Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 21, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 $0.001 | |
Trading Symbol | ALGT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,447,113 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001362468 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS_(un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 152,239 | $ 229,989 |
Restricted cash | 16,381 | 15,457 |
Short-term investments | 825,167 | 725,063 |
Accounts receivable | 47,147 | 106,578 |
Expendable parts, supplies and fuel, net | 34,566 | 35,546 |
Prepaid expenses and other current assets | 132,998 | 161,636 |
TOTAL CURRENT ASSETS | 1,208,498 | 1,274,269 |
Property and equipment, net | 3,176,517 | 2,810,693 |
Long-term investments | 69,296 | 63,318 |
Deferred major maintenance, net | 168,137 | 157,410 |
Operating lease right-of-use assets, net | 110,493 | 111,679 |
Deposits and other assets | 96,605 | 93,928 |
TOTAL ASSETS: | 4,829,546 | 4,511,297 |
TOTAL ASSETS: | ||
Accounts payable | 63,995 | 58,335 |
Accrued liabilities | 263,358 | 226,276 |
Current operating lease liabilities | 21,088 | 19,973 |
Air traffic liability | 411,131 | 379,459 |
Loyalty program liability | 37,718 | 32,888 |
Current maturities of long-term debt and finance lease obligations, net of related costs | 270,216 | 152,900 |
TOTAL CURRENT LIABILITIES | 1,067,506 | 869,831 |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,887,785 | 1,944,078 |
Deferred income taxes | 371,044 | 346,388 |
Noncurrent operating lease liabilities | 92,285 | 94,972 |
Loyalty program liability | 27,127 | 23,612 |
Other noncurrent liabilities | 10,238 | 11,718 |
TOTAL LIABILITIES: | 3,455,985 | 3,290,599 |
TOTAL LIABILITIES: | ||
Common stock, par value $0.001 | 26 | 25 |
Treasury shares | (671,224) | (660,023) |
Additional paid in capital | 727,534 | 709,471 |
Accumulated other comprehensive income, net | 2,639 | 1,257 |
Retained earnings | 1,314,586 | 1,169,968 |
TOTAL EQUITY: | 1,373,561 | 1,220,698 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 4,829,546 | $ 4,511,297 |
CONSOLIDATED BALANCE SHEETS_(_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING REVENUES: | ||||
Passenger | $ 642,747 | $ 592,604 | $ 1,252,023 | $ 1,056,566 |
Third party products | 28,904 | 27,787 | 54,942 | 50,267 |
Fixed fee contracts | 11,741 | 8,920 | 25,858 | 22,305 |
Other | 418 | 536 | 674 | 818 |
Total operating revenues | 683,810 | 629,847 | 1,333,497 | 1,129,956 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 162,611 | 257,288 | 352,157 | 421,425 |
Salaries and benefits | 177,170 | 139,681 | 336,793 | 273,691 |
Station operations | 66,715 | 66,909 | 128,234 | 132,652 |
Depreciation and amortization | 53,933 | 49,183 | 108,613 | 95,526 |
Maintenance and repairs | 33,634 | 31,123 | 60,076 | 58,943 |
Sales and marketing | 29,868 | 27,297 | 56,796 | 49,647 |
Aircraft lease rentals | 5,975 | 5,451 | 13,067 | 11,584 |
Other | 31,683 | 26,643 | 62,328 | 52,845 |
Special charges, net of recovery | (11,208) | 142 | (12,820) | 284 |
Total operating expenses | 550,381 | 603,717 | 1,105,244 | 1,096,597 |
OPERATING INCOME | 133,429 | 26,130 | 228,253 | 33,359 |
OTHER (INCOME) EXPENSES: | ||||
Interest expense | 37,765 | 24,497 | 73,473 | 44,288 |
Capitalized interest | (8,881) | (2,082) | (14,061) | (3,298) |
Interest income | (11,845) | (2,218) | (21,974) | (2,991) |
Other, net | 45 | 101 | 52 | 95 |
Total other expenses | 17,084 | 20,298 | 37,490 | 38,094 |
INCOME (LOSS) BEFORE INCOME TAXES | 116,345 | 5,832 | 190,763 | (4,735) |
INCOME TAX PROVISION (BENEFIT) | 27,876 | 1,474 | 46,145 | (1,212) |
NET INCOME (LOSS) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) |
Earnings (loss) per share to common shareholders: | ||||
Basic (in dollars per share) | $ 4.80 | $ 0.24 | $ 7.85 | $ (0.20) |
Diluted (in dollars per share) | $ 4.80 | $ 0.24 | $ 7.84 | $ (0.20) |
Shares used for computation: | ||||
Basic (in shares) | 17,677 | 17,987 | 17,840 | 17,970 |
Diluted (in shares) | 17,683 | 18,006 | 17,861 | 17,970 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) |
Other comprehensive income: | ||||
Change in available for sale securities, net of tax | (603) | (2,667) | 1,383 | 688 |
Total other comprehensive income (loss) | (603) | (2,667) | 1,383 | 688 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 87,866 | $ 1,691 | $ 146,001 | $ (2,835) |
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 shares | 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) | 39 | ||||||
Share-based compensation | 6,929 | $ 6,929 | |||||
Stock issued under employee stock purchase plan (in shares) | 30 | ||||||
Stock issued under employee stock purchase plan | 4,725 | 4,725 | |||||
Other comprehensive income (loss) | 688 | 688 | 688 | ||||
Net income (loss) | (3,523) | (3,523) | |||||
Ending balance (in shares) at Jun. 30, 2022 | 18,180 | ||||||
Par value, ending balance at Jun. 30, 2022 | $ 25 | ||||||
Ending balance at Jun. 30, 2022 | 1,232,371 | 698,982 | 2,744 | 1,163,952 | (633,332) | ||
Beginning balance (in shares) at Mar. 31, 2022 | 18,119 | ||||||
Par value, beginning balance at Mar. 31, 2022 | $ 25 | ||||||
Beginning balance at Mar. 31, 2022 | 1,222,296 | 695,323 | 5,411 | 1,159,594 | (638,057) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation (in shares) | 31 | ||||||
Share-based compensation | 3,659 | 3,659 | |||||
Stock issued under employee stock purchase plan (in shares) | 30 | ||||||
Stock issued under employee stock purchase plan | 4,725 | 4,725 | |||||
Other comprehensive income (loss) | (2,667) | (2,667) | (2,667) | ||||
Net income (loss) | 4,358 | 4,358 | |||||
Ending balance (in shares) at Jun. 30, 2022 | 18,180 | ||||||
Par value, ending balance at Jun. 30, 2022 | $ 25 | ||||||
Ending balance at Jun. 30, 2022 | 1,232,371 | 698,982 | 2,744 | 1,163,952 | (633,332) | ||
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) | 438 | ||||||
Share-based compensation | $ 1 | 18,063 | 18,064 | ||||
Shares repurchased by the Company and held as treasury shares (in shares) | (157) | ||||||
Shares repurchased by the Company and held as treasury shares | (15,433) | (15,433) | |||||
Stock issued under employee stock purchase plan (in shares) | 41 | ||||||
Stock issued under employee stock purchase plan | 4,232 | 4,232 | |||||
Other comprehensive income (loss) | 1,383 | 1,382 | 1,382 | ||||
Net income (loss) | 144,618 | 144,618 | |||||
Ending balance (in shares) at Jun. 30, 2023 | 18,450 | ||||||
Par value, ending balance at Jun. 30, 2023 | 26 | $ 26 | |||||
Ending balance at Jun. 30, 2023 | 1,373,561 | 727,534 | 2,639 | 1,314,586 | (671,224) | ||
Beginning balance (in shares) at Mar. 31, 2023 | 17,998 | ||||||
Par value, beginning balance at Mar. 31, 2023 | $ 25 | ||||||
Beginning balance at Mar. 31, 2023 | 1,271,397 | 714,506 | 3,242 | 1,226,117 | (672,493) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation (in shares) | 443 | ||||||
Share-based compensation | $ 1 | 13,028 | 13,029 | ||||
Shares repurchased by the Company and held as treasury shares (in shares) | (32) | ||||||
Shares repurchased by the Company and held as treasury shares | (2,963) | (2,963) | |||||
Stock issued under employee stock purchase plan (in shares) | 41 | ||||||
Stock issued under employee stock purchase plan | 4,232 | 4,232 | |||||
Other comprehensive income (loss) | (603) | (603) | (603) | ||||
Net income (loss) | 88,469 | $ 88,469 | |||||
Ending balance (in shares) at Jun. 30, 2023 | 18,450 | ||||||
Par value, ending balance at Jun. 30, 2023 | 26 | $ 26 | |||||
Ending balance at Jun. 30, 2023 | $ 1,373,561 | $ 727,534 | $ 2,639 | $ 1,314,586 | $ (671,224) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Statement of Cash Flows [Abstract] | |||||
NET INCOME (LOSS) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) | |
Depreciation and amortization | 53,933 | 49,183 | 108,613 | 95,526 | |
Special charges, net of recovery | (13,153) | 284 | |||
Other adjustments | 35,991 | 13,657 | |||
Air traffic liability | 31,672 | 143,634 | |||
Other - net | 38,871 | (21,796) | |||
Net cash provided by operating activities | 346,612 | 227,782 | |||
Cash flows from investing activities: | |||||
Purchase of investment securities | (596,669) | (672,318) | |||
Proceeds from maturities of investment securities | 503,069 | 675,656 | |||
Aircraft pre-delivery deposits | (157,355) | (51,111) | |||
Purchase of property and equipment | (282,920) | (205,158) | |||
Other investing activities | 16,066 | 645 | |||
Net cash used in investing activities | (517,809) | (252,286) | |||
Cash flows from financing activities: | |||||
Proceeds from the issuance of debt and finance lease obligations | 208,163 | 195,800 | |||
Repurchase of common stock | (15,434) | 0 | |||
Principal payments on debt and finance lease obligations | (149,369) | (70,502) | |||
Debt issuance costs | (1,422) | (669) | |||
Sunseeker construction financing disbursements/(deposits) | 48,200 | (87,500) | |||
Other financing activities | 4,233 | 4,725 | |||
Net cash provided by financing activities | 94,371 | 41,854 | |||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (76,826) | 17,350 | |||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 245,446 | 400,701 | $ 400,701 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 168,620 | $ 418,051 | 168,620 | 418,051 | $ 245,446 |
CASH PAYMENTS FOR: | |||||
Interest paid, net of amount capitalized | 68,347 | 36,828 | |||
Income tax payments (receipts) | 623 | (46) | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS: | |||||
Right-of-use (ROU) assets acquired | 8,320 | 0 | |||
Flight equipment acquired under finance leases | 0 | 90,476 | |||
Purchases of property and equipment in accrued liabilities | $ 61,922 | $ 45,887 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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, which was offset by $18.1 million of recorded insurance recoveries during 2022. During the quarter ended June 30, 2023, the Company recorded $11.3 million of insurance recoveries. The recoveries are offset by $0.1 million of additional losses recorded during the quarter, resulting in a special charge of $(11.2) million. To date, the Company has recorded insurance recoveries of $31.2 million related to Hurricane Ian and subsequent insurance events. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Scheduled service $ 319,338 $ 297,343 $ 631,065 $ 521,196 Ancillary air-related charges 309,735 283,551 593,637 513,016 Loyalty redemptions 13,674 11,710 27,321 22,354 Total passenger revenue $ 642,747 $ 592,604 $ 1,252,023 $ 1,056,566 Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when the underlying service is provided. As of June 30, 2023, the air traffic liability balance was $411.1 million, of which approximately $357.4 million was related to forward bookings, with the remaining $53.7 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 85.3 percent was recognized into passenger revenue during the six months ended June 30, 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 is provided. The following table presents the activity of the point liability for the periods indicated: Six Months Ended June 30, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 35,625 35,821 Points redeemed (recognition of revenue) (27,321) (22,354) Points balance at June 30 $ 64,845 $ 53,957 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 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) June 30, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,159,940 $ 2,937,767 Computer hardware and software 236,631 209,808 Land and buildings/leasehold improvements 62,858 62,227 Other property and equipment 103,649 95,156 Sunseeker Resort 503,269 320,572 Total property and equipment 4,066,347 3,625,530 Less accumulated depreciation and amortization (889,830) (814,837) Property and equipment, net $ 3,176,517 $ 2,810,693 Accrued capital expenditures as of June 30, 2023 and December 31, 2022 were $61.9 million and $54.6 million, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,797,006 $ 1,720,998 Variable-rate debt due through 2029 360,995 375,980 Total debt and finance lease obligations 2,158,001 2,096,978 Less current maturities 270,216 152,900 Long-term debt and finance lease obligations, net of current maturities $ 1,887,785 $ 1,944,078 Weighted average fixed-interest rate on debt 6.5% 6.5% Weighted average variable-interest rate on debt 7.2% 6.1% Interest Rate(s) Per Annum at As of (in thousands) Maturity Dates June 30, 2023 June 30, 2023 December 31, 2022 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.09% 101,091 79,453 Revolving credit facilities 2024 — 2027 7.74% 118,791 30,327 Debt secured by aircraft, engines, other equipment and real estate 2025 — 2029 1.87 % — 8.02% 441,925 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 467,394 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,179,201 $ 2,120,443 Related costs (21,200) (23,465) Total debt net of related costs $ 2,158,001 $ 2,096,978 Maturities of long term debt as of June 30, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of June 30, 2023 Remaining in 2023 $ 59,762 2024 397,439 2025 180,237 2026 174,031 2027 728,415 2028 288,190 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,158,001 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 June 30, 2023, the facility remains undrawn. During the six months ended June 30, 2023, the Company received $88.5 million in advances on a pre-delivery payment (PDP) credit facility secured by the Company's Boeing aircraft purchase rights. The notes under the facility bear interest at a floating interest rate based on SOFR and mature on December 31, 2024. Consolidated Variable Interest Entities In February 2023, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $27.0 million secured by one Airbus A320 series aircraft. The trust was funded on inception. The borrowing bears interest at a rate of 2.92 percent and is payable in monthly installments through February 2029, at which time the Company will have a purchase option at a fixed amount. Other Secured Debt In May 2023, the Company borrowed $92.7 million under a loan agreement secured by six Airbus A320 series aircraft. The notes bear interest at a fixed rate, payable in quarterly installments maturing in May 2028. Debt Extinguishment |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company recorded a $27.9 million income tax expense at an effective tax rate of 24.0 percent and a $1.5 million income tax expense at a 25.3 percent effective tax rate for the three months ended June 30, 2023 and 2022, respectively. The effective tax rate for the three months ended June 30, 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.The Company recorded a $46.1 million income tax expense at an effective tax rate of 24.2 percent and a $1.2 million income tax benefit at a 25.6 percent effective tax rate for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate for the six months ended June 30, 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, none of which are individually significant. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2023. Financial instruments measured at fair value on a recurring basis: As of June 30, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 34,211 $ 34,211 $ — $ 88,073 $ 88,073 $ — Commercial paper 25,946 — 25,946 50,791 — 50,791 Municipal debt securities 7,998 — 7,998 8,599 — 8,599 Federal agency debt securities 2,296 — 2,296 — — — Total cash equivalents 70,451 34,211 36,240 147,463 88,073 59,390 Short-term Commercial paper 367,982 — 367,982 421,279 — 421,279 Federal agency debt securities 219,032 — 219,032 107,222 — 107,222 Corporate debt securities 189,954 — 189,954 166,136 — 166,136 US Treasury Bonds 30,713 — 30,713 — — — Municipal debt securities 17,486 — 17,486 30,426 — 30,426 Total short-term 825,167 — 825,167 725,063 — 725,063 Long-term Federal agency debt securities 32,921 — 32,921 20,050 — 20,050 Corporate debt securities 22,915 — 22,915 35,688 — 35,688 Municipal debt securities 13,460 — 13,460 7,580 — 7,580 Total long-term 69,296 — 69,296 63,318 — 63,318 Total financial instruments $ 964,914 $ 34,211 $ 930,703 $ 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 June 30, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,711,807 $ 1,719,626 $ 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,660) (39) (4,663) — Net income (loss) attributable to common stock $ 84,809 $ 4,319 $ 139,955 $ (3,523) Earnings (loss) per share, basic $ 4.80 $ 0.24 $ 7.85 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Diluted: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,659) (39) (4,657) — Net income (loss) attributable to common stock $ 84,810 $ 4,319 $ 139,961 $ (3,523) Earnings (loss) per share, diluted $ 4.80 $ 0.24 $ 7.84 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Dilutive effect of stock options and restricted stock 211 31 168 — Adjusted weighted-average shares outstanding under treasury stock method 17,888 18,018 18,008 17,970 Participating securities excluded under two-class method (205) (12) (147) — Adjusted weighted-average shares outstanding under two-class method 17,683 18,006 17,861 17,970 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2023 Operating revenue: Passenger $ 642,747 $ — $ 642,747 Third party products 28,904 — 28,904 Fixed fee contracts 11,741 — 11,741 Other 418 — 418 Operating income 127,508 5,921 133,429 Interest expense, net (1) 20,252 5,426 25,678 Capitalized interest (3,409) (5,472) (8,881) Depreciation and amortization 53,843 90 53,933 Capital expenditures 176,023 97,019 273,042 Three Months Ended June 30, 2022 Operating revenue: Passenger $ 592,604 $ — $ 592,604 Third party products 27,787 — 27,787 Fixed fee contracts 8,920 — 8,920 Other 536 — 536 Operating income (loss) 27,882 (1,752) 26,130 Interest expense, net (1) 18,325 3,954 22,279 Capitalized interest (923) (1,159) (2,082) Depreciation and amortization 49,170 13 49,183 Capital expenditures 96,023 73,595 169,618 (in thousands) Airline Sunseeker Resort Consolidated Six Months Ended June 30, 2023 Operating revenue: Passenger $ 1,252,023 $ — $ 1,252,023 Third party products 54,942 — 54,942 Fixed fee contract 25,858 — 25,858 Other 669 5 674 Operating income 225,081 3,172 228,253 Interest expense, net (1) 40,502 10,791 51,293 Capitalized interest (4,919) (9,142) (14,061) Depreciation and amortization 108,465 148 108,613 Capital expenditures 268,627 182,639 451,266 Six Months Ended June 30, 2022 Operating revenue: Passenger $ 1,056,566 $ — $ 1,056,566 Third party products 50,267 — 50,267 Fixed fee contract 22,305 — 22,305 Other 818 — 818 Operating income (loss) 38,059 (4,700) 33,359 Interest expense, net (1) 34,661 6,636 41,297 Capitalized interest (1,431) (1,867) (3,298) Depreciation and amortization 95,509 17 95,526 Capital expenditures 238,201 137,376 375,577 (1) Excludes losses (net of gains) on debt extinguishment of $242 thousand and $206 thousand for quarter-to-date and year-to-date 2023 respectively. There were no losses on debt extinguishment for the corresponding periods in 2022. Total assets were as follows as of the dates indicated: (in thousands) As of June 30, 2023 As of December 31, 2022 Airline $ 4,226,140 $ 4,047,134 Sunseeker Resort 603,406 464,163 Consolidated $ 4,829,546 $ 4,511,297 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn August 2, 2023, the Company announced that it declared an annual cash dividend in the amount of $2.40 per share, payable $0.60 per quarter with the first dividend to be paid September 1, 2023 to shareholders of record on August 15, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
NET INCOME (LOSS) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Scheduled service $ 319,338 $ 297,343 $ 631,065 $ 521,196 Ancillary air-related charges 309,735 283,551 593,637 513,016 Loyalty redemptions 13,674 11,710 27,321 22,354 Total passenger revenue $ 642,747 $ 592,604 $ 1,252,023 $ 1,056,566 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table presents the activity of the point liability for the periods indicated: Six Months Ended June 30, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 35,625 35,821 Points redeemed (recognition of revenue) (27,321) (22,354) Points balance at June 30 $ 64,845 $ 53,957 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,159,940 $ 2,937,767 Computer hardware and software 236,631 209,808 Land and buildings/leasehold improvements 62,858 62,227 Other property and equipment 103,649 95,156 Sunseeker Resort 503,269 320,572 Total property and equipment 4,066,347 3,625,530 Less accumulated depreciation and amortization (889,830) (814,837) Property and equipment, net $ 3,176,517 $ 2,810,693 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,797,006 $ 1,720,998 Variable-rate debt due through 2029 360,995 375,980 Total debt and finance lease obligations 2,158,001 2,096,978 Less current maturities 270,216 152,900 Long-term debt and finance lease obligations, net of current maturities $ 1,887,785 $ 1,944,078 Weighted average fixed-interest rate on debt 6.5% 6.5% Weighted average variable-interest rate on debt 7.2% 6.1% Interest Rate(s) Per Annum at As of (in thousands) Maturity Dates June 30, 2023 June 30, 2023 December 31, 2022 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.09% 101,091 79,453 Revolving credit facilities 2024 — 2027 7.74% 118,791 30,327 Debt secured by aircraft, engines, other equipment and real estate 2025 — 2029 1.87 % — 8.02% 441,925 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 467,394 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,179,201 $ 2,120,443 Related costs (21,200) (23,465) Total debt net of related costs $ 2,158,001 $ 2,096,978 |
Schedule of Maturities of Long-Term Debt | Maturities of long term debt as of June 30, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of June 30, 2023 Remaining in 2023 $ 59,762 2024 397,439 2025 180,237 2026 174,031 2027 728,415 2028 288,190 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,158,001 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 34,211 $ 34,211 $ — $ 88,073 $ 88,073 $ — Commercial paper 25,946 — 25,946 50,791 — 50,791 Municipal debt securities 7,998 — 7,998 8,599 — 8,599 Federal agency debt securities 2,296 — 2,296 — — — Total cash equivalents 70,451 34,211 36,240 147,463 88,073 59,390 Short-term Commercial paper 367,982 — 367,982 421,279 — 421,279 Federal agency debt securities 219,032 — 219,032 107,222 — 107,222 Corporate debt securities 189,954 — 189,954 166,136 — 166,136 US Treasury Bonds 30,713 — 30,713 — — — Municipal debt securities 17,486 — 17,486 30,426 — 30,426 Total short-term 825,167 — 825,167 725,063 — 725,063 Long-term Federal agency debt securities 32,921 — 32,921 20,050 — 20,050 Corporate debt securities 22,915 — 22,915 35,688 — 35,688 Municipal debt securities 13,460 — 13,460 7,580 — 7,580 Total long-term 69,296 — 69,296 63,318 — 63,318 Total financial instruments $ 964,914 $ 34,211 $ 930,703 $ 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 June 30, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,711,807 $ 1,719,626 $ 1,626,114 $ 1,561,939 3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,660) (39) (4,663) — Net income (loss) attributable to common stock $ 84,809 $ 4,319 $ 139,955 $ (3,523) Earnings (loss) per share, basic $ 4.80 $ 0.24 $ 7.85 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Diluted: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,659) (39) (4,657) — Net income (loss) attributable to common stock $ 84,810 $ 4,319 $ 139,961 $ (3,523) Earnings (loss) per share, diluted $ 4.80 $ 0.24 $ 7.84 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Dilutive effect of stock options and restricted stock 211 31 168 — Adjusted weighted-average shares outstanding under treasury stock method 17,888 18,018 18,008 17,970 Participating securities excluded under two-class method (205) (12) (147) — Adjusted weighted-average shares outstanding under two-class method 17,683 18,006 17,861 17,970 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 Operating revenue: Passenger $ 642,747 $ — $ 642,747 Third party products 28,904 — 28,904 Fixed fee contracts 11,741 — 11,741 Other 418 — 418 Operating income 127,508 5,921 133,429 Interest expense, net (1) 20,252 5,426 25,678 Capitalized interest (3,409) (5,472) (8,881) Depreciation and amortization 53,843 90 53,933 Capital expenditures 176,023 97,019 273,042 Three Months Ended June 30, 2022 Operating revenue: Passenger $ 592,604 $ — $ 592,604 Third party products 27,787 — 27,787 Fixed fee contracts 8,920 — 8,920 Other 536 — 536 Operating income (loss) 27,882 (1,752) 26,130 Interest expense, net (1) 18,325 3,954 22,279 Capitalized interest (923) (1,159) (2,082) Depreciation and amortization 49,170 13 49,183 Capital expenditures 96,023 73,595 169,618 (in thousands) Airline Sunseeker Resort Consolidated Six Months Ended June 30, 2023 Operating revenue: Passenger $ 1,252,023 $ — $ 1,252,023 Third party products 54,942 — 54,942 Fixed fee contract 25,858 — 25,858 Other 669 5 674 Operating income 225,081 3,172 228,253 Interest expense, net (1) 40,502 10,791 51,293 Capitalized interest (4,919) (9,142) (14,061) Depreciation and amortization 108,465 148 108,613 Capital expenditures 268,627 182,639 451,266 Six Months Ended June 30, 2022 Operating revenue: Passenger $ 1,056,566 $ — $ 1,056,566 Third party products 50,267 — 50,267 Fixed fee contract 22,305 — 22,305 Other 818 — 818 Operating income (loss) 38,059 (4,700) 33,359 Interest expense, net (1) 34,661 6,636 41,297 Capitalized interest (1,431) (1,867) (3,298) Depreciation and amortization 95,509 17 95,526 Capital expenditures 238,201 137,376 375,577 (1) Excludes losses (net of gains) on debt extinguishment of $242 thousand and $206 thousand for quarter-to-date and year-to-date 2023 respectively. There were no losses on debt extinguishment for the corresponding periods in 2022. Total assets were as follows as of the dates indicated: (in thousands) As of June 30, 2023 As of December 31, 2022 Airline $ 4,226,140 $ 4,047,134 Sunseeker Resort 603,406 464,163 Consolidated $ 4,829,546 $ 4,511,297 |
Hurricane Ian - Narrative (Deta
Hurricane Ian - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 28, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Special charges, net of recovery | $ (13,153) | $ 284 | ||||
Special charges, net of recovery | $ (11,208) | $ 142 | (12,820) | $ 284 | ||
Hurricane Ian | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Non-operating special charge | $ 52,100 | |||||
Special charges, net of recovery | 11,300 | $ 18,100 | ||||
Unusual or infrequent item, or both, insurance proceeds | 100 | |||||
Special charges, net of recovery | (11,200) | |||||
Insurance recoveries | $ 31,200 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 642,747 | $ 592,604 | $ 1,252,023 | $ 1,056,566 |
Scheduled service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 319,338 | 297,343 | 631,065 | 521,196 |
Ancillary air-related charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 309,735 | 283,551 | 593,637 | 513,016 |
Loyalty redemptions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 13,674 | $ 11,710 | $ 27,321 | $ 22,354 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue Recognition [Abstract] | ||||
Contract with Customer, Liability, Current | $ 411,131 | $ 379,459 | ||
Contract with Customer, Liability, Forward Bookings | 35,740,000,000% | |||
Contract with Customer, Liability, Credit Voucher Bookings | 5,370,000,000% | |||
Revenue, Performance Obligation, Description of Timing | 12 months | |||
Air Traffic Liability, Recognized | $ 379,500 | |||
Contract with Customer, Liability, Passenger Revenue | 85.30% | |||
Credit Voucher Term Expiration | 2 years |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Points Liability [Abstract] | ||
Points balance at January 1 | $ 56,541 | $ 40,490 |
Points awarded (deferral of revenue) | 35,625 | 35,821 |
Points redeemed (recognition of revenue) | (27,321) | (22,354) |
Points balance at June 30 | $ 64,845 | $ 53,957 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Flight equipment, including pre-delivery deposits | $ 3,159,940 | $ 2,937,767 | |
Computer hardware and software | 236,631 | 209,808 | |
Land and buildings/leasehold improvements | 62,858 | 62,227 | |
Other property and equipment | 103,649 | 95,156 | |
Sunseeker Resort | 503,269 | 320,572 | |
Total property and equipment | 4,066,347 | 3,625,530 | |
Less accumulated depreciation and amortization | 889,830 | 814,837 | |
Property and equipment, net | 3,176,517 | $ 2,810,693 | |
Capital Expenditures Incurred but Not yet Paid | $ 54,600 | $ 61,900 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 2,158,001 | $ 2,096,978 |
Less current maturities | 270,216 | 152,900 |
Long-term debt and capital leases, net of current maturities and related costs | 1,887,785 | 1,944,078 |
Finance Lease, Liability | 467,394 | 494,328 |
Debt and Lease Obligation | (21,200) | (23,465) |
Debt Issuance Costs, Net | $ 2,158,001 | 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 | $ 1,797,006 | $ 1,720,998 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 6.50% | 6.50% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 360,995 | $ 375,980 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.20% | 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 | $ 118,791 | 30,327 |
Debt instrument, interest rate, stated percentage | 7.74% | |
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 | $ 101,091 | 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 | 4.09% | |
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 | $ 441,925 | 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 | 8.02% | |
Long-term Debt [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 2,179,201 | $ 2,120,443 |
Long-Term Debt - Summary of Mat
Long-Term Debt - Summary of Maturities of Long-Term Debt (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Remaining in 2023 | $ 59,762 |
2024 | 397,439 |
2025 | 180,237 |
2026 | 174,031 |
2027 | 728,415 |
2028 | 288,190 |
Thereafter | 329,927 |
Total debt and finance lease obligations, net of related costs | $ 2,158,001 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | May 31, 2023 USD ($) Aircraft | Feb. 28, 2023 USD ($) Aircraft | Jun. 30, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 92,700 | |||||
Other noncurrent liabilities | $ 3,455,985 | $ 3,455,985 | $ 3,290,599 | |||
Consolidated Variable Interest Entity | Airbus A320 Aircraft Series | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Aircrafts Included As Collateral | Aircraft | 6 | 1 | ||||
Variable Interest Entity, Primary Beneficiary | Consolidated Variable Interest Entity | ||||||
Debt Instrument [Line Items] | ||||||
Other noncurrent liabilities | $ 27,000 | |||||
Debt instrument, interest rate, stated percentage | 292% | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from Lines of Credit | $ 88,500 | |||||
Repayments of Lines of Credit | $ 61,000 | |||||
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (27,876) | $ (1,474) | $ (46,145) | $ 1,212 |
Effective Income Tax Rate Reconciliation, Percent | 24% | 25.30% | 24.20% | 25.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | $ 964,914 | $ 935,844 |
Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 34,211 | 88,073 |
Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 930,703 | 847,771 |
Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 70,451 | 147,463 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 34,211 | 88,073 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 36,240 | 59,390 |
Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 825,167 | 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 | 825,167 | 725,063 |
Long Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 69,296 | 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 | 69,296 | 63,318 |
Money market funds | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 34,211 | 88,073 |
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 34,211 | 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 | 25,946 | 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 | 25,946 | 50,791 |
Commercial paper | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 367,982 | 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 | 367,982 | 421,279 |
Municipal debt securities | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 7,998 | 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 | 7,998 | 8,599 |
Municipal debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 17,486 | 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 | 17,486 | 30,426 |
Municipal debt securities | Long Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 13,460 | 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 | 13,460 | 7,580 |
US Treasury Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 30,713 | 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 | 30,713 | 0 |
Corporate debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 22,915 | 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 | 22,915 | 35,688 |
Corporate debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 189,954 | 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 | 189,954 | 166,136 |
Federal agency debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 32,921 | 20,050 |
Federal agency debt securities | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 2,296 | 0 |
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 1 | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 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 | 32,921 | 20,050 |
Federal agency debt securities | Fair Value, Inputs, Level 2 | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 2,296 | 0 |
Federal agency debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 219,032 | 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 | $ 219,032 | $ 107,222 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 2,158,001 | $ 2,096,978 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,711,807 | 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 | $ 1,719,626 | $ 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic: | ||||
Net income (loss) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) |
Less income allocated to participating securities | (3,660) | (39) | (4,663) | 0 |
Net income (loss) attributable to common stock | $ 84,809 | $ 4,319 | $ 139,955 | $ (3,523) |
Net income per share, basic (in dollars per share) | $ 4.80 | $ 0.24 | $ 7.85 | $ (0.20) |
Weighted-average shares outstanding (in shares) | 17,677 | 17,987 | 17,840 | 17,970 |
Diluted: | ||||
Net income (loss) | $ 88,469 | $ 4,358 | $ 144,618 | $ (3,523) |
Less income allocated to participating securities | (3,659) | (39) | (4,657) | 0 |
Net income (loss) attributable to common stock | $ 84,810 | $ 4,319 | $ 139,961 | $ (3,523) |
Earnings (loss) per share, diluted (in dollars per share) | $ 4.80 | $ 0.24 | $ 7.84 | $ (0.20) |
Weighted-average shares outstanding ( in shares) | 17,677 | 17,987 | 17,840 | 17,970 |
Dilutive effect of stock options and restricted stock (in shares) | 211 | 31 | 168 | 0 |
Adjusted weighted-average shares outstanding under treasury stock method (in shares) | 17,888 | 18,018 | 18,008 | 17,970 |
Participating securities excluded under two-class method (in shares) | (205) | (12) | (147) | 0 |
Adjusted weighted-average shares outstanding under two-class method (in shares) | 17,683 | 18,006 | 17,861 | 17,970 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 suite hotel_tower segment Aircraft | |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Passenger | $ 642,747 | $ 592,604 | $ 1,252,023 | $ 1,056,566 | |
Third party products | 28,904 | 27,787 | 54,942 | 50,267 | |
Fixed fee contracts | 11,741 | 8,920 | 25,858 | 22,305 | |
Other | 418 | 536 | 674 | 818 | |
Operating income | 133,429 | 26,130 | 228,253 | 33,359 | |
Interest expense, net(1) | 25,678 | 22,279 | 51,293 | 41,297 | |
Capitalized interest | (8,881) | (2,082) | (14,061) | (3,298) | |
Depreciation and amortization | 53,933 | 49,183 | 108,613 | 95,526 | |
Capital expenditures | 273,042 | 169,618 | 451,266 | 375,577 | |
Assets | 4,829,546 | 4,829,546 | $ 4,511,297 | ||
Loss on debt extinguishment | 242 | 0 | 206 | 0 | |
Airline | |||||
Segment Reporting Information [Line Items] | |||||
Passenger | 642,747 | 592,604 | 1,252,023 | 1,056,566 | |
Third party products | 28,904 | 27,787 | 54,942 | 50,267 | |
Fixed fee contracts | 11,741 | 8,920 | 25,858 | 22,305 | |
Other | 418 | 536 | 669 | 818 | |
Operating income | 127,508 | 27,882 | 225,081 | 38,059 | |
Interest expense, net(1) | 20,252 | 18,325 | 40,502 | 34,661 | |
Capitalized interest | (3,409) | (923) | (4,919) | (1,431) | |
Depreciation and amortization | 53,843 | 49,170 | 108,465 | 95,509 | |
Capital expenditures | 176,023 | 96,023 | 268,627 | 238,201 | |
Assets | 4,226,140 | 4,226,140 | 4,047,134 | ||
Sunseeker Resort | |||||
Segment Reporting Information [Line Items] | |||||
Passenger | 0 | 0 | |||
Third party products | 0 | 0 | |||
Fixed fee contracts | 0 | 0 | |||
Other | 0 | 0 | 5 | 0 | |
Operating income | 5,921 | (1,752) | 3,172 | (4,700) | |
Interest expense, net(1) | 5,426 | 3,954 | 10,791 | 6,636 | |
Capitalized interest | (5,472) | (1,159) | (9,142) | (1,867) | |
Depreciation and amortization | 90 | 13 | 148 | 17 | |
Capital expenditures | 97,019 | $ 73,595 | 182,639 | $ 137,376 | |
Assets | $ 603,406 | $ 603,406 | $ 464,163 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Aug. 02, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividends payable, amount per share (in dollars per share) | $ 2.40 |
Dividends payable, amount per share, per Quarter (in dollars per share) | $ 0.60 |