interest income	(10,128)	(773)
Other, net	7	(6)
Total other expenses	20,407	17,796
INCOME (LOSS) BEFORE INCOME TAXES	74,418	(10,567)
INCOME TAX PROVISION (BENEFIT)	18,269	(2,686)
NET INCOME (LOSS)	$ 56,149	$ (7,881)
Earnings (loss) per share to common shareholders:
Basic (in dollars per share)	$ 3.09	$ (0.44)
Diluted (in dollars per share)	$ 3.09	$ (0.44)
Shares used for computation:
Basic (in shares)	17,766	17,954
Diluted (in shares)	17,769	17,954
Cash dividends declared per share (in dollars per share)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 56,149	$ (7,881)
Other comprehensive income:
Change in available for sale securities, net of tax	1,985	3,355
Total other comprehensive income (loss)	1,985	3,355
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 58,134	$ (4,526)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings	Treasury Stock	Parent
Beginning balance (in shares) at Dec. 31, 2021		18,111
Par value, beginning balance at Dec. 31, 2021		$ 25
Beginning balance at Dec. 31, 2021	$ 1,223,552		$ 692,053	$ 2,056	$ 1,167,475	$ (638,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		8
Share-based compensation			3,270				$ 3,270
Other comprehensive income	3,355			3,355			3,355
Net income (loss)					(7,881)		(7,881)
Ending balance (in shares) at Mar. 31, 2022		18,119
Par value, ending balance at Mar. 31, 2022		$ 25
Ending balance at Mar. 31, 2022	1,222,296		695,323	5,411	1,159,594	(638,057)
Beginning balance (in shares) at Dec. 31, 2022		18,128
Par value, beginning balance at Dec. 31, 2022	25	$ 25
Beginning balance at Dec. 31, 2022	1,220,698		709,471	1,257	1,169,968	(660,023)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		(5)
Share-based compensation			5,035				5,035
Shares repurchased by the Company and held as treasury shares (in shares)		(125)
Shares repurchased by the Company and held as treasury shares						(12,470)	(12,470)
Other comprehensive income	1,985			1,985			1,985
Net income (loss)					56,149		$ 56,149
Ending balance (in shares) at Mar. 31, 2023		17,998
Par value, ending balance at Mar. 31, 2023	25	$ 25
Ending balance at Mar. 31, 2023	$ 1,271,397		$ 714,506	$ 3,242	$ 1,226,117	$ (672,493)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
NET INCOME (LOSS)	$ 56,149	$ (7,881)
Depreciation and amortization	54,680	46,343
Special charges	(1,835)	142
Other adjustments	1,592	6,155
Air traffic liability	100,071	145,169
Other - net	4,743	(13,927)
Net cash provided by operating activities	215,400	176,001
Cash flows from investing activities:
Purchase of investment securities	(251,937)	(302,161)
Proceeds from maturities of investment securities	288,591	311,332
Aircraft pre-delivery deposits	(33,516)	(46,694)
Purchase of property and equipment	(129,883)	(71,659)
Other investing activities	12,506	(572)
Net cash (used in) investing activities	(114,239)	(109,754)
Cash flows from financing activities:
Proceeds from the issuance of debt and finance lease obligations	59,516	0
Repurchase of common stock	(12,470)	0
Principal payments on debt and finance lease obligations	(51,492)	(37,335)
Debt issuance costs	(877)	(308)
Other financing activities	(6,554)	0
Net cash (used in) financing activities	(11,877)	(37,643)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	89,284	28,604
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	245,446	400,701
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	334,730	429,305
CASH PAYMENTS FOR:
Interest paid, net of amount capitalized	41,645	18,007
Income tax payments	14	17
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
Flight equipment acquired under finance leases	0	68,211
Purchases of property and equipment in accrued liabilities	$ 69,240	$ 37,083

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2022 and filed with the Securities and Exchange Commission.

Hurricane Ian

Hurricane Ian	3 Months Ended
	Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
Hurricane Ian	Sunseeker Special Charges As a result of Hurricane Ian's direct hit on the southwest coast of Florida on September 28, 2022, the construction site of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was damaged. Additionally in the fourth quarter of 2022, there was another weather-related event and a fire that caused additional damage. Based on the Company’s assessment of these damages and the anticipated future restoration costs, an estimated loss of $52.1 million was recorded as a special charge in 2022. During the quarter ended March 31, 2023, the Company recorded $1.8 million of insurance recoveries. The recoveries are offset by $0.2 million of additional losses recorded during the quarter, resulting in a special charge of $(1.6) million. To date, the Company has recorded insurance recoveries of $19.9 million related to Hurricane Ian and subsequent insurance events.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Passenger Revenue Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below: Three Months Ended March 31, (in thousands) 2023 2022 Scheduled service $ 311,728 $ 223,854 Ancillary air-related charges 283,902 229,464 Loyalty redemptions 13,647 10,643 Total passenger revenue $ 609,277 $ 463,961 Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided. As of March 31, 2023, the air traffic liability balance was $479.5 million, of which approximately $425.3 million was related to forward bookings, with the remaining $54.2 million related to credit vouchers for future travel. The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $379.5 million that was recorded in the air traffic liability balance as of December 31, 2022, approximately 68.8 percent was recognized into passenger revenue during the three months ended March 31, 2023. In 2020, the Company announced that credit vouchers issued for canceled travel beginning in January 2020 would have an extended expiration date of two years from the original booking date. This policy continued for vouchers issued through June 30, 2021. Effective July 1, 2021, vouchers issued have an expiration date of one year from the original booking date. The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete. Estimates of passenger revenue to be recognized from air traffic liability for credit voucher breakage may be subject to variability and differ from historical experience due to the change in contract duration and uncertainty regarding demand for future air travel. Loyalty redemptions In relation to the travel component of the Allways® Allegiant co-branded credit card contract with Bank of America, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions. Therefore, consideration received from Bank of America related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards program, points earned through the program are deferred based on the stand-alone selling price and recognized into passenger revenue when the points are redeemed and the underlying service has been provided. The following table presents the activity of the point liability for the periods indicated: Three Months Ended March 31, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 16,739 16,957 Points redeemed (recognition of revenue) (13,647) (10,643) Points balance at March 31 $ 59,633 $ 46,804

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	Property and Equipment The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) March 31, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,000,824 $ 2,937,767 Computer hardware and software 230,034 209,808 Land and buildings/leasehold improvements 62,157 62,227 Other property and equipment 100,213 95,156 Sunseeker Resort 406,192 320,572 Total property and equipment 3,799,420 3,625,530 Less accumulated depreciation and amortization (852,479) (814,837) Property and equipment, net $ 2,946,941 $ 2,810,693 Accrued capital expenditures as of March 31, 2023 and December 31, 2022 were $69.2 million and $54.6 million, respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes the Company's long-term debt and finance lease obligations as of the dates indicated: (in thousands) March 31, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,719,077 $ 1,720,998 Variable-rate debt due through 2029 386,743 375,980 Total debt and finance lease obligations, net of related costs 2,105,820 2,096,978 Less current maturities, net of related costs 289,669 152,900 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,816,151 $ 1,944,078 Weighted average fixed-interest rate on debt 6.4% 6.5% Weighted average variable-interest rate on debt 6.6% 6.1% Interest Rate(s) Per Annum at March 31, 2023 December 31, 2022 (in thousands) Maturity Dates March 31, 2023 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.10% 103,966 79,453 Revolving credit facilities 2024 — 2027 7.32% 62,844 30,327 Debt secured by aircraft, engines, other equipment and real estate 2023 — 2029 1.87 % — 7.45% 438,282 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 473,339 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,128,431 $ 2,120,443 Related costs (22,611) (23,465) Total debt net of related costs $ 2,105,820 $ 2,096,978 Maturities of long term debt as of March 31, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2023 Remaining in 2023 $ 104,631 2024 365,058 2025 161,775 2026 155,579 2027 709,921 2028 278,929 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,105,820 Revolving Credit Facility In February 2023, the Company, through a wholly owned subsidiary, entered into a credit agreement with Credit Agricole Corporate and Investment Bank, under which the Company is entitled to borrow up to $100.0 million. This revolving credit facility replaced a revolving credit facility with the same lender which was to expire in March 2023. The revolving credit facility has a maturity date of March 31, 2026 and the borrowing ability is based on the value of aircraft and engines placed into the collateral pool. The notes under the facility bear interest at a floating rate based on SOFR. As of March 31, 2023, the facility remains undrawn. Consolidated Variable Interest Entities

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded an $18.3 million income tax expense at an effective tax rate of 24.5 percent and a $2.7 million income tax benefit at a 25.4 percent effective tax rate for the three months ended March 31, 2023 and 2022, respectively. The effective tax rate for the three months ended March 31, 2023 differed from the statutory Federal income tax rate of 21.0 percent primarily due to state income taxes and the impact of permanent tax differences. While the Company expects its effective tax rate to be fairly consistent in the near term, it will vary depending on recurring items such as the amount of income earned in each state and the state tax rate applicable to such income. Discrete items during interim periods may also affect the Company's tax rates.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2023. Financial instruments measured at fair value on a recurring basis: As of March 31, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 105,574 $ 105,574 $ — $ 88,073 $ 88,073 $ — Commercial paper 70,727 — 70,727 50,791 — 50,791 Municipal debt securities 7,593 — 7,593 8,599 — 8,599 Total cash equivalents 183,894 105,574 78,320 147,463 88,073 59,390 Short-term Commercial paper 373,285 — 373,285 421,279 — 421,279 US Treasury Bonds 23,457 — 23,457 — — — Corporate debt securities 133,273 — 133,273 166,136 — 166,136 Municipal debt securities 12,157 — 12,157 30,426 — 30,426 Federal agency debt securities 148,421 — 148,421 107,222 — 107,222 Total short-term 690,593 — 690,593 725,063 — 725,063 Long-term Federal agency debt securities 38,261 — 38,261 20,050 — 20,050 Corporate debt securities 22,904 — 22,904 35,688 — 35,688 Municipal debt securities 7,636 — 7,636 7,580 — 7,580 Total long-term 68,801 — 68,801 63,318 — 63,318 Total financial instruments $ 943,288 $ 105,574 $ 837,714 $ 935,844 $ 88,073 $ 847,771 None of the Company's debt is publicly held and as a result, the Company has determined the estimated fair value of these notes to be Level 3. Certain inputs used to determine fair value are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of March 31, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,655,092 $ 1,636,067 $ 1,626,114 $ 1,561,939 3 Due to their short-term nature, the carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under this method, the Company attributes net income (loss) to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the three months ended March 31, 2022, basic and diluted loss per share are the same because of the loss position. The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended March 31, 2023 2022 Basic: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, basic $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Diluted: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, diluted $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Dilutive effect of stock options and restricted stock 104 — Adjusted weighted-average shares outstanding under treasury stock method 17,870 17,954 Participating securities excluded under two-class method (101) — Adjusted weighted-average shares outstanding under two-class method 17,769 17,954

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.

Segments

Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	Segments Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the executive leadership team, which reviews information about the Company's two operating segments: Airline and Sunseeker Resort. Airline Segment The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions with the goal of optimizing consolidated financial results. Sunseeker Resort Segment The Sunseeker Resort segment represents activity related to the development and construction of Sunseeker Resort in Southwest Florida, as well as the renovation of Aileron Golf Course (formerly known as Kingsway Golf Course). Plans for the resort include a 500-room hotel and two towers offering more than 180 one, two and three-bedroom suites, bar and restaurant options, and other amenities. The golf course is a short drive from the resort and is considered, from a planning and strategic perspective, to be an additional resort amenity. The construction of Sunseeker Resort is an extension of the Company's leisure travel focus and it is expected that many customers flying to Southwest Florida on Allegiant will elect to stay at this resort and enjoy its amenities. Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Consolidated Three Months Ended March 31, 2023 Operating revenue: Passenger $ 609,277 $ — $ 609,277 Third party products 26,037 — 26,037 Fixed fee contracts 14,117 — 14,117 Other 251 5 256 Operating income (loss) 97,574 (2,749) 94,825 Interest expense, net 18,741 1,695 20,436 Depreciation and amortization 54,622 58 54,680 Capital expenditures 92,432 85,620 178,052 Three Months Ended March 31, 2022 Operating revenue: Passenger $ 463,961 $ — $ 463,961 Third party products 22,480 — 22,480 Fixed fee contracts 13,386 — 13,386 Other 281 1 282 Operating income (loss) 10,176 (2,947) 7,229 Interest expense, net 15,828 1,974 17,802 Depreciation and amortization 46,341 2 46,343 Capital expenditures 142,178 63,781 205,959 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2023 As of December 31, 2022 Airline $ 4,130,023 $ 4,047,134 Sunseeker Resort 550,398 464,163 Consolidated $ 4,680,421 $ 4,511,297

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn April, 2023, the Company received advances of $55.9 million under the $200 million credit facility used to fund pre-delivery deposits for the Company's Boeing order.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2022 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The Company has reclassified certain prior period amounts to conform to the current period presentation.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below: Three Months Ended March 31, (in thousands) 2023 2022 Scheduled service $ 311,728 $ 223,854 Ancillary air-related charges 283,902 229,464 Loyalty redemptions 13,647 10,643 Total passenger revenue $ 609,277 $ 463,961
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table presents the activity of the point liability for the periods indicated: Three Months Ended March 31, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 16,739 16,957 Points redeemed (recognition of revenue) (13,647) (10,643) Points balance at March 31 $ 59,633 $ 46,804

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) March 31, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,000,824 $ 2,937,767 Computer hardware and software 230,034 209,808 Land and buildings/leasehold improvements 62,157 62,227 Other property and equipment 100,213 95,156 Sunseeker Resort 406,192 320,572 Total property and equipment 3,799,420 3,625,530 Less accumulated depreciation and amortization (852,479) (814,837) Property and equipment, net $ 2,946,941 $ 2,810,693

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The following table summarizes the Company's long-term debt and finance lease obligations as of the dates indicated: (in thousands) March 31, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,719,077 $ 1,720,998 Variable-rate debt due through 2029 386,743 375,980 Total debt and finance lease obligations, net of related costs 2,105,820 2,096,978 Less current maturities, net of related costs 289,669 152,900 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,816,151 $ 1,944,078 Weighted average fixed-interest rate on debt 6.4% 6.5% Weighted average variable-interest rate on debt 6.6% 6.1% Interest Rate(s) Per Annum at March 31, 2023 December 31, 2022 (in thousands) Maturity Dates March 31, 2023 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.10% 103,966 79,453 Revolving credit facilities 2024 — 2027 7.32% 62,844 30,327 Debt secured by aircraft, engines, other equipment and real estate 2023 — 2029 1.87 % — 7.45% 438,282 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 473,339 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,128,431 $ 2,120,443 Related costs (22,611) (23,465) Total debt net of related costs $ 2,105,820 $ 2,096,978
Schedule of Maturities of Long-Term Debt	Maturities of long term debt as of March 31, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2023 Remaining in 2023 $ 104,631 2024 365,058 2025 161,775 2026 155,579 2027 709,921 2028 278,929 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,105,820

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value On a Recurring Basis	Financial instruments measured at fair value on a recurring basis: As of March 31, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 105,574 $ 105,574 $ — $ 88,073 $ 88,073 $ — Commercial paper 70,727 — 70,727 50,791 — 50,791 Municipal debt securities 7,593 — 7,593 8,599 — 8,599 Total cash equivalents 183,894 105,574 78,320 147,463 88,073 59,390 Short-term Commercial paper 373,285 — 373,285 421,279 — 421,279 US Treasury Bonds 23,457 — 23,457 — — — Corporate debt securities 133,273 — 133,273 166,136 — 166,136 Municipal debt securities 12,157 — 12,157 30,426 — 30,426 Federal agency debt securities 148,421 — 148,421 107,222 — 107,222 Total short-term 690,593 — 690,593 725,063 — 725,063 Long-term Federal agency debt securities 38,261 — 38,261 20,050 — 20,050 Corporate debt securities 22,904 — 22,904 35,688 — 35,688 Municipal debt securities 7,636 — 7,636 7,580 — 7,580 Total long-term 68,801 — 68,801 63,318 — 63,318 Total financial instruments $ 943,288 $ 105,574 $ 837,714 $ 935,844 $ 88,073 $ 847,771
Fair Value, Liabilities Measured on Recurring Basis	Carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of March 31, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,655,092 $ 1,636,067 $ 1,626,114 $ 1,561,939 3

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of Net Income Per Share, Basic and Diluted	The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended March 31, 2023 2022 Basic: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, basic $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Diluted: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, diluted $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Dilutive effect of stock options and restricted stock 104 — Adjusted weighted-average shares outstanding under treasury stock method 17,870 17,954 Participating securities excluded under two-class method (101) — Adjusted weighted-average shares outstanding under two-class method 17,769 17,954

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Consolidated Three Months Ended March 31, 2023 Operating revenue: Passenger $ 609,277 $ — $ 609,277 Third party products 26,037 — 26,037 Fixed fee contracts 14,117 — 14,117 Other 251 5 256 Operating income (loss) 97,574 (2,749) 94,825 Interest expense, net 18,741 1,695 20,436 Depreciation and amortization 54,622 58 54,680 Capital expenditures 92,432 85,620 178,052 Three Months Ended March 31, 2022 Operating revenue: Passenger $ 463,961 $ — $ 463,961 Third party products 22,480 — 22,480 Fixed fee contracts 13,386 — 13,386 Other 281 1 282 Operating income (loss) 10,176 (2,947) 7,229 Interest expense, net 15,828 1,974 17,802 Depreciation and amortization 46,341 2 46,343 Capital expenditures 142,178 63,781 205,959 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2023 As of December 31, 2022 Airline $ 4,130,023 $ 4,047,134 Sunseeker Resort 550,398 464,163 Consolidated $ 4,680,421 $ 4,511,297

Hurricane Ian - Narrative (Deta

Hurricane Ian - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 28, 2022	Mar. 31, 2023	Mar. 31, 2022
Unusual or Infrequent Item, or Both [Line Items]
Special charges		$ (1,835)	$ 142
Special charges		(1,612)	$ 142
Hurricane Ian
Unusual or Infrequent Item, or Both [Line Items]
Non-operating special charge	$ 52,100
Special charges		1,800
Unusual or infrequent item, or both, insurance proceeds		200
Special charges		(1,600)
Insurance recoveries		$ 19,900

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 609,277	$ 463,961
Scheduled service
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	311,728	223,854
Ancillary air-related charges
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	283,902	229,464
Loyalty redemptions
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 13,647	$ 10,643

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2020	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Contract with Customer, Liability, Current		$ 479,530	$ 379,459
Contract with Customer, Liability, Forward Bookings		42,530,000,000%
Contract with Customer, Liability, Credit Voucher Bookings		5,420,000,000%
Revenue, Performance Obligation, Description of Timing		12 months
Air Traffic Liability, Recognized			$ 379,500
Contract with Customer, Liability, Passenger Revenue		68.80%
Credit Voucher Term Expiration	2 years

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Points Liability [Abstract]
Points balance at January 1	$ 56,541	$ 40,490
Points awarded (deferral of revenue)	16,739	16,957
Points redeemed (recognition of revenue)	(13,647)	(10,643)
Points balance at March 31	$ 59,633	$ 46,804

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Flight equipment, including pre-delivery deposits	$ 3,000,824	$ 2,937,767
Computer hardware and software	230,034	209,808
Land and buildings/leasehold improvements	62,157	62,227
Other property and equipment	100,213	95,156
Sunseeker Resort	406,192	320,572
Total property and equipment	3,799,420	3,625,530
Less accumulated depreciation and amortization	852,479	814,837
Property and equipment, net	2,946,941	2,810,693
Capital Expenditures Incurred but Not yet Paid	$ 69,200	$ 54,600

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,105,820	$ 2,096,978
Less current maturities	289,669	152,900
Long-term debt and capital leases, net of current maturities and related costs	1,816,151	1,944,078
Finance Lease, Liability	473,339	494,328
Debt and Lease Obligation	(22,611)	(23,465)
Debt Issuance Costs, Net	$ 2,105,820	2,096,978
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.44%
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7%
Weighted average fixed-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 1,719,077	$ 1,720,998
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.40%	6.50%
Weighted average variable-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 386,743	$ 375,980
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.60%	6.10%
Construction Loan Agreement Due 2032
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 350,000	$ 350,000
Debt instrument, interest rate, stated percentage	5.75%
Revolving Credit Facilities Due 2027 | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 62,844	30,327
Debt instrument, interest rate, stated percentage	7.32%
Senior Secured Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 700,000	700,000
Senior Secured Notes Due 2027 | Senior Notes | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.25%
Senior Secured Notes Due 2027 | Senior Notes | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%
Consolidated Variable Interest Entities Due 2029
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 103,966	79,453
Consolidated Variable Interest Entities Due 2029 | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.92%
Consolidated Variable Interest Entities Due 2029 | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.10%
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 438,282	466,335
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.87%
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.45%
Long-term Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 2,128,431	$ 2,120,443

Long-Term Debt - Summary of Mat

Long-Term Debt - Summary of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Schedule of Maturities of Long-Term Debt [Abstract]
Remaining in 2023	$ 104,631
2024	365,058
2025	161,775
2026	155,579
2027	709,921
2028	278,929
Thereafter	329,927
Total debt and finance lease obligations, net of related costs	$ 2,105,820

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2023 USD ($) Aircraft	Mar. 31, 2023 USD ($)	Feb. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
TOTAL LIABILITIES:		$ 3,409,024		$ 3,290,599
Assets		$ 4,680,421		$ 4,511,297
Consolidated Variable Interest Entity | Airbus A320 Aircraft Series
Debt Instrument [Line Items]
Number Of Aircrafts Included As Collateral | Aircraft	1
Variable Interest Entity, Primary Beneficiary | Consolidated Variable Interest Entity
Debt Instrument [Line Items]
TOTAL LIABILITIES:	$ 27,000
Debt instrument, interest rate, stated percentage	292%
Revolving Credit Facility | Credit Agricole Corporate and Investment Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (18,269)	$ 2,686
Effective Income Tax Rate Reconciliation, Percent	24.50%	25.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 943,288	$ 935,844
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	105,574	88,073
Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	837,714	847,771
Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	183,894	147,463
Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	105,574	88,073
Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	78,320	59,390
Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	690,593	725,063
Short-Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Short-Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	690,593	725,063
Long Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	68,801	63,318
Long Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Long Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	68,801	63,318
Money market funds | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	105,574	88,073
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	105,574	88,073
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Commercial paper | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	70,727	50,791
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	70,727	50,791
Commercial paper | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	373,285	421,279
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	373,285	421,279
Municipal debt securities | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	7,593	8,599
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	7,593	8,599
Municipal debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	12,157	30,426
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	12,157	30,426
Municipal debt securities | Long Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	7,636	7,580
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	7,636	7,580
US Treasury Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	23,457	0
US Treasury Bonds | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
US Treasury Bonds | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	23,457	0
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	22,904	35,688
Corporate debt securities | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Corporate debt securities | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	22,904	35,688
Corporate debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	133,273	166,136
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	133,273	166,136
Federal agency debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	38,261	20,050
Federal agency debt securities | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Federal agency debt securities | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	38,261	20,050
Federal agency debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	148,421	107,222
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 148,421	$ 107,222

Fair Value Measurements Estimat

Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,105,820	$ 2,096,978
Non-Publicly Held Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	1,655,092	1,626,114
Non-Publicly Held Debt | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,636,067	$ 1,561,939

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net income (loss)	$ 56,149	$ (7,881)
Less income allocated to participating securities	(1,254)	0
Net income (loss) attributable to common stock	$ 54,895	$ (7,881)
Net income per share, basic (in dollars per share)	$ 3.09	$ (0.44)
Weighted-average shares outstanding (in shares)	17,766	17,954
Diluted:
Net income (loss)	$ 56,149	$ (7,881)
Less income allocated to participating securities	(1,254)	0
Net income (loss) attributable to common stock	$ 54,895	$ (7,881)
Earnings (loss) per share, diluted (in dollars per share)	$ 3.09	$ (0.44)
Weighted-average shares outstanding ( in shares)	17,766	17,954
Dilutive effect of stock options and restricted stock (in shares)	104	0
Adjusted weighted-average shares outstanding under treasury stock method (in shares)	17,870	17,954
Participating securities excluded under two-class method (in shares)	(101)	0
Adjusted weighted-average shares outstanding under two-class method (in shares)	17,769	17,954

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment Aircraft suite hotel_tower
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	2
Anticipated Number Of One, Two, and Three-Bedroom Suites | suite	180
Sunseeker Resort
Segment Reporting Information [Line Items]
Anticipated Number Of Hotel Rooms | Aircraft	500
Anticipated Number Of Hotel Towers | hotel_tower	2

Segments - Schedule of Segment

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Passenger	$ 609,277	$ 463,961
Third party products	26,037	22,480
Fixed fee contracts	14,117	13,386
Other	256	282
Operating income (loss)	94,825	7,229
Interest expense, net	20,436	17,802
Depreciation and amortization	54,680	46,343
Capital expenditures	178,052	205,959
Assets	4,680,421		$ 4,511,297
Airline
Segment Reporting Information [Line Items]
Passenger	609,277	463,961
Third party products	26,037	22,480
Fixed fee contracts	14,117	13,386
Other	251	281
Operating income (loss)	97,574	10,176
Interest expense, net	18,741	15,828
Depreciation and amortization	54,622	46,341
Capital expenditures	92,432	142,178
Assets	4,130,023		4,047,134
Sunseeker Resort
Segment Reporting Information [Line Items]
Passenger	0	0
Third party products	0	0
Fixed fee contracts	0	0
Other	5	1
Operating income (loss)	(2,749)	(2,947)
Interest expense, net	1,695	1,974
Depreciation and amortization	58	2
Capital expenditures	85,620	$ 63,781
Assets	$ 550,398		$ 464,163

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Apr. 30, 2023 USD ($)
Revolving Credit Facility
Subsequent Event [Line Items]
Long-term line of credit	$ 200
Revolving Credit Facility
Subsequent Event [Line Items]
Long-term line of credit, advance received	$ 55.9