Allegiant Travel (ALGT) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		18,232,284
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001362468
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS_(un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 193,414	$ 143,259
Restricted cash	16,859	16,325
Short-term investments	616,461	671,414
Accounts receivable	72,494	70,743
Expendable parts, supplies and fuel, net	35,806	36,335
Prepaid expenses and other current assets	72,072	63,054
TOTAL CURRENT ASSETS	1,007,106	1,001,130
Property and equipment, net	3,523,343	3,447,111
Long-term investments	43,799	56,004
Deferred major maintenance, net	165,701	165,767
Operating lease right-of-use assets, net	97,046	100,707
Deposits and other assets	98,136	98,691
TOTAL ASSETS:	4,935,131	4,869,410
TOTAL ASSETS:
Accounts payable	69,486	54,484
Accrued liabilities	297,329	305,078
Current operating lease liabilities	21,944	20,873
Air traffic liability	432,561	353,488
Current loyalty program liability	40,182	38,447
Current maturities of long-term debt and finance lease obligations, net of related costs	459,171	439,937
TOTAL CURRENT LIABILITIES	1,320,673	1,212,307
Long-term debt and finance lease obligations, net of current maturities and related costs	1,789,577	1,819,717
Deferred income taxes	384,036	384,602
Noncurrent operating lease liabilities	77,519	82,410
Noncurrent loyalty program liability	31,283	32,366
Other noncurrent liabilities	9,887	9,448
TOTAL LIABILITIES:	3,612,975	3,540,850
TOTAL LIABILITIES:
Common stock, par value $0.001	26	26
Treasury shares	(682,075)	(681,932)
Additional paid in capital	747,873	741,055
Accumulated other comprehensive income, net	2,783	3,991
Retained earnings	1,253,549	1,265,420
TOTAL EQUITY:	1,322,156	1,328,560
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:	$ 4,935,131	$ 4,869,410

CONSOLIDATED BALANCE SHEETS_(_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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, 2024	Mar. 31, 2023
OPERATING REVENUES:
Passenger	$ 579,936	$ 609,277
Third party products	33,399	26,037
Fixed fee contracts	18,861	14,117
Resort and other	24,210	256
Total operating revenues	656,406	649,687
OPERATING EXPENSES:
Salaries and benefits	213,327	159,623
Aircraft fuel	170,087	189,546
Station operations	66,468	61,520
Depreciation and amortization	63,844	54,680
Sales and marketing	30,419	26,928
Maintenance and repairs	30,278	26,442
Aircraft lease rentals	5,985	7,092
Other	47,451	30,643
Special charges, net of recoveries	13,099	(1,612)
Total operating expenses	640,958	554,862
OPERATING INCOME	15,448	94,825
OTHER (INCOME) EXPENSES:
Interest expense	40,160	35,708
Capitalized interest	(11,185)	(5,180)
Interest income	(12,241)	(10,128)
Other, net	51	7
Total other expenses	16,785	20,407
INCOME (LOSS) BEFORE INCOME TAXES	(1,337)	74,418
INCOME TAX PROVISION (BENEFIT)	(418)	18,269
NET INCOME (LOSS)	$ (919)	$ 56,149
Earnings (loss) per share to common shareholders:
Basic (in dollars per share)	$ (0.07)	$ 3.09
Diluted (in dollars per share)	$ (0.07)	$ 3.09
Shares used for computation:
Basic (in shares)	17,664	17,766
Diluted (in shares)	17,664	17,769
Cash dividends declared per share (in dollars per share)	$ 0.60	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (919)	$ 56,149
Other comprehensive income:
Change in available for sale securities, net of tax	(1,208)	1,985
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (2,127)	$ 58,134

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, 2022		18,128
Par value, beginning balance at Dec. 31, 2022		$ 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 (loss)				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
Ending balance at Mar. 31, 2023	1,271,397		714,506	3,242	1,226,117	(672,493)
Beginning balance (in shares) at Dec. 31, 2023		18,269
Par value, beginning balance at Dec. 31, 2023	26	$ 26
Beginning balance at Dec. 31, 2023	1,328,560		741,055	3,991	1,265,420	(681,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		15
Share-based compensation			6,818				6,818
Shares repurchased by the Company and held as treasury shares (in shares)		(2)
Shares repurchased by the Company and held as treasury shares						(143)	(143)
Cash dividends					(10,952)		(10,952)
Other comprehensive income (loss)				(1,208)			(1,208)
Net income (loss)					(919)		$ (919)
Ending balance (in shares) at Mar. 31, 2024		18,282
Par value, ending balance at Mar. 31, 2024	26	$ 26
Ending balance at Mar. 31, 2024	$ 1,322,156		$ 747,873	$ 2,783	$ 1,253,549	$ (682,075)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.60

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
NET INCOME (LOSS)	$ (919)	$ 56,149
Depreciation and amortization	63,844	54,680
Special charges, net of recoveries	12,858	(1,835)
Other adjustments	2,893	1,592
Air traffic liability	79,072	100,071
Other - net	10,057	4,743
Net cash provided by operating activities	167,805	215,400
Cash flows from investing activities:
Purchase of investment securities	(176,119)	(251,937)
Proceeds from maturities of investment securities	246,663	288,591
Aircraft pre-delivery deposits	(35,053)	(33,516)
Purchase of property and equipment	(131,862)	(129,883)
Other investing activities	2,787	12,506
Net cash used in investing activities	(93,584)	(114,239)
Cash flows from financing activities:
Cash dividends paid to shareholders	(10,952)	0
Proceeds from the issuance of debt and finance lease obligations	18,755	59,516
Repurchase of common stock	(143)	(12,470)
Principal payments on debt and finance lease obligations	(31,512)	(51,492)
Debt issuance costs	0	(877)
Other financing activities	320	(6,554)
Net cash used in financing activities	(23,532)	(11,877)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	50,689	89,284
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	159,584	245,446
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	210,273	334,730
CASH PAYMENTS FOR:
Interest paid, net of amount capitalized	31,971	41,645
Income tax payments	32	14
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
Right-of-use (ROU) assets acquired	1,379	0
Purchases of property and equipment in accrued liabilities	$ 40,935	$ 69,240

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023 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.

Special Charges

Special Charges	3 Months Ended
	Mar. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
Special Charges	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. There was a subsequent weather-related event and a fire that caused additional damage in fourth quarter 2022. In addition, during third quarter 2023, the Sunseeker Resort construction site sustained additional damages related to Hurricane Idalia. The Company recorded estimated losses in 2022 and 2023 based on its assessment of these damages and the anticipated future restoration cost. The estimated losses were recorded to special charges and are offset by insurance recoveries in the period they are approved. To date, the Company has recorded $78.2 million in losses and $52.5 million in insurance recoveries. The Company has submitted additional insurance claims that remain outstanding at the date of this report. Due to the heavy maintenance needs on certain aging Airbus airframes and capacity constraints at the maintenance, repair, and overhaul contractors, the Company reevaluated its fleet plan and identified 21 airframes for early retirement to coincide with 737 MAX aircraft deliveries as scheduled under an amendment to the Company's agreement with The Boeing Company signed in September 2023. Two airframes were retired in 2023 and two airframes were retired in first quarter 2024. The remaining airframes are to be retired between May 2024 and September 2025. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge. Special Charges The table below summarizes special charges recorded during the three months ended March 31, 2024, and 2023. Three Months Ended March 31, (in thousands) 2024 2023 Sunseeker weather and related events $ 100 $ 200 Sunseeker weather and related events, insurance recoveries (1) (1,916) (1,826) Accelerated depreciation on airframes identified for early retirement 14,915 14 Total special charges $ 13,099 $ (1,612) (1) Includes $0.7 million of business interruption insurance recoveries for the three months ended March 31, 2024. No business interruption insurance recoveries were recorded during the three months ended March 31, 2023.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Scheduled service $ 289,879 $ 311,728 Ancillary air-related charges 274,793 283,902 Loyalty redemptions 15,264 13,647 Total passenger revenue $ 579,936 $ 609,277 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 March 31, 2024, the air traffic liability balance was $432.6 million, of which approximately $377.6 million was related to forward bookings, with the remaining $55.0 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 $353.5 million that was recorded in the air traffic liability balance as of December 31, 2023, approximately 72.7 percent was recognized into passenger revenue during the three months ended March 31, 2024. 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 (which applied for vouchers issued in 2020 and in the first half of 2021) and uncertainty regarding demand for future air travel. Resort Revenue The Company's resort revenues for the three months ended March 31, 2024 are set forth in the table below: Three Months Ended March 31, (in thousands) 2024 2023 Food and beverage 10,772 — Rooms $ 9,957 $ — Other 3,158 5 Total resort revenue $ 23,887 $ 5 Revenue from banquets, golf, retail and spa services are included in other resort revenue. Resort revenue is recognized as the underlying services or goods have been provided. There is typically little to no lag between when the services are performed and when payment is remitted. Large group reservations, conventions, and other event bookings require advance deposits which are recorded as accrued liabilities in the Company's balance sheet until the related services and goods are provided. Guest receivables are recorded in accounts receivable on the Company's balance sheet for room nights stayed prior to payment at checkout. The amounts of advance deposit liabilities and guest ledger receivables were not material at March 31, 2024 and December 31, 2023. Loyalty redemptions In relation to the travel component of the Allways Rewards® co-brand credit card contract, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions at the airline and resort. Therefore, consideration received related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue and resort revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards loyalty 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: Three Months Ended March 31, (in thousands) 2024 2023 Points balance at January 1 $ 70,813 $ 56,500 Points awarded (deferral of revenue) 15,923 16,780 Points redeemed (recognition of revenue) (15,271) (13,647) Points balance at March 31 $ 71,465 $ 59,633

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) March 31, 2024 December 31, 2023 Airline Flight equipment $ 3,427,671 $ 3,346,216 Computer hardware and software 293,403 274,927 Land and buildings/leasehold improvements 64,242 63,863 Other property and equipment 111,077 109,727 Sunseeker Resort Land and buildings/leasehold improvements 571,002 559,112 Other property and equipment 56,650 53,743 Construction in progress 3,596 4,389 Total property and equipment 4,527,641 4,411,977 Less accumulated depreciation and amortization (1,004,298) (964,866) Property and equipment, net $ 3,523,343 $ 3,447,111 As of March 31, 2024, the Company had firm commitments to purchase 50 aircraft which are expected to begin delivering in 2024. Accrued capital expenditures as of March 31, 2024 and December 31, 2023 were $40.9 million and $71.7 million,respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Fixed-rate debt and finance lease obligations due through 2032 $ 1,811,098 $ 1,834,754 Variable-rate debt due through 2029 437,650 424,900 Total long-term debt and finance lease obligations, net of related costs 2,248,748 2,259,654 Less current maturities, net of related costs 459,171 439,937 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,789,577 $ 1,819,717 Weighted average fixed-interest rate on debt 6.3% 6.3% Weighted average variable-interest rate on debt 7.9% 7.9% Interest Rate(s) Per Annum at Balance as of (dollars in thousands) Maturity Dates March 31, 2024 March 31, 2024 December 31, 2023 Senior secured notes 2027 7.25% $ 550,000 $ 550,000 Consolidated variable interest entities 2024 - 2029 2.92% - 5.19% 126,762 130,650 Revolving credit facilities 2024 - 2027 7.92% 200,000 200,000 Debt secured by aircraft, engines, other equipment and real estate 2025 - 2031 1.87% - 8.25% 593,606 596,271 Finance leases 2028 - 2032 4.44% - 7.01% 449,044 455,248 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,269,412 $ 2,282,169 Related costs (20,664) (22,515) Total debt net of related costs $ 2,248,748 $ 2,259,654 Maturities of long term debt as of March 31, 2024, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2024 Remaining in 2024 $ 429,032 2025 180,611 2026 176,151 2027 709,354 2028 328,569 2029 142,531 Thereafter 282,500 Total debt and finance lease obligations, net of related costs $ 2,248,748 Debt Secured by Aircraft During the three months ended March 31, 2024, the Company received $18.8 million in advances on a pre-delivery payment (PDP) credit facility secured by certain of 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 June 30, 2025 or upon delivery of the applicable aircraft. Other Secured Debt

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a $0.4 million income tax benefit at a 31.3 percent effective tax rate and an $18.3 million income tax provision at a 24.5 percent effective tax rate for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, permanent tax differences, and discrete items. During the quarter, the Company recognized a $0.2 million income tax benefit for discrete items which were related to share based compensation and to an immaterial adjustment to a prior year uncertain tax benefit. 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, 2024
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, 2024. Financial instruments measured at fair value on a recurring basis: As of March 31, 2024 As of December 31, 2023 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Commercial paper $ 45,906 $ — $ 45,906 $ 19,575 $ — $ 19,575 Money market funds 31,427 31,427 — 33,613 33,613 — US Treasury bonds 24,746 — 24,746 2,000 — 2,000 Municipal debt securities 20,004 — 20,004 7,848 — 7,848 Federal agency debt securities 12,077 — 12,077 8,201 — 8,201 Total cash equivalents 134,160 31,427 102,733 71,237 33,613 37,624 Short-term Corporate debt securities 225,735 — 225,735 210,982 — 210,982 Commercial paper 221,827 — 221,827 237,870 — 237,870 Federal agency debt securities 140,588 — 140,588 194,522 — 194,522 Municipal debt securities 14,013 — 14,013 13,914 — 13,914 US Treasury Bonds 7,298 — 7,298 14,126 — 14,126 Certificate of deposit 7,000 — 7,000 — — — Total short-term 616,461 — 616,461 671,414 — 671,414 Long-term Corporate debt securities 39,054 — 39,054 43,869 — 43,869 Federal agency debt securities 4,745 — 4,745 12,135 — 12,135 Total long-term 43,799 — 43,799 56,004 — 56,004 Total financial instruments $ 794,420 $ 31,427 $ 762,993 $ 798,655 $ 33,613 $ 765,042 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. The 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, 2024 As of December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,820,368 $ 1,815,856 $ 1,826,921 $ 1,815,351 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, 2024
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, 2024, 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, 2024 2023 Basic: Net income (loss) $ (919) $ 56,149 Less income allocated to participating securities (354) (1,254) Net income (loss) attributable to common stock $ (1,273) $ 54,895 Earnings (loss) per share, basic $ (0.07) $ 3.09 Weighted-average shares outstanding 17,664 17,766 Diluted: Net income (loss) $ (919) $ 56,149 Less income allocated to participating securities (354) (1,254) Net income (loss) attributable to common stock $ (1,273) $ 54,895 Earnings (loss) per share, diluted $ (0.07) $ 3.09 Weighted-average shares outstanding 17,664 17,766 Dilutive effect of restricted stock — 104 Adjusted weighted-average shares outstanding under treasury stock method 17,664 17,870 Participating securities excluded under two-class method — (101) Adjusted weighted-average shares outstanding under two-class method 17,664 17,769

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any 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, 2024
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 operates as a single business unit and includes hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, the Aileron Golf Course and other Resort amenities. The CODM evaluation includes, but is not limited to, demand for hospitality offerings, occupancy rates, room pricing, food and beverage offerings, other charge points at the Resort and competitive information when making resource allocation decisions with the goal of optimizing consolidated financial results. Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Airline Sunseeker Consolidated Airline Sunseeker Consolidated OPERATING REVENUES: Passenger $ 579,936 $ — $ 579,936 $ 609,277 $ — $ 609,277 Third party products 33,399 — 33,399 26,037 — 26,037 Fixed fee contracts 18,861 — 18,861 14,117 — 14,117 Resort and other 323 23,887 24,210 251 5 256 Total operating revenues 632,519 23,887 656,406 649,682 5 649,687 OPERATING EXPENSES: Salaries and benefits 199,508 13,819 213,327 157,521 2,102 159,623 Aircraft fuel 170,087 — 170,087 189,546 — 189,546 Station operations 66,468 — 66,468 61,520 — 61,520 Depreciation and amortization 57,868 5,976 63,844 54,622 58 54,680 Sales and marketing 28,878 1,541 30,419 26,640 288 26,928 Maintenance and repairs 30,278 — 30,278 26,442 — 26,442 Aircraft lease rentals 5,985 — 5,985 7,092 — 7,092 Other 34,315 13,136 47,451 28,711 1,932 30,643 Special charges, net of recoveries 14,915 (1,816) 13,099 14 (1,626) (1,612) Total operating expenses 608,302 32,656 640,958 552,108 2,754 554,862 OPERATING INCOME (LOSS) 24,217 (8,769) 15,448 97,574 (2,749) 94,825 Interest income (12,241) — (12,241) (10,128) — (10,128) Interest expense 34,737 5,423 40,160 30,343 5,365 35,708 Capitalized interest (10,859) (326) (11,185) (1,510) (3,670) (5,180) Capital expenditures 122,175 14,004 136,179 92,432 85,620 178,052 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2024 As of December 31, 2023 Airline $ 4,265,765 $ 4,213,288 Sunseeker Resort 669,366 656,122 Consolidated $ 4,935,131 $ 4,869,410

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 15, 2024, the Company and the Transport Workers Union of America, AFL-CIO Local 577, representing the Company's flight attendants, ratified a new five

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
NET INCOME (LOSS)	$ (919)	$ 56,149

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
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)	3 Months Ended
	Mar. 31, 2024
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, 2023 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.

Special Charges (Tables)

Special Charges (Tables)	3 Months Ended
	Mar. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
Summary of Special Charges	The table below summarizes special charges recorded during the three months ended March 31, 2024, and 2023. Three Months Ended March 31, (in thousands) 2024 2023 Sunseeker weather and related events $ 100 $ 200 Sunseeker weather and related events, insurance recoveries (1) (1,916) (1,826) Accelerated depreciation on airframes identified for early retirement 14,915 14 Total special charges $ 13,099 $ (1,612) (1) Includes $0.7 million of business interruption insurance recoveries for the three months ended March 31, 2024. No business interruption insurance recoveries were recorded during the three months ended March 31, 2023.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Scheduled service $ 289,879 $ 311,728 Ancillary air-related charges 274,793 283,902 Loyalty redemptions 15,264 13,647 Total passenger revenue $ 579,936 $ 609,277 The Company's resort revenues for the three months ended March 31, 2024 are set forth in the table below: Three Months Ended March 31, (in thousands) 2024 2023 Food and beverage 10,772 — Rooms $ 9,957 $ — Other 3,158 5 Total resort revenue $ 23,887 $ 5
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) 2024 2023 Points balance at January 1 $ 70,813 $ 56,500 Points awarded (deferral of revenue) 15,923 16,780 Points redeemed (recognition of revenue) (15,271) (13,647) Points balance at March 31 $ 71,465 $ 59,633

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Airline Flight equipment $ 3,427,671 $ 3,346,216 Computer hardware and software 293,403 274,927 Land and buildings/leasehold improvements 64,242 63,863 Other property and equipment 111,077 109,727 Sunseeker Resort Land and buildings/leasehold improvements 571,002 559,112 Other property and equipment 56,650 53,743 Construction in progress 3,596 4,389 Total property and equipment 4,527,641 4,411,977 Less accumulated depreciation and amortization (1,004,298) (964,866) Property and equipment, net $ 3,523,343 $ 3,447,111

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Fixed-rate debt and finance lease obligations due through 2032 $ 1,811,098 $ 1,834,754 Variable-rate debt due through 2029 437,650 424,900 Total long-term debt and finance lease obligations, net of related costs 2,248,748 2,259,654 Less current maturities, net of related costs 459,171 439,937 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,789,577 $ 1,819,717 Weighted average fixed-interest rate on debt 6.3% 6.3% Weighted average variable-interest rate on debt 7.9% 7.9% Interest Rate(s) Per Annum at Balance as of (dollars in thousands) Maturity Dates March 31, 2024 March 31, 2024 December 31, 2023 Senior secured notes 2027 7.25% $ 550,000 $ 550,000 Consolidated variable interest entities 2024 - 2029 2.92% - 5.19% 126,762 130,650 Revolving credit facilities 2024 - 2027 7.92% 200,000 200,000 Debt secured by aircraft, engines, other equipment and real estate 2025 - 2031 1.87% - 8.25% 593,606 596,271 Finance leases 2028 - 2032 4.44% - 7.01% 449,044 455,248 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,269,412 $ 2,282,169 Related costs (20,664) (22,515) Total debt net of related costs $ 2,248,748 $ 2,259,654
Schedule of Maturities of Long-Term Debt	Maturities of long term debt as of March 31, 2024, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2024 Remaining in 2024 $ 429,032 2025 180,611 2026 176,151 2027 709,354 2028 328,569 2029 142,531 Thereafter 282,500 Total debt and finance lease obligations, net of related costs $ 2,248,748

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 As of December 31, 2023 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Commercial paper $ 45,906 $ — $ 45,906 $ 19,575 $ — $ 19,575 Money market funds 31,427 31,427 — 33,613 33,613 — US Treasury bonds 24,746 — 24,746 2,000 — 2,000 Municipal debt securities 20,004 — 20,004 7,848 — 7,848 Federal agency debt securities 12,077 — 12,077 8,201 — 8,201 Total cash equivalents 134,160 31,427 102,733 71,237 33,613 37,624 Short-term Corporate debt securities 225,735 — 225,735 210,982 — 210,982 Commercial paper 221,827 — 221,827 237,870 — 237,870 Federal agency debt securities 140,588 — 140,588 194,522 — 194,522 Municipal debt securities 14,013 — 14,013 13,914 — 13,914 US Treasury Bonds 7,298 — 7,298 14,126 — 14,126 Certificate of deposit 7,000 — 7,000 — — — Total short-term 616,461 — 616,461 671,414 — 671,414 Long-term Corporate debt securities 39,054 — 39,054 43,869 — 43,869 Federal agency debt securities 4,745 — 4,745 12,135 — 12,135 Total long-term 43,799 — 43,799 56,004 — 56,004 Total financial instruments $ 794,420 $ 31,427 $ 762,993 $ 798,655 $ 33,613 $ 765,042
Fair Value, Liabilities Measured on Recurring Basis	The 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, 2024 As of December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,820,368 $ 1,815,856 $ 1,826,921 $ 1,815,351 3

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Basic: Net income (loss) $ (919) $ 56,149 Less income allocated to participating securities (354) (1,254) Net income (loss) attributable to common stock $ (1,273) $ 54,895 Earnings (loss) per share, basic $ (0.07) $ 3.09 Weighted-average shares outstanding 17,664 17,766 Diluted: Net income (loss) $ (919) $ 56,149 Less income allocated to participating securities (354) (1,254) Net income (loss) attributable to common stock $ (1,273) $ 54,895 Earnings (loss) per share, diluted $ (0.07) $ 3.09 Weighted-average shares outstanding 17,664 17,766 Dilutive effect of restricted stock — 104 Adjusted weighted-average shares outstanding under treasury stock method 17,664 17,870 Participating securities excluded under two-class method — (101) Adjusted weighted-average shares outstanding under two-class method 17,664 17,769

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Airline Sunseeker Consolidated Airline Sunseeker Consolidated OPERATING REVENUES: Passenger $ 579,936 $ — $ 579,936 $ 609,277 $ — $ 609,277 Third party products 33,399 — 33,399 26,037 — 26,037 Fixed fee contracts 18,861 — 18,861 14,117 — 14,117 Resort and other 323 23,887 24,210 251 5 256 Total operating revenues 632,519 23,887 656,406 649,682 5 649,687 OPERATING EXPENSES: Salaries and benefits 199,508 13,819 213,327 157,521 2,102 159,623 Aircraft fuel 170,087 — 170,087 189,546 — 189,546 Station operations 66,468 — 66,468 61,520 — 61,520 Depreciation and amortization 57,868 5,976 63,844 54,622 58 54,680 Sales and marketing 28,878 1,541 30,419 26,640 288 26,928 Maintenance and repairs 30,278 — 30,278 26,442 — 26,442 Aircraft lease rentals 5,985 — 5,985 7,092 — 7,092 Other 34,315 13,136 47,451 28,711 1,932 30,643 Special charges, net of recoveries 14,915 (1,816) 13,099 14 (1,626) (1,612) Total operating expenses 608,302 32,656 640,958 552,108 2,754 554,862 OPERATING INCOME (LOSS) 24,217 (8,769) 15,448 97,574 (2,749) 94,825 Interest income (12,241) — (12,241) (10,128) — (10,128) Interest expense 34,737 5,423 40,160 30,343 5,365 35,708 Capitalized interest (10,859) (326) (11,185) (1,510) (3,670) (5,180) Capital expenditures 122,175 14,004 136,179 92,432 85,620 178,052 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2024 As of December 31, 2023 Airline $ 4,265,765 $ 4,213,288 Sunseeker Resort 669,366 656,122 Consolidated $ 4,935,131 $ 4,869,410

Special Charges - Narrative (De

Special Charges - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2023 Aircraft	Mar. 31, 2024 USD ($) Aircraft	Dec. 31, 2023 Aircraft
Unusual or Infrequent Item, or Both [Line Items]
Number of aircraft retired | Aircraft	21	2	2
Hurricane Ian
Unusual or Infrequent Item, or Both [Line Items]
Unusual or infrequent item, or both, loss, gross		$ 78.2
Unusual or infrequent item, or both, insurance proceeds		$ 52.5

Special Charges - Summary of Sp

Special Charges - Summary of Special Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
Sunseeker weather and related events	$ 100	$ 200
Sunseeker weather and related events, insurance recoveries(1)	(1,916)	(1,826)
Accelerated depreciation on airframes identified for early retirement	14,915	14
Total special charges	13,099	$ (1,612)
Proceeds from business interruption insurance	$ 700

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 579,936	$ 609,277
Passenger Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	579,936	609,277
Resort Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,887	5
Scheduled service | Passenger Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	289,879	311,728
Ancillary air-related charges | Passenger Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	274,793	283,902
Loyalty redemptions | Passenger Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15,264	13,647
Rooms | Resort Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,957	0
Food and beverage | Resort Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,772	0
Total resort revenue | Resort Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 3,158	$ 5

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands, number in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue Recognition [Abstract]
Contract with Customer, Liability, Current	$ 432,561	$ 353,488
Contract with Customer, Liability, Forward Bookings	37,760%
Contract with Customer, Liability, Credit Voucher Bookings	5,500%
Revenue, Performance Obligation, Description of Timing	12 months
Air Traffic Liability, Recognized		$ 353,500

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition [Abstract]
Points balance at January 1	$ 70,813	$ 56,500
Points awarded (deferral of revenue)	15,923	16,780
Points redeemed (recognition of revenue)	(15,271)	(13,647)
Points balance at March 31	$ 71,465	$ 59,633

Property and Equipment (Details

Property and Equipment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Aircraft	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Flight equipment	$ 3,427,671	$ 3,346,216
Computer hardware and software	293,403	274,927
Land and buildings/leasehold improvements	64,242	63,863
Other property and equipment	111,077	109,727
Total property and equipment	4,527,641	4,411,977
Less accumulated depreciation and amortization	1,004,298	964,866
Property and equipment, net	$ 3,523,343	3,447,111
Number Of Aircraft Committed To Purchase | Aircraft	50
Capital Expenditures Incurred but Not yet Paid	$ 40,900	71,700
Sunseeker Resort
Property, Plant and Equipment [Line Items]
Land and buildings/leasehold improvements	571,002	559,112
Other property and equipment	56,650	53,743
Construction in progress	$ 3,596	$ 4,389

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,248,748	$ 2,259,654
Less current maturities	459,171	439,937
Long-term debt and capital leases, net of current maturities and related costs	1,789,577	1,819,717
Finance Lease, Liability	449,044	455,248
Debt and Lease Obligation	(20,664)	(22,515)
Debt Issuance Costs, Net	$ 2,248,748	2,259,654
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	7.01%
Weighted average fixed-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 1,811,098	$ 1,834,754
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.30%	6.30%
Weighted average variable-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 437,650	$ 424,900
Long-term Debt, Weighted Average Interest Rate, at Point in Time	7.90%	7.90%
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	$ 200,000	200,000
Debt instrument, interest rate, stated percentage	7.92%
Senior Secured Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 550,000	550,000
Senior Secured Notes Due 2027 | Senior Notes | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.25%
Consolidated Variable Interest Entities Due 2029
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 126,762	130,650
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	5.19%
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	$ 593,606	596,271
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	8.25%
Long-term Debt [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 2,269,412	$ 2,282,169

Long-Term Debt - Summary of Mat

Long-Term Debt - Summary of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Schedule of Maturities of Long-Term Debt [Abstract]
Remaining in 2024	$ 429,032
2025	180,611
2026	176,151
2027	709,354
2028	328,569
2029	142,531
Thereafter	282,500
Total debt and finance lease obligations, net of related costs	$ 2,248,748

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	May 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from lines of credit		$ 18.8
Line of Credit | Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 218.5
Long-Term Debt, Term	12 years	12 years
Line of Credit | Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	3 months

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (418)	$ 18,269
Effective Income Tax Rate Reconciliation, Percent	31.30%	24.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Income Tax Expense (Benefit), Discrete Items	$ 200

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 794,420	$ 798,655
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	31,427	33,613
Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	762,993	765,042
Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	134,160	71,237
Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	31,427	33,613
Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	102,733	37,624
Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	616,461	671,414
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	616,461	671,414
Long Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	43,799	56,004
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	43,799	56,004
Money market funds | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	31,427	33,613
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	31,427	33,613
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	45,906	19,575
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	45,906	19,575
Commercial paper | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	221,827	237,870
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	221,827	237,870
Municipal debt securities | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	20,004	7,848
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	20,004	7,848
Municipal debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	14,013	13,914
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	14,013	13,914
US Treasury Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	7,298	14,126
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	7,298	14,126
US Treasury Bonds | Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	24,746	2,000
US Treasury Bonds | Cash Equivalents | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
US Treasury Bonds | Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	24,746	2,000
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	39,054	43,869
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	39,054	43,869
Corporate debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	225,735	210,982
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	225,735	210,982
Federal agency debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	12,077	8,201
Debt Securities, Available-for-Sale	4,745	12,135
Federal agency debt securities | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
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]
Cash Equivalents	12,077	8,201
Debt Securities, Available-for-Sale	4,745	12,135
Federal agency debt securities | Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	140,588	194,522
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	140,588	194,522
Certificates of Deposit
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	7,000	0
Certificates of Deposit | Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Certificates of Deposit | Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 7,000	$ 0

Fair Value Measurements Estimat

Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,248,748	$ 2,259,654
Non-Publicly Held Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	1,820,368	1,826,921
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	$ 1,815,856	$ 1,815,351

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic:
Net income (loss)	$ (919)	$ 56,149
Less income allocated to participating securities	(354)	(1,254)
Net income (loss) attributable to common stock	$ (1,273)	$ 54,895
Net income per share, basic (in dollars per share)	$ (0.07)	$ 3.09
Weighted-average shares outstanding (in shares)	17,664	17,766
Diluted:
Net income (loss)	$ (919)	$ 56,149
Less income allocated to participating securities	(354)	(1,254)
Net income (loss) attributable to common stock	$ (1,273)	$ 54,895
Earnings (loss) per share, diluted (in dollars per share)	$ (0.07)	$ 3.09
Weighted-average shares outstanding ( in shares)	17,664	17,766
Dilutive effect of stock options and restricted stock (in shares)	0	104
Adjusted weighted-average shares outstanding under treasury stock method (in shares)	17,664	17,870
Participating securities excluded under two-class method (in shares)	0	(101)
Adjusted weighted-average shares outstanding under two-class method (in shares)	17,664	17,769

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of Operating Segments	2

Segments - Schedule of Segment

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Passenger	$ 579,936	$ 609,277
Third party products	33,399	26,037
Fixed fee contracts	18,861	14,117
Resort and other	24,210	256
Total operating revenues	656,406	649,687
Salaries and benefits	213,327	159,623
Aircraft fuel	170,087	189,546
Station operations	66,468	61,520
Depreciation and amortization	63,844	54,680
Selling and Marketing Expense	30,419	26,928
Maintenance and repairs	30,278	26,442
Aircraft lease rentals	5,985	7,092
Other	47,451	30,643
Special charges, net of recoveries	13,099	(1,612)
Total operating expenses	640,958	554,862
OPERATING INCOME	15,448	94,825
Interest (income)	(12,241)	(10,128)
Interest expense	40,160	35,708
Capitalized interest	(11,185)	(5,180)
Capital expenditures	136,179	178,052
Assets	4,935,131		$ 4,869,410
Airline
Segment Reporting Information [Line Items]
Passenger	579,936	609,277
Third party products	33,399	26,037
Fixed fee contracts	18,861	14,117
Resort and other	323	251
Total operating revenues	632,519	649,682
Salaries and benefits	199,508	157,521
Aircraft fuel	170,087	189,546
Station operations	66,468	61,520
Depreciation and amortization	57,868	54,622
Selling and Marketing Expense	28,878	26,640
Maintenance and repairs	30,278	26,442
Aircraft lease rentals	5,985	7,092
Other	34,315	28,711
Special charges, net of recoveries	14,915	14
Total operating expenses	608,302	552,108
OPERATING INCOME	24,217	97,574
Interest (income)	(12,241)	(10,128)
Interest expense	34,737	30,343
Capitalized interest	(10,859)	(1,510)
Capital expenditures	122,175	92,432
Assets	4,265,765		4,213,288
Sunseeker Resort
Segment Reporting Information [Line Items]
Passenger	0	0
Third party products	0	0
Fixed fee contracts	0	0
Resort and other	23,887	5
Total operating revenues	23,887	5
Salaries and benefits	13,819	2,102
Aircraft fuel	0	0
Station operations	0	0
Depreciation and amortization	5,976	58
Selling and Marketing Expense	1,541	288
Maintenance and repairs	0	0
Aircraft lease rentals	0	0
Other	13,136	1,932
Special charges, net of recoveries	(1,816)	(1,626)
Total operating expenses	32,656	2,754
OPERATING INCOME	(8,769)	(2,749)
Interest (income)	0	0
Interest expense	5,423	5,365
Capitalized interest	(326)	(3,670)
Capital expenditures	14,004	$ 85,620
Assets	$ 669,366		$ 656,122

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 15, 2024	Mar. 31, 2024
Minimum [Member]
Subsequent Event [Line Items]
Salary And Wages, Increase Wage Percentage		20%
Subsequent Event
Subsequent Event [Line Items]
Salary And Wage, Wage Increase Agreement Term	5 years
Salary And Wages, Increase Wage Percentage	41.20%
Salary And Wages, Lump Sum Bonus Payment	$ 10