ALLEGIANT TRAVEL CO, 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 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, $0.001 Par Value    
Trading Symbol ALGT    
Security Exchange Name NASDAQ    
Entity Well Known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 776.9
Entity Common Stock, Shares Outstanding   18,338,274  
Documents Incorporated by Reference
Portions of the Proxy Statement to be used in connection with the solicitation of proxies to be voted at the registrant’s annual meeting to be held on June 26, 2025, and to be filed with the Commission subsequent to the date hereof, are incorporated by reference into Part III of this Report on Form 10-K.
    
Entity Central Index Key 0001362468    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Dallas, TX
Auditor Firm ID 185
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 285,892 $ 143,259
Restricted cash 16,427 16,325
Short-term investments 495,234 671,414
Accounts receivable 90,407 70,743
Expendable parts, supplies and fuel, net of reserve of $12,597 and $10,284 36,070 36,335
Prepaid expenses and other current assets 67,575 63,054
TOTAL CURRENT ASSETS 991,605 1,001,130
Property and equipment (including $107,290 and $129,646 from VIEs, Note 6), net of accumulated depreciation of $1,067,194 and $964,866 3,069,949 3,430,103
Long-term investments 51,725 56,004
Deferred major maintenance, net of accumulated amortization of $165,333 and $143,275 173,892 170,032
Operating lease right-of-use assets, net 81,218 100,707
Deposits and other assets 61,464 98,691
TOTAL ASSETS: 4,429,853 4,856,667
CURRENT LIABILITIES    
Accounts payable 62,092 54,484
Accrued liabilities 327,404 292,335
Current operating lease liabilities 20,714 20,873
Air traffic liability 370,915 353,488
Current loyalty program liability 41,510 38,447
Current maturities of long-term debt and finance lease obligations (including $12,787 and $22,627 from VIEs, Note 6), net of related costs of $8,287 and $8,038 454,769 439,937
TOTAL CURRENT LIABILITIES 1,277,404 1,199,564
LONG-TERM DEBT AND OTHER NONCURRENT LIABILITIES    
Long-term debt and finance lease obligations (including $94,950 and $107,737 from VIEs, Note 6), net of current maturities and related costs of $8,842 and $14,477 1,611,735 1,819,717
Deferred income taxes 315,593 384,602
Noncurrent operating lease liabilities 62,392 82,410
Noncurrent loyalty program liability 39,201 32,366
Other noncurrent liabilities 34,136 9,448
TOTAL LIABILITIES: 3,340,461 3,528,107
SHAREHOLDERS' EQUITY    
Common stock, par value $0.001, 100,000,000 shares authorized; 25,580,445 and 25,501,823 shares issued; 18,407,799 and 18,269,090 shares outstanding in 2024 and 2023 26 26
Treasury shares, at cost, 7,172,646 and 7,232,733 shares in 2024 and 2023 (678,431) (681,932)
Additional paid in capital 760,600 741,055
Accumulated other comprehensive income, net 3,949 3,991
Retained earnings 1,003,248 1,265,420
TOTAL EQUITY: 1,089,392 1,328,560
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,429,853 $ 4,856,667
v3.25.0.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Expendable parts, supplies and fuel, reserve $ 12,597 $ 10,284
Property, plant and equipment, net 3,069,949 3,430,103
Property, plant, and equipment, owned, accumulated depreciation 1,067,194 964,866
Accumulated amortization of other deferred costs 165,333 143,275
Long-term debt and lease obligation, current 454,769 439,937
Debt issuance costs, gross, current 8,287 8,038
Long-term debt and lease obligation 1,611,735 1,819,717
Debt issuance cost, gross, noncurrent $ 8,842 $ 14,477
Treasury stock, common, shares (in shares) 7,172,646 7,232,733
Expendable parts, supplies and fuel, net of reserve of $12,597 and $10,284 $ 36,070 $ 36,335
Accounts receivable $ 90,407 $ 70,743
Common Stock    
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares, issued (in shares) 25,580,445 25,501,823
Common stock, shares, outstanding (in shares) 18,407,799 18,269,090
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net $ 107,290 $ 129,646
Long-term debt and lease obligation, current 12,787 22,627
Long-term debt and lease obligation $ 94,950 $ 107,737
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING REVENUES:      
Passenger $ 2,217,059 $ 2,324,397 $ 2,137,762
Third party products 142,128 112,579 100,959
Fixed fee contracts 80,660 68,548 60,937
Resort and other 72,742 4,333 2,171
Total operating revenues 2,512,589 2,509,857 2,301,829
OPERATING EXPENSES:      
Aircraft fuel 627,755 695,871 814,803
Salaries and benefits 819,843 687,803 552,413
Station operations 272,843 256,560 255,168
Depreciation and amortization 258,251 223,130 197,542
Maintenance and repairs 125,430 123,802 117,814
Sales and marketing 106,340 114,616 100,678
Aircraft lease rentals 23,573 24,948 23,621
Other 150,399 133,501 113,532
Special charges, net of recoveries 368,131 28,645 34,612
Total operating expenses 2,752,565 2,288,876 2,210,183
OPERATING INCOME (LOSS) (239,976) 220,981 91,646
OTHER (INCOME) EXPENSES:      
Interest income (44,012) (46,615) (16,469)
Interest expense 156,443 153,186 115,711
Capitalized interest (45,385) (45,132) (12,640)
Other, net 1,428 491 91
Total other expenses 68,474 61,930 86,693
INCOME (LOSS) BEFORE INCOME TAXES (308,450) 159,051 4,953
INCOME TAX PROVISION (BENEFIT) (68,212) 41,455 2,460
NET INCOME (LOSS) $ (240,238) $ 117,596 $ 2,493
Earnings (loss) per share to common shareholders:      
Basic (in dollars per share) $ (13.49) $ 6.32 $ 0.14
Diluted (in dollars per share) $ (13.49) $ 6.29 $ 0.14
Shares used for computation:      
Basic (in shares) 17,852 17,945 17,959
Diluted (in shares) 17,852 18,019 18,034
Cash dividends declared per share (in dollars per share) $ 1.20 $ 1.20 $ 0
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ (240,238) $ 117,596 $ 2,493
Other comprehensive income (loss):      
Change in available for sale securities, net of tax (42) 2,734 (799)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (240,280) $ 120,330 $ 1,694
v3.25.0.1
Consolidated Statements of Stockholders' Equity Statement - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Parent
Common stock, shares, outstanding (in shares)   18,111,000          
Common Stock, Value, Issued   $ 25          
TOTAL EQUITY $ 1,223,552   $ 692,053 $ 2,056 $ 1,167,475 $ (638,057)  
Exercises of stock options and stock-settled SARs (Shares)   323,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     17,418       $ 17,418
Stock Repurchased During Period, Shares   (379,000)          
Treasury Stock, Value, Acquired, Cost Method           (29,905) (29,905)
Total number of shares purchased in year 73,268 73,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           7,939 7,939
Other Comprehensive Income (Loss), Net of Tax       (799)      
Unrealized gain on short-term investments, net of tax             (799)
Net Income $ 2,493       2,493   2,493
Cash dividends (per Share) $ 0            
Common stock, shares, outstanding (in shares)   18,128,000          
Common Stock, Value, Issued   $ 25          
TOTAL EQUITY $ 1,220,698   709,471 1,257 1,169,968 (660,023)  
Exercises of stock options and stock-settled SARs (Shares)   415,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     31,584       31,585
Stock Repurchased During Period, Shares   (374,000)          
Treasury Stock, Value, Acquired, Cost Method           (30,076) (30,076)
Total number of shares purchased in year 99,802 100,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           8,167 8,167
Dividends, Cash         (22,144)   (22,144)
Other Comprehensive Income (Loss), Net of Tax       2,734      
Unrealized gain on short-term investments, net of tax             2,734
Net Income $ 117,596       117,596   117,596
Cash dividends (per Share) $ 1.20            
Common stock, shares, outstanding (in shares)   18,269,000          
Common Stock, Value, Issued $ 26 $ 26          
TOTAL EQUITY $ 1,328,560   741,055 3,991 1,265,420 (681,932)  
Exercises of stock options and stock-settled SARs (Shares)   79,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     19,545       19,545
Stock Repurchased During Period, Shares   (95,000)          
Treasury Stock, Value, Acquired, Cost Method           (5,642) (5,642)
Total number of shares purchased in year 155,101 155,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           9,143 9,143
Dividends, Cash         (21,934)   (21,934)
Other Comprehensive Income (Loss), Net of Tax       (42)      
Unrealized gain on short-term investments, net of tax             (42)
Net Income $ (240,238)       (240,238)   $ (240,238)
Cash dividends (per Share) $ 1.20            
Common stock, shares, outstanding (in shares)   18,408,000          
Common Stock, Value, Issued $ 26 $ 26          
TOTAL EQUITY $ 1,089,392   $ 760,600 $ 3,949 $ 1,003,248 $ (678,431)  
v3.25.0.1
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends (per Share) $ 1.20 $ 1.20 $ 0
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net income (loss) $ (240,238) $ 117,596 $ 2,493
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 258,251 223,130 197,542
(Gain) loss on aircraft and other equipment disposals (34,936) 920 2,158
Special charges, net of recoveries 348,985 27,189 34,268
Share-based compensation expense 22,568 29,749 15,198
Deferred income taxes (69,009) 38,214 2,178
Other adjustments (6,290) (11,284) 12,082
Changes in certain assets and liabilities:      
Accounts receivable 4,362 29,390 (33,887)
Tax receivable (5,616) 3,932 3,697
Prepaid expenses (10,518) (1,825) (10,625)
Accounts payable 8,742 (5,031) 14,770
Accrued liabilities 95,503 65,568 42,605
Loyalty program liability 9,899 14,313 15,704
Air traffic liability 17,427 (25,971) 72,006
Deferred major maintenance (73,331) (67,862) (54,675)
Other assets/liabilities 12,657 (14,936) (12,464)
Net cash provided by operating activities 338,456 423,092 303,050
INVESTING ACTIVITIES:      
Purchase of investment securities (567,299) (890,880) (1,267,266)
Proceeds from maturities of investment securities 763,841 976,804 1,301,286
Proceeds from sale of property and equipment 86,156 26,526 1,320
Aircraft pre-delivery deposits (35,053) (342,167) (96,532)
Purchase of property and equipment, including capitalized interest (300,154) (528,320) (434,690)
Proceeds from loan receivable 50,000 0 0
Insurance proceeds from damage to property & equipment 6,646 35,730 5,450
Other investing activities 1,441 430 (992)
Net cash provided by (used in) investing activities 5,578 (721,877) (491,424)
FINANCING ACTIVITIES:      
Cash dividends paid to shareholders (21,934) (22,144) 0
Proceeds from the issuance of debt and finance lease obligations 386,975 642,581 863,627
Repurchase of common stock (6,030) (30,078) (29,905)
Principal payments on debt and finance lease obligations (585,511) (480,818) (701,596)
Debt issuance costs (2,260) (7,116) (14,297)
Sunseeker construction financing disbursements 18,320 102,330 (92,650)
Other financing activities 9,141 8,168 7,940
Net cash provided by (used in) financing activities (201,299) 212,923 33,119
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 142,735 (85,862) (155,255)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 159,584 245,446 400,701
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 302,319 159,584 245,446
CASH PAYMENTS FOR:      
Interest paid, net of amount capitalized 107,381 111,912 82,903
Income tax paid 8,738 1,012 308
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS      
Right-of-use (ROU) assets acquired 1,379 8,320 0
Purchases of property and equipment in accrued liabilities and other (671) 71,672 54,641
Flight equipment acquired under finance leases $ 0 $ 0 $ 192,457
v3.25.0.1
Organization and Business of Company (Notes)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business of Company Organization and Business of Company
 
Allegiant Travel Company (the “Company”) is a leisure travel company focused on providing travel services and products to residents of under-served cities in the United States. The Company operates a low-cost, low utilization passenger airline which sells air transportation both on a stand-alone basis and bundled with the sale of ancillary air-related and third party services and products. The Company also provides air transportation under fixed fee flying arrangements, generates other ancillary revenues, and owns and operates Sunseeker Resort and Aileron, the related golf course.
v3.25.0.1
Special Charges
 12 Months Ended
Dec. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Special Charges Special Charges
Sunseeker Resort

Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was impacted by Hurricanes Ian, Idalia, Debby, Helene, and Milton between 2022 and 2024. While the Resort was built to withstand hurricanes and flooding, these weather events are unprecedented in their frequency and the amount of destruction caused in Southwest Florida. The Company believes these weather events will be unusual and has included the cost of these events and the related insurance recoveries in special charges. The estimated losses are recorded to special charges in the period of the event and are offset by insurance recoveries in the period they are approved for payment by the insurer. To date, the Company has recorded $87.2 million in losses and $58.6 million in insurance recoveries. At this time, the Company does not expect that additional amounts to be recovered are significant.

During the fourth quarter of 2024, Sunseeker Resort was directly impacted by Hurricane Milton, which made landfall on the west coast of Florida on October 9, 2024. As the Resort was within the evacuation zone, operations were temporarily halted beginning October 7, 2024, and the Resort reopened with limited services on October 14, 2024. Additionally, the Resort was affected by Hurricanes Debby and Helene during 2024. The combined impact of Hurricanes Milton, Debby, and Helene resulted in a total of $7.7 million in losses recorded by the Company for 2024 without regard to lost revenues.

In fourth quarter 2024, the Company recorded an impairment charge of $321.8 million in special charges related to Sunseeker Resort and associated Aileron Golf Course. For more detailed discussion regarding the impairment charge see Note 15.

Airline

In September 2023, 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 seven airframes were retired in 2024. The remaining airframes are to be retired between January 2025 and December 2026. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge in the years ended December 31, 2024 and December 31, 2023. The Company also recorded a special charge in the year ended December 31, 2022 related to accelerated depreciation on the last of the aircraft identified for early retirement during 2020.

In April 2024, the Company's flight attendants, represented by the Transport Workers Union of America, ratified a new five-year collective bargaining agreement. Under the agreement, a ratification bonus was paid in May 2024, which amount is included within special charges.

In third quarter 2024, the Company recorded $3.4 million of special charges related to organizational restructuring.

Special Charges

The table below summarizes special charges recorded during the years ended December 31, 2024, 2023, and 2022.
Twelve Months Ended December 31,
(in thousands)202420232022
Accelerated depreciation on airframes identified for early retirement$31,066 $35,091 $567 
Flight attendant ratification bonus10,821 — — 
Organizational restructuring3,420 — — 
Airline special charges 45,307 35,091 567 
Sunseeker weather events, net of insurance recoveries(1)
987 (6,446)34,045 
Sunseeker impairment321,837 — — 
Sunseeker special charges, net of insurance recoveries(1)
322,824 (6,446)34,045 
Total special charges$368,131 $28,645 $34,612 
(1) Includes $2.7 million and $8.3 million of business interruption insurance proceeds for the years ended December 31, 2024 and December 31, 2023, respectively. There were no business interruption recoveries for the year ended December 31, 2022.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying consolidated financial statements include the accounts of Allegiant Travel 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. All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments and interest bearing instruments with original maturities of three months or less when purchased. Such investments are carried at cost which approximates fair value.

Restricted Cash
 
Restricted cash represents escrowed funds under fixed fee contracts, and cash collateral held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties.

Accounts Receivable

Accounts receivable are recorded at invoiced amount which approximates fair value. In addition to income tax receivable, the accounts receivable consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from rental car providers based on terms in the rental car provider agreement and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected, for which the balance was immaterial for all years presented.

Short-term and Long-term Investments
 
The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument and current market conditions. There have been no material credit losses in the years presented. Investment securities with original maturities of three months or less are classified as cash equivalents. Investment securities with original maturities greater than three months are classified as either short-term investments or long-term investments based on the maturity date in relation to the balance sheet date. Short-term investments have a maturity date less than or equal to one year from the balance sheet date, and long-term investments have a maturity date greater than one year from the balance sheet date. 

The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in other (income) expense. The Company had no material realized losses during the years ended December 31, 2024, 2023, and 2022. The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability.

The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund.

Expendable Parts, Supplies and Fuel, Net
 
Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such expendable parts, supplies and fuel are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on salvage values and the average remaining useful life of the fleet. The obsolescence allowance for expendable parts and supplies was $12.6 million and $10.3 million at December 31, 2024 and 2023, respectively.
Deposits and Other Assets

Deposits and other assets consist primarily of airport deposits, aircraft lease deposits, investments in unconsolidated affiliates, credits receivable under aircraft purchase agreements and scrap assets. At December 31, 2023, deposits and other assets included a $50.0 million note receivable from the counterparty in the Company's joint-venture alliance, which amount was repaid in full during 2024. The Company also had outstanding receivables from third parties as of December 31, 2024 and 2023, of which $15.1 million and $17.0 million respectively, were due more than one year after the balance sheet date.

Operating Lease Right-of-Use Asset and Liability

The Company determines if an arrangement is a lease at inception and has lease agreements for aircraft, office facilities, office equipment, certain airport and terminal facilities, and other space and assets with non-cancelable lease terms. Certain real estate and property leases, aircraft leases, and various other operating leases are measured on the balance sheet with a lease liability and right-of-use ("ROU") asset. Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore excluded from consideration.

ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. At lease commencement, the present value of lease payments is calculated using the rate implicit in the lease, if known, or an estimated incremental borrowing rate which takes into consideration recent debt issuances as well as other applicable market data available.

Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the Accounting Standards (ASU) 2016-02, Leases (Topic 842). Lease payments do not include variable lease payments other than those based on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components.

Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet. Additionally, lease and non-lease components are accounted for as a single lease component for real estate agreements.

Property and Equipment
 
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less any estimated salvage value. Property under finance leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed using the rate implicit in the lease, if known, or on the basis of the Company’s estimated incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below.

Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years

In estimating the useful lives and residual values of aircraft, the Company primarily relies upon actual experience with the same or similar aircraft types, current and projected future market information, and input from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in changes in depreciation expense.

The Company is required to make pre-delivery payments ("PDPs") towards the purchase price of new aircraft and engines prior to delivery. These deposits are included in flight equipment on the Company's consolidated balance sheets.

Interest is capitalized by applying a capitalization rate to the weighted-average carrying amount of expenditures for qualifying assets over the period and depreciated over the estimated useful life of the related asset(s) acquired/developed.
Software Capitalization
 
The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to fifteen years. The Company had unamortized computer software development costs of $149.7 million and $139.1 million as of December 31, 2024 and 2023, respectively. Amortization expense related to computer software was $18.8 million, $12.4 million and $15.2 million for the years ended December 31, 2024, 2023 and 2022 respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred.

Aircraft Maintenance and Repair Costs
 
The Company accounts for all non-major maintenance and repair costs incurred for its fleet under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to maintenance and repair expenses as incurred. Maintenance and repair costs include all parts, materials, and line maintenance activities required to maintain the Company's fleet.

The Company accounts for major maintenance costs of its airframes and engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event. During 2024 and 2023, the Company capitalized $76.8 million and $68.5 million of major maintenance costs as deferred major maintenance.

Amortization expense related to deferred major maintenance, excluding amounts recorded in special charges related to the Company's aircraft retirement plan, was $65.8 million, $55.5 million, and $43.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Measurement of Impairment of Long-Lived Assets

The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated future cash flows expected to be generated by those assets which are based on additional assumptions such as (but not limited to) asset utilization, average fare, block hours, fuel costs, fixed fee contracts, estimated salvage values, discount rate, projected growth rates and terminal value assumptions.

For the year ended December 31, 2024, the Company recorded a $321.8 million impairment loss related to the Sunseeker Resort Segment. The impairment is more fully discussed in Note 15.

Manufacturer's Credits

The Company periodically receives credits in connection with the acquisition of aircraft and engines or in connection with delivery delays or manufacturer's incentives. These credits are generally applied as a reduction of the cost of each item acquired under the purchase agreement at the time of delivery, which results in either deferral of the credit or recognition of an asset depending on the timing of receipt.

Revenue Recognition

Passenger revenue

Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-brand Allegiant credit card and the Company's non-card loyalty program. Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.

Scheduled service revenue consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the transportation is provided, or when ticket voucher breakage occurs. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the itinerary is changed or canceled in advance of the flight under the terms and conditions of the ticket. Itineraries sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Ancillary air-related charges include various services and products related to the flight such as baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services which are not included in the base ticket price. Revenues from air-related charges are nonrefundable and recognized when the transportation is provided. If a customer cancels a flight, a voucher may be issued for a future flight under certain circumstances, at which time
the associated revenue is recognized in scheduled service revenue upon completion of the future flight. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such estimate into revenue at the time of issuance. Air-related charges sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded as a liability until remitted to the appropriate taxing authority.

Third party products revenue

Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars, travel insurance and ticket attractions, as well as marketing revenue associated with the co-brand credit card. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. Revenue from the sale of third party products is recorded net of amounts paid to wholesale providers, travel agent commissions, and transaction costs.

Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.
Fixed fee contract revenue

Fixed fee contract revenue consists of fees under agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided.

Sunseeker Resort

Sunseeker Resort's revenue from contracts with customers primarily consists of sales of rooms, food and beverage, golf, retail and other goods and services. As compensation for such goods and services, the Company is typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. Room charges are generally payable at the time the hotel guest checks out of the hotel. The Company generally satisfies the performance obligation related to room sales over time, and the Company recognizes the revenue on a daily basis, as the rooms are occupied and the Company has rendered the services. Charges for food and beverage, golf, retail and other goods and services are settled at a point in time, as the sale is made. Sunseeker Resort revenues are included in resort and other revenue in the consolidated statements of income.

Allways Rewards® Credit Card Program

Under the Allegiant co-brand credit card arrangement, points are sold and consideration is received under an agreement with the issuer bank that expires in 2031. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points expected to be redeemed.

Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders and the underlying service is provided. Revenue from the marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period.

Allways Rewards® Loyalty Program

Allegiant’s Allways Rewards® Loyalty Program, which launched in 2021, enables program members to earn points for every dollar they spend on the Company’s website. In addition to opportunities to redeem points for flights, lodging, rental cars, and at Sunseeker Resort, the program leverages Allegiant's partnerships to offer additional rewards to members, including sports tickets and exclusive experiences. Members can also earn points by using their Allegiant co-brand credit card.

Under Allways Rewards®, members receive one point for every $1 spent at Allegiant.com, and two points per $1 for spending over $500 (excluding taxes and fees). Members also earn one point for every $1 spent at sunseekerresorts.com and one point per $1 spent during their stay at Sunseeker Resort, provided the purchases are charged to their room. The Company utilizes the deferred revenue method of accounting for points earned through the program based on the stand-alone selling price and revenue is recognized when points are redeemed and the underlying service has been provided. The stand-alone selling price of points is adjusted for an estimate of points that will not be redeemed (“breakage”) using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.
Advertising Costs

Advertising costs are charged to expense in the period incurred. Advertising expense was $32.0 million, $41.0 million and $40.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Preopening expenses

Preopening expenses represent personnel, advertising, and other costs incurred prior to the opening of Sunseeker Resort and were expensed as incurred. During the year ended December 31, 2023, the Company incurred $26.5 million of preopening expenses related to the opening of the Resort, which is included in salaries and benefits expense, sales and marketing expense, and other expense in the consolidated statements of income.

Earnings per Share
 
Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, the Company attributes net income to two classes, common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities because 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 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 as described below:

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 years ended December 31, 2024, 2023 and 2022, the second method above was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202420232022
Basic:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,188)(32)
Net income (loss) attributable to common stock$(240,856)$113,408 $2,461 
Earnings (loss) per share, basic$(13.49)$6.32 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Diluted:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,175)(32)
Net income (loss) attributable to common stock$(240,856)$113,421 $2,461 
Earnings (loss) per share, diluted$(13.49)$6.29 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Dilutive effect of stock options and restricted stock— 249 132 
Adjusted weighted-average shares outstanding under treasury stock method17,852 18,194 18,091 
Participating securities excluded under two-class method— (175)(57)
Adjusted weighted-average shares outstanding under two-class method17,852 18,019 18,034 

Stock awards outstanding of 452,560, 81,748, and 79,644 shares (not in thousands) as of December 31, 2024, 2023, and 2022, respectively, were excluded from the computation of diluted earnings per share as they were antidilutive.
 
Share-Based Compensation
 
The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of
income. The share-based compensation cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 12.

Income Taxes

The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the assets and liabilities and measured using the enacted tax rates and provisions of the enacted tax law. A valuation allowance for deferred tax assets is recorded if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions.
The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.
The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes.
Recent Accounting Pronouncements
Beginning with annual reporting for the year ended December 31, 2024, the Company adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that was issued by the Financial Accounting Standards Board ("FASB"). This new standard requires an enhanced disclosure of significant segment expenses on an annual and interim basis. Upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements. See Note 14 - Operating Segments for additional information.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures." This new standard requires expanded income tax disclosure of specific categories in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. ASU 2023-09 is effective for the Company's annual periods beginning January 1, 2025, with early adoption and retrospective application permitted. The Company will adopt this standard effective for 2025 and does not expect that the adoption of this standard will have a material effect on its financial statements.

In November 2024, the FASB issued ASU 2024-03 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This new standard requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 and does not expect the adoption of this standard will have a material effect on its financial statements.
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Passenger revenue

Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:

Year Ended December 31,
(in thousands)202420232022
Scheduled service$1,030,795 $1,133,001 $1,062,753 
Ancillary air-related charges1,129,149 1,137,226 1,025,549 
Loyalty redemptions57,115 54,170 49,460 
Total passenger revenue$2,217,059 $2,324,397 $2,137,762 

Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided. As of December 31, 2024, the air traffic liability balance was $370.9 million, of which approximately $315.5 million was related to forward bookings, with the remaining $55.4 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 at December 31, 2023, substantially all was recognized into passenger revenue during the 12 months ended December 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.

Resort Revenue

The Company's Resort revenues for the periods indicated are set forth in the table below:

Year Ended December 31,
(in thousands)202420232022
Rooms$31,628 $946 $— 
Food and beverage29,895 1,713 — 
Other10,227 222 — 
Total resort revenue$71,750 $2,881 $— 

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 as of December 31, 2024 or December 31, 2023.

Loyalty redemptions

The following table presents the activity of the co-brand credit card and the loyalty program as of the dates indicated:
Year Ended December 31,
(in thousands)20242023
Balance at January 1$70,813 $56,500 
Points awarded67,050 68,483 
Points redeemed(57,152)(54,170)
Balance at December 31$80,711 $70,813 

The current portion of the loyalty program liability represents the estimate of revenue to be recognized in the next 12 months based on historical trends, with the remaining balance reflected in other noncurrent liabilities and expected to be recognized into revenue in periods thereafter.
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
 
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20242023
Airline
Flight equipment$3,345,458 $3,329,207 
Computer hardware and software320,432 274,927 
Land and buildings/leasehold improvements66,115 63,863 
Other property and equipment115,043 109,727 
Sunseeker Resort
Land and buildings/leasehold improvements255,201 542,129 
Other property and equipment34,894 75,116 
Total property and equipment4,137,143 4,394,969 
Less accumulated depreciation and amortization(1,067,194)(964,866)
Property and equipment, net$3,069,949 $3,430,103 

As of December 31, 2024, the Company had firm commitments to purchase 46 aircraft which are expected to be delivered between 2025 and 2027.

During the year ended December 31, 2024, the Company sold flight equipment with a carrying amount of $51.3 million for proceeds of $86.2 million resulting in a gain of $34.9 million, which is included as an offset to other operating expense in the Company's consolidated income statement.

Accrued capital expenditures as of December 31, 2024 and 2023 were $8.9 million and $71.7 million, respectively.

For the year ended December 31, 2024, the Company recorded a $321.8 million impairment loss related to the Sunseeker Resort Segment. The impairment is more fully discussed in Note 15.
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
As of December 31,
(in thousands)20242023
Fixed-rate debt and finance lease obligations due through 2032$1,481,186 $1,834,754 
Variable-rate debt due through 2036585,318 424,900 
Total long-term debt and finance lease obligations, net of related costs2,066,504 2,259,654 
Less current maturities, net of related costs454,769 439,937 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,611,735 $1,819,717 
Weighted average fixed-interest rate on debt6.5 %6.3 %
Weighted average variable-interest rate on debt6.8 %7.9 %
Interest Rate(s) Per Annum atAs of December 31,
(in thousands)Maturity DatesDecember 31, 202420242023
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2028—20292.92 %—5.19%107,959 130,650 
Revolving credit facilities2025—2027N/A— 200,000 
Debt secured by aircraft, engines, other equipment and real estate2025—20361.87 %—8.57%765,278 596,271 
Finance leases2028—20324.44 %—7.01%429,896 455,248 
Construction loan agreement20265.75%100,000 350,000 
Unsecured debt20256.15%130,500 — 
Total debt$2,083,633 $2,282,169 
Related costs(17,129)(22,515)
Total debt net of related costs$2,066,504 $2,259,654 
Maturities of long-term debt as of December 31, 2024, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of December 31, 2024
2025(1)
454,769 
2026186,949 
2027673,600 
2028151,261 
2029160,510 
Thereafter439,415 
Total debt and finance lease obligations, net of related costs$2,066,504 
(1) Includes pre-delivery deposit financing which is due upon delivery of each respective aircraft
Senior Secured Notes

In August, 2022, the Company issued $550.0 million in aggregate principal amount of its 7.250% Senior Secured Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated as of August 17, 2022. The 2027 Notes are secured by first priority security interests in, subject to permitted liens, substantially all of the property and assets of the Company and its subsidiaries (other than Sunseeker Resort and its subsidiaries), except that the collateral package excludes aircraft, aircraft engines, real property and certain other assets. The collateral also secures the Company’s $75.0 million revolving credit facility (described below), on a pari passu basis. The 2027 Notes bear interest at a fixed rate of 7.25 percent per annum, payable in cash on February 15 and August 15 of each year. The 2027 Notes will mature on August 15, 2027.
The 2027 Notes contain certain covenants that limit the ability of the Company to, among other things: (i) make restricted payments; (ii) incur indebtedness or issue preferred stock; (iii) create or incur certain liens; (iv) dispose of loyalty program or brand intellectual property collateral; (v) merge, consolidate or sell all or substantially all assets and (vi) enter into certain transactions with affiliates.

The 2027 Notes also require the Company to comply with certain affirmative covenants, including to maintain a minimum aggregate amount of liquidity of $300.0 million. If the Company fails to satisfy the minimum liquidity requirement, then the Company will be required to pay additional interest on all outstanding 2027 Notes in an amount equal to 2.0% per annum of the principal amount of such 2027 Notes until the Company demonstrates compliance with the liquidity requirement.
Consolidated Variable Interest Entities

The Company evaluates ownership, contractual lease arrangements and other interests in entities to determine if they are variable interest entities ("VIEs") based on the nature and extent of those interests. The Company consolidates a VIE when, among other criteria, it has the power to direct the activities that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits of the VIE, thus making the Company the primary beneficiary of the VIE.

The Company, through a wholly owned subsidiary, has entered into similarly structured agreements with trusts to borrow amounts collateralized by aircraft and engines.The trusts were funded at inception of the loan and at maturity, the Company will have purchase options at fixed amounts. As these transactions are common control transactions, the Company, as the primary beneficiary, measured and recorded the assets at their carrying values at the time of borrowing.

Revolving Credit Facilities

In August 2022, the Company entered into a credit agreement under which the Company is entitled to borrow up to $100.0 million. In October 2023, the Company extended the term of this agreement to August 2025 with all other terms to remain the same. The borrowing ability of the facility is based on the value of aircraft and engines placed into the collateral pool. The notes under the facility will bear interest at a floating rate based on SOFR. As of December 31, 2024, the facility remained undrawn.

In August 2022, the Company entered into a credit agreement that provides a senior secured revolving loan facility of $75.0 million. The facility is secured by the same collateral that secures the 2027 Notes, has a term of 57 months and notes under the facility will bear interest at a floating rate based on SOFR. As of December 31, 2024, the facility remained undrawn.

In September 2022, the Company entered into a credit agreement under which the Company was entitled to borrow up to $200.0 million, which expired as of December 31, 2024. At December 31, 2023, the Company had drawn the full $200 million available under the facility. During the year ended December 31, 2024, the facility was fully repaid.

In March 2021, the Company entered into a revolving credit facility, under which it is entitled to borrow up to $50.0 million. In February, 2023, the Company extended the term of this agreement to March 2026 and the commitment was increased to $100.0 million. The borrowing ability is based on the value of the aircraft and engines placed into the collateral pool. The notes for amounts borrowed under the facility will bear interest at a floating rate based on SOFR. As of December 31, 2024, the facility remained undrawn.

Other Secured Debt

The Company is party to financing agreements under which aircraft, other equipment or other assets serve as collateral. Below are described those debt transactions entered into or that were drawn during 2024.

In November 2023, the Company entered into a pre-delivery deposit financing facility to borrow up to $158.0 million secured by the Company's purchase rights for certain Boeing 737 MAX aircraft. The facility bears a floating interest rate based on SOFR and is due upon delivery of each aircraft or no later than June 30, 2025. The Company drew an additional $18.8 million on this facility during the year ended December 31, 2024 and as of the same date, the Company had drawn a total of $132.6 million under the facility.

In September 2023, the Company entered into a credit agreement under which the Company is entitled to borrow up to $412.1 million. The initial draw of $196.4 million received in September 2023 was collateralized by aircraft and used in part to pay off existing debt. This initial draw bears interest at a fixed rate, with quarterly installments of principal and interest, and matures in September 2031. The Company received proceeds for the remaining commitment of $215.7 million in 2024. These draws were collateralized by aircraft and bear a floating interest rate based on SOFR. The 2024 draws have a term of twelve years, maturing between September 2036 and December 2036, and are payable in quarterly installments.

In March 2024, the Company entered into a credit agreement under which it is entitled to borrow up to $218.5 million, which will be collateralized by new aircraft upon delivery. The loans will bear interest at a variable rate based on 3-month SOFR and are
payable in quarterly installments over a term of 12 years. At December 31, 2024, the commitments remain undrawn pending new aircraft delivery.

In September 2024, the Company entered into a credit agreement under which the Company borrowed $22.0 million secured by certain aircraft assets. The loan bears interest at a variable rate based on SOFR, is payable in quarterly installments, and will mature in September 2029.

Finance Leases

The Company has finance lease obligations related to 23 aircraft, which impacted the Company's recognized assets and liabilities as of December 31, 2024. See Note 7 for more information on the Company's finance lease obligations.

Construction Loan Agreement

In October 2021, Sunseeker Florida, Inc. (“SFI”), a wholly-owned subsidiary of the Company, entered into a Credit Agreement pursuant to which SFI borrowed $350.0 million to fund the remaining construction of the initial phases of Sunseeker Resort. The loan is secured by the Resort. The equity of SFI is also pledged to secure the loan. The loan bears interest at 5.75 percent per annum payable semi-annually, provides for semi-annual principal payments of $26.0 million beginning in 2025 and matures in October 2028. The credit agreement includes covenants similar to the covenants in the 2027 Notes. To support the credit, the Company has guaranteed the full amount of the debt. In December 2024, the Company made a voluntary partial prepayment of $250.0 million, and as of December 31, 2024, the remaining principal balance of the loan was $100 million.

Unsecured Debt

In December 2024, the Company entered into an unsecured credit facility and received proceeds of $130.5 million. The loan bears interest at a floating rate based on SOFR, and principal repayments are due at the delivery of certain 737 MAX aircraft or no later than December 2025.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company had 23 aircraft under finance leases and 17 aircraft under operating leases as of December 31, 2024 with remaining terms through 2032.

Lease Costs

The components of lease costs recognized on the statements of income were as follows:
Year Ended December 31,
(in thousands)Classification on the Statements of Income202420232022
Finance lease costs:
Amortization of assetsDepreciation and amortization$23,855 $27,170 $17,579 
Interest on lease liabilitiesInterest expense25,994 27,502 23,034 
Operating lease costAircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense26,178 25,246 24,986 
Variable lease costStation operations; Maintenance and repairs; Other operating expense492 1,563 1,469 
Total lease cost$76,519 $81,481 $67,068 

Lease position as of December 31, 2024 and December 31, 2023

The table below presents the lease-related assets and liabilities recorded on the balance sheet.
As of December 31,
(in thousands)Classification on the Balance Sheet20242023
Assets
Operating lease assetsOperating lease right-of-use assets, net$81,218 $100,707 
Finance lease assetsProperty and equipment, net of accumulated depreciation427,664 466,075 
Total lease assets$508,882 $566,782 
Liabilities
Current
OperatingCurrent operating lease liabilities$20,714 $20,873 
FinanceCurrent maturities of long-term debt and finance lease obligations26,836 25,352 
Noncurrent
OperatingNoncurrent operating lease liabilities62,392 82,410 
FinanceLong-term debt and finance lease obligations403,060 429,896 
Total lease liabilities$513,002 $558,531 
Weighted-average remaining lease term
Operating leases7.2 years7.4 years
Finance leases6.1 years7.1 years
Weighted-average discount rate
Operating leases5.6 %5.5 %
Finance leases5.9 %5.9 %
Other Information

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2024, 2023 and 2022.

Year Ended December 31,
(in thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$26,679 $25,774 $25,775 
Operating cash flows for finance leases26,056 27,672 22,366 
Financing cash flows for finance leases25,352 39,044 16,621 

Maturities of Lease Liabilities

The table below indicates the future minimum payments of lease liabilities as of December 31, 2024.

(in thousands)Operating LeasesFinance Leases
2025$24,532 $51,408 
202613,896 51,108 
202711,688 51,108 
20289,997 65,908 
202910,027 104,396 
Thereafter32,590 231,772 
Total lease payments102,730 555,700 
Less imputed interest(19,624)(125,804)
Total lease obligations83,106 429,896 
Less current obligations(20,714)(26,836)
Long-term lease obligations$62,392 $403,060 
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Shareholders’ Equity
The Company is authorized by its Board of Directors to acquire the Company’s stock through open market purchases under its share repurchase program. The Board of Directors has, to date, authorized additional expenditures for share repurchases when the authority is exhausted. The Company suspended stock repurchases upon the onset of the pandemic through September 30, 2022, as part of accepting benefits from the U.S. Treasury under the Payroll Support Programs. Since fourth quarter 2022, the Company is no longer subject to this restriction and has resumed repurchasing shares when advantageous opportunities arise.

Share repurchases consisted of the following during the periods indicated:
Year Ended December 31,
202420232022
Shares repurchased(1)
— 309,155 377,529 
Average price per share$— $78.61 $78.94 
Total (in thousands)$— $24,303 $29,802 
(1)Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 95,014, 65,284, and 1,423 shares (not in thousands) for 2024, 2023, and 2022 respectively.

Cash dividends declared by the Board of Directors and paid by the Company consisted of the following during the periods indicated:

Year Ended December 31,
202420232022
Total quarterly cash dividends declared, per share$1.20 $1.20 $— 
Total cash dividends paid (in thousands)21,934 22,144 — 

The Company suspended payment of cash dividends upon the onset of the pandemic, and as part of accepting benefits from the U.S. Treasury under the Payroll Support Programs, the Company agreed not to pay cash dividends through September 30, 2022.

The Company recommenced payment of cash dividends in the second half of 2023, but on July 8, 2024, the Company suspended its quarterly dividend indefinitely.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

    Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities

Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable

Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions

The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, U.S. treasury bonds, corporate debt securities and certificates of deposit, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3.

For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset.

Financial instruments measured at fair value on a recurring basis:

As of December 31, 2024As of December 31, 2023
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
US Government and agency obligations$81,535 $— $81,535 $10,201 $— $10,201 
Money market funds41,494 41,494 — 33,613 33,613 — 
Commercial paper22,689 — 22,689 19,575 — 19,575 
Municipal debt securities10,299 — 10,299 7,848 — 7,848 
Corporate debt securities4,133 — 4,133 — — — 
Total cash equivalents160,150 41,494 118,656 71,237 33,613 37,624 
Short-term   
Corporate debt securities242,313 — 242,313 210,982 — 210,982 
Commercial paper149,807 — 149,807 237,870 — 237,870 
US Government and agency obligations94,295 — 94,295 208,648 — 208,648 
Certificates of deposit7,239 — 7,239 — — — 
Municipal debt securities1,580 — 1,580 13,914 — 13,914 
Total short-term495,234 — 495,234 671,414 — 671,414 
Long-term
Corporate debt securities39,931 — 39,931 43,869 — 43,869 
US Government and agency obligations10,452 — 10,452 12,135 — 12,135 
Municipal debt securities1,342 — 1,342 — — — 
Total long-term51,725 — 51,725 56,004 — 56,004 
Total financial instruments$707,109 $41,494 $665,615 $798,655 $33,613 $765,042 

There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2024 or 2023.
Long-term Debt

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs.The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.

Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs:

As of December 31, 2024As of December 31, 2023
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Non-publicly held debt$1,653,737 $1,667,275 $1,826,921 $1,815,351 3

Other

Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxation in the United States and various state jurisdictions in which it operates. In accordance with income tax accounting standards, the Company recognizes tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The entirety of the Company's income before taxes is from its domestic operations.
Income Tax Provision/(Benefit)

The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202420232022
Current:
Federal$1,431 $— $6 
State(1,665)3,306 73 
Foreign311 204 209 
Total current77 3,510 288 
Deferred:
Federal(62,244)36,910 1,189 
State(6,045)1,035 983 
Total deferred(68,289)37,945 2,172 
Total income tax provision$(68,212)$41,455 $2,460 

Reconciliation of Effective Tax Rate

The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
Year ended December 31,
(in thousands)202420232022
Income tax expense (benefit) at federal statutory rate$(64,774)$33,401 $1,040 
State income taxes, net of federal income tax benefit(7,168)3,503 1,189 
Foreign income tax expense311 204 210 
Executive compensation2,707 3,692 57 
Federal tax credits(1,135)(2,034)(1,103)
Stock compensation2,212 1,936 1,016 
Other(365)753 51 
Total income tax expense (benefit)$(68,212)$41,455 $2,460 
Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20242023
Deferred tax assets:
Employee benefits$38,277 $8,410 
Interest expense24,692 21,165 
Net operating loss6,252 22,237 
Tax credits3,683 4,128 
Other45,543 9,411 
Less: valuation allowance1,214 1,214 
Total deferred tax assets117,233 64,137 
Deferred tax liabilities:
Prepaid expenses5,235 4,516 
Depreciation398,022 434,620 
Other29,569 9,603 
Total deferred tax liabilities432,826 448,739 
Net deferred tax liabilities$315,593 $384,602 

Net Operating Loss and Tax Credit Carryforwards

At December 31, 2024, the Company recognized $6.3 million of tax-effected state net operating loss carryforwards. Under the current law, $1.8 million of the state net operating loss carryforward amounts do not expire and the remaining amounts expire between 2025 and 2043.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
During the years ended December 31, 2024, 2023 and 2022, there were no related party transactions that required disclosure.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Employee Benefit Plans Employee Benefit Plans
 
401(k) Plan
 
The Company has a defined contribution plan covering all eligible employees. Under the plan, employees may contribute up to 90 percent of their eligible annual compensation with the Company making matching contributions on up to 5 percent of eligible employee wages.

The Company recognized expense under this plan of $28.9 million, $25.5 million, and $24.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Share-based employee compensation

The Company reserved 2,000,000 shares of common stock for the Company to grant stock options, restricted stock, cash-settled stock appreciation rights ("SARs") and other stock-based awards to certain officers, directors and employees of the Company under the 2022 Long-Term Incentive Plan (the "2022 Plan"). The 2022 Plan is administered by the compensation committee of the Board of Directors.

Employee Stock Purchase Plan

The Company reserved 1,000,000 shares of common stock for employee purchases under the 2014 Employee Stock Purchase Plan ("ESPP"). The 2014 ESPP was extended for an additional ten years until October 2034 through an amendment and restatement of the ESPP ratified at the Company's 2024 annual meeting of stockholders. Shares are purchased semi-annually, at a discount, based on the market value at period-end. Employees may contribute up to 25 percent of their base pay per offering period, not to exceed $25,000 each calendar year, for the purchase of common stock. The ESPP is a compensatory plan under applicable accounting guidance and results in the recognition of compensation expense.

The following table provides information about the Company’s ESPP activity during 2024, 2023, and 2022:
Year EndedTotal number of shares purchased in yearAverage price paid per share
Weighted-average fair value of discount under the ESPP (1)
December 31, 202273,268 $97.85 $16.25 
December 31, 202399,802 $85.27 $14.44 
December 31, 2024155,101 $50.82 $8.84 
(1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the common stock at the end of each semi-annual purchase period. 15 percent is the maximum allowable discount under the ESPP.

Compensation expense

For the years ended December 31, 2024, 2023 and 2022, the Company recorded compensation expense of $24.0 million, $31.5 million and $16.3 million, respectively, related to stock compensation. Forfeiture rates are estimated at the time of grant based on historical actuals for similar grants and are reconciled to actuals over the vesting period. As of December 31, 2024, no stock options remain outstanding as options previously held by certain of the Company's executive officers have been forfeited or cancelled.

Restricted stock awards

The closing price of the Company's stock on the date of grant is used as the fair value for the issuance of restricted stock. Most of the Company's unvested restricted stock awards, subject generally to the individual's continued employment or service, vest over a three year period. A summary of the status of non-vested restricted stock grants during the years ended December 31, 2024, 2023 and 2022 is presented below:

SharesWeighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2021181,553 $183.63 
Granted374,540 89.31 
Vested(74,170)180.54 
Forfeited(52,055)123.01 
Non-vested at December 31, 2022429,868 $109.33 
Granted567,004 93.57 
Vested(238,020)119.00 
Forfeited(151,459)94.07 
Non-vested at December 31, 2023607,393 $94.64 
Granted223,825 51.12 
Vested(321,281)92.24 
Forfeited(145,203)92.91 
Non-vested at December 31, 2024364,734 $70.73 

The total grant date fair value of restricted stock that vested during the years ended December 31, 2024, 2023 and 2022 was $29.6 million, $28.3 million and $13.4 million, respectively.

Unrecognized compensation cost was $19.9 million as of December 31, 2024 for unvested restricted stock expected to be recognized over a weighted-average period of 2.09 years.
Phantom stock awards

During 2024, the Company granted phantom stock awards ("PSAs") to certain employees. The value of one PSA share is equal to the value of one share of the Company's common stock, and each grant is subject to a three-year graded vesting schedule. The awards are settled in cash at vesting, with compensation costs recognized over the vesting period and adjusted to market value at each period end. As of December 31, 2024, share-based compensation liability related to PSAs was $1.9 million, which is included in accrued liabilities in the Company's consolidated balance sheet.

A summary of the status of non-vested PSA grants during the year ended December 31, 2024, is presented below. No PSAs have been granted prior to 2024.
Phantom Stock Awards
Weighted Average Fair Value Per Share(1)
Non-vested at December 31, 2023
— — 
Granted125,121 $46.15 
Vested— — 
Forfeited(812)46.15 
Non-vested at December 31, 2024
124,309 $94.12 
(1) Reflects grant date fair value, except for awards outstanding at December 31, 2024, which reflects fair value at that date.

Unrecognized compensation cost was $8.9 million as of December 31, 2024 for unvested phantom stock awards expected to be recognized over a weighted-average period of 1.35 years.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company leases assets including aircraft, office facilities, office equipment, certain airport and terminal facilities, and other space. These commitments have remaining non-cancelable lease terms, which range from 2025 to 2048. Refer to Note 7 for more information on the Company's lease agreements.

As of December 31, 2024, the Company had outstanding purchase commitments for 46 aircraft which are expected to deliver from 2025 through 2027.

The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows:

(in thousands)As of December 31, 2024
2025$399,895 
2026721,437 
2027456,777 
Total purchase commitments$1,578,109 

Contingencies
The Company is party to collective bargaining agreements with the employee groups listed below. As of December 31, 2024, the percentage of full-time equivalent employees for each of these pay groups was as follows:
As of December 31, 2024
Pilots20.5 %
Flight Attendants28.3 
Maintenance Technicians12.3 
Flight Dispatchers0.7 
Total61.8 %
As of December 31, 2024, the Company employed approximately 6,700 full-time equivalent employees, 20.5 percent of whom (the pilots) are covered by collective bargaining agreements that are currently amendable and are i
See Item I - Business, for further discussion on the status of each group which has elected union representation.

The Company is subject to certain other legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Operating 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 President and CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income. The CODM reviews separate financial information and makes resource allocation decisions for 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. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics, and production processes (check-in, baggage handling and flight services) which target the same class of customers, and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services.

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.

Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
Twelve Months Ended December 31, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,440,839 $71,750 $2,512,589 
OPERATING EXPENSES:
Salaries and benefits770,667 49,176 819,843 
Aircraft fuel627,755 — 627,755 
Station operations272,843 — 272,843 
Depreciation and amortization231,789 26,462 258,251 
Maintenance and repairs125,430 — 125,430 
Sales and marketing99,269 7,071 106,340 
Aircraft lease rentals23,573 — 23,573 
Other operating expense(1)
102,007 48,392 150,399 
Special charges, net of recoveries45,307 322,824 368,131 
Total operating expenses2,298,640 453,925 2,752,565 
OPERATING INCOME (LOSS)142,199 (382,175)(239,976)
OTHER (INCOME) EXPENSES:
Interest income(44,012)— (44,012)
Interest expense135,584 20,859 156,443 
Capitalized interest(45,059)(326)(45,385)
Other non-operating expense(2)
1,428 — 1,428 
INCOME (LOSS) BEFORE INCOME TAXES$94,258 $(402,708)$(308,450)
Capital expenditures244,802 19,499 264,301 
Total assets4,116,289 313,564 4,429,853 

Twelve Months Ended December 31, 2023
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,506,976 $2,881 $2,509,857 
OPERATING EXPENSES:
Salaries and benefits672,459 15,344 687,803 
Aircraft fuel695,871 — 695,871 
Station operations256,560 — 256,560 
Depreciation and amortization220,915 2,215 223,130 
Maintenance and repairs123,802 — 123,802 
Sales and marketing108,453 6,163 114,616 
Aircraft lease rentals24,948 — 24,948 
Other operating expense(1)
117,400 16,101 133,501 
Special charges, net of recoveries35,091 (6,446)28,645 
Total operating expenses2,255,499 33,377 2,288,876 
OPERATING INCOME (LOSS)251,477 (30,496)220,981 
OTHER (INCOME) EXPENSES:
Interest income(46,615)— (46,615)
Interest expense131,318 21,868 153,186 
Capitalized interest(21,838)(23,294)(45,132)
Other non-operating expense(2)
491 — 491 
INCOME (LOSS) BEFORE INCOME TAXES$188,121 $(29,070)$159,051 
Capital expenditures568,309 321,044 889,353 
Total assets4,200,545 656,122 4,856,667 
Twelve Months Ended December 31, 2022
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,301,829 $— $2,301,829 
OPERATING EXPENSES:
Salaries and benefits547,295 5,118 552,413 
Aircraft fuel814,803 — 814,803 
Station operations255,168 — 255,168 
Depreciation and amortization197,433 109 197,542 
Maintenance and repairs117,814 — 117,814 
Sales and marketing99,558 1,120 100,678 
Aircraft lease rentals23,621 — 23,621 
Other operating expense(1)
108,600 4,932 113,532 
Special charges, net of recoveries567 34,045 34,612 
Total operating expenses2,164,859 45,324 2,210,183 
OPERATING INCOME (LOSS)136,970 (45,324)91,646 
OTHER (INCOME) EXPENSES:
Interest income(16,469)— (16,469)
Interest expense99,665 16,046 115,711 
Capitalized interest(4,308)(8,332)(12,640)
Other non-operating expense(2)
91 — 91 
INCOME (LOSS) BEFORE INCOME TAXES$57,991 $(53,038)$4,953 
Capital expenditures475,254 288,408 763,662 
Total assets4,047,134 464,163 4,511,297 

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expense.

(2) Other non-operating expenses in the Airline segment consist primarily of a loss on the sale in 2024 of a cost-method investment that arose from the contribution of intellectual property rights to a private company and realized income from equity method investments.
v3.25.0.1
Impairment (Notes)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Restructuring, Impairment, and Other Activities Disclosure [Text Block] Impairment
v3.25.0.1
Subsequent Events (Notes)
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In January 2025, the Company drew down $50.0 million from one of its existing revolving credit facilities. Amounts borrowed under this facility bear interest at a floating rate based on the Secured Overnight Financing Rate ("SOFR"). The facility matures in March 2026.

In January and February 2025, the Company drew down $131.0 million on existing aircraft financing commitments. The facilities bear interest at a floating rate based on the SOFR and are payable in monthly installments through January and February 2037.

In February 2025, the Company repaid $61.0 million on an existing unsecured credit facility.
In February 2025, the Company repaid the full remaining balance of $100.0 million on the Sunseeker construction loan. The original loan, secured by the Resort and bearing interest at 5.75 percent per annum, was scheduled to mature in October 2028, with semi-annual principal payments of $26.0 million beginning in 2025.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ (240,238) $ 117,596 $ 2,493
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Keny Wilper [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On May 20, 2024, Keny Wilper, our senior vice president and chief operating officer, adopted a Rule 10b5-1 trading plan for the sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The trading plan will terminate in August 2025. Under the trading plan, Mr. Wilper will sell 50 percent of the number of shares remaining after netting for tax withholdings from restricted stock that will vest between August 2024 and August 2025. The total number of shares to vest within that period is 5,329 shares.
Name Keny Wilper  
Title senior vice president and chief operating officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 20, 2024  
Expiration Date August 2025  
Arrangement Duration 395 days  
Aggregate Available 5,329 5,329
Sandra Morgan [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On August 29, 2024, Sandra Morgan, one of the Company's directors, adopted a Rule 10b5-1 trading plan for the sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The trading plan will terminate in October 2025. Under the trading plan, Ms. Morgan will sell 35 percent of the number of shares of restricted stock that will vest between October 2024 and October 2025. The total number of shares to vest within that period is 3,000 shares.
Name Sandra Morgan  
Title Company's directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 29, 2024  
Expiration Date October 2025  
Arrangement Duration 395 days  
Aggregate Available 3,000 3,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
As a critical infrastructure company, we regularly face cybersecurity threats from malicious third parties that could obtain unauthorized access to our internal systems, networks and data. It is virtually impossible for us to entirely mitigate the risk of these and other security threats we face. The security, performance, and reliability of our network may in the future be disrupted by third parties, including nation-states, competitors, hackers, disgruntled employees, former employees, or contractors. While we have implemented security measures internally and have integrated security measures into our systems, network, and products, these measures have not always functioned as expected and have not always detected or prevented all unauthorized activity, prevented all security breaches or incidents, mitigated all security breaches or incidents, or protected against all attacks or incidents.

We have implemented processes and procedures for the assessment, identification, and management of material risks from cybersecurity threats. These processes implement both qualitative and quantitative measurements that have been agreed upon with our third-party consultants, our auditors, and integrated into our overall risk management process.

Our process includes assessing, mitigating, and managing risk in three categories: cybersecurity or technical risk, vendor risk, and compliance and regulatory risk. To support those risk management categories, we partner with third parties in the implementation of tooling to help us decrease cyber risks and ensure compliance within Allegiant and with third parties. We verify third-party compliance, such as suppliers and business partners, by aligning with several standards. For example, we subject our IT suppliers to the Sarbanes-Oxley ("SOX") and payment card industry ("PCI") compliance standards where applicable.

As a publicly traded company and given the industry in which we operate, we have established a risk-based strategy informed by numerous cybersecurity frameworks from regulatory bodies such as PCI, SOX, FAA, TSA, DOT, NIST and DoD. We use the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF") as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet all of the technical standards, specifications or requirements under any of these frameworks. Achieving compliance with any cybersecurity standard does not guarantee that controls cannot be broken, bypassed, or circumvented by zero-day vulnerabilities, or malicious threat actors.

Our overall approach to cybersecurity risk management includes the following key elements:

•Multi-layered defenses, coupled with in-depth and continuous monitoring – We utilize data analytics to detect anomalies and search for cybersecurity threats. From time to time, we engage third party consultants or other advisors to assist in assessing, identifying and managing cybersecurity threats. We also periodically use our internal audit function to conduct additional assessments and reviews.
•Insider Threats – We maintain an insider threat program, designed to identify, assess, and address potential risks from within Allegiant. Our program evaluates potential risks consistent with industry best practices, customer requirements and applicable law, including privacy and other considerations.
•Information Sharing and Collaboration – We work with government, customer, industry and supplier partners including government-industry partnerships and critical infrastructure threat intelligence sharing platforms. These relationships enable the rapid sharing of threat intelligence and vulnerability mitigation across the industry and the defense industrial base and supply chain.
•Third Party Risk Assessments – We conduct information security assessments before sharing or allowing the hosting of sensitive information in our computing environments, and those managed by third parties. Our standard terms and conditions with third parties include contractual provisions requiring certain security protections.
•Training and Awareness – We seek to create a culture of security. We provide training to our employees to help identify, avoid, and mitigate cybersecurity threats. Our employees are required to participate in cybersecurity training at least annually and our training includes spear phishing and other awareness training. We regularly remind our employees and partners of the importance of handling and protecting customer and employee data, including through annual privacy and security training. We also host periodic tabletop exercises and drills with management and other employees to practice rapid response to cyber incidents.
•Supplier Engagement – We require our suppliers to comply with our standard information security terms and conditions and require them to complete information security questionnaires to enable us to review and assess any potential cyber-related risks depending on the nature of the services provided.
•Scalability – We continue to invest directly in our cybersecurity program, as well as augmentation of those cybersecurity services through managed services and third parties, depending on the maturity and risk of the operating model of the business unit.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented processes and procedures for the assessment, identification, and management of material risks from cybersecurity threats. These processes implement both qualitative and quantitative measurements that have been agreed upon with our third-party consultants, our auditors, and integrated into our overall risk management process.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board is responsible for overseeing our enterprise risk management activities in general, the appropriate committees assist the board in the role of risk oversight. Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board is responsible for overseeing our enterprise risk management activities in general, the appropriate committees assist the board in the role of risk oversight. Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 30 years of experience reports regularly to our chief executive officer (CEO), monthly to the risk and compliance committee (consisting of executive leadership) and quarterly to our board.
Cybersecurity Risk Role of Management [Text Block]
We have a dedicated cybersecurity team, composed of individuals with a diverse set of information security, cybersecurity, and governance, risk and compliance backgrounds, collectively giving our cybersecurity program significant experience. Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 30 years of experience reports regularly to our chief executive officer (CEO), monthly to the risk and compliance committee (consisting of executive leadership) and quarterly to our board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
We have a dedicated cybersecurity team, composed of individuals with a diverse set of information security, cybersecurity, and governance, risk and compliance backgrounds, collectively giving our cybersecurity program significant experience. Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 30 years of experience reports regularly to our chief executive officer (CEO), monthly to the risk and compliance committee (consisting of executive leadership) and quarterly to our board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO, who has more than 30 years of experience reports regularly to our chief executive officer (CEO), monthly to the risk and compliance committee (consisting of executive leadership) and quarterly to our board.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies - (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation [Policy Text Block]
Basis of Presentation

The accompanying consolidated financial statements include the accounts of Allegiant Travel 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. All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates.
The Company has reclassified certain prior period amounts to conform to the current period presentation.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments and interest bearing instruments with original maturities of three months or less when purchased. Such investments are carried at cost which approximates fair value.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
 
Restricted cash represents escrowed funds under fixed fee contracts, and cash collateral held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties.
Receivable [Policy Text Block]
Accounts Receivable

Accounts receivable are recorded at invoiced amount which approximates fair value. In addition to income tax receivable, the accounts receivable consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from rental car providers based on terms in the rental car provider agreement and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected, for which the balance was immaterial for all years presented.
Marketable Securities, Policy [Policy Text Block]
Short-term and Long-term Investments
 
The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument and current market conditions. There have been no material credit losses in the years presented. Investment securities with original maturities of three months or less are classified as cash equivalents. Investment securities with original maturities greater than three months are classified as either short-term investments or long-term investments based on the maturity date in relation to the balance sheet date. Short-term investments have a maturity date less than or equal to one year from the balance sheet date, and long-term investments have a maturity date greater than one year from the balance sheet date. 

The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in other (income) expense. The Company had no material realized losses during the years ended December 31, 2024, 2023, and 2022. The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability.

The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund.
Inventory, Policy [Policy Text Block]
Expendable Parts, Supplies and Fuel, Net
 
Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such expendable parts, supplies and fuel are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on salvage values and the average remaining useful life of the fleet. The obsolescence allowance for expendable parts and supplies was $12.6 million and $10.3 million at December 31, 2024 and 2023, respectively.
Deposits and Other Assets
Deposits and Other Assets
Deposits and other assets consist primarily of airport deposits, aircraft lease deposits, investments in unconsolidated affiliates, credits receivable under aircraft purchase agreements and scrap assets. At December 31, 2023, deposits and other assets included a $50.0 million note receivable from the counterparty in the Company's joint-venture alliance, which amount was repaid in full during 2024. The Company also had outstanding receivables from third parties as of December 31, 2024 and 2023, of which $15.1 million and $17.0 million respectively, were due more than one year after the balance sheet date.
Lessee, Leases [Policy Text Block]
Operating Lease Right-of-Use Asset and Liability

The Company determines if an arrangement is a lease at inception and has lease agreements for aircraft, office facilities, office equipment, certain airport and terminal facilities, and other space and assets with non-cancelable lease terms. Certain real estate and property leases, aircraft leases, and various other operating leases are measured on the balance sheet with a lease liability and right-of-use ("ROU") asset. Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore excluded from consideration.

ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. At lease commencement, the present value of lease payments is calculated using the rate implicit in the lease, if known, or an estimated incremental borrowing rate which takes into consideration recent debt issuances as well as other applicable market data available.

Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the Accounting Standards (ASU) 2016-02, Leases (Topic 842). Lease payments do not include variable lease payments other than those based on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components.

Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet. Additionally, lease and non-lease components are accounted for as a single lease component for real estate agreements.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment
 
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less any estimated salvage value. Property under finance leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed using the rate implicit in the lease, if known, or on the basis of the Company’s estimated incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below.

Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years

In estimating the useful lives and residual values of aircraft, the Company primarily relies upon actual experience with the same or similar aircraft types, current and projected future market information, and input from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in changes in depreciation expense.

The Company is required to make pre-delivery payments ("PDPs") towards the purchase price of new aircraft and engines prior to delivery. These deposits are included in flight equipment on the Company's consolidated balance sheets.

Interest is capitalized by applying a capitalization rate to the weighted-average carrying amount of expenditures for qualifying assets over the period and depreciated over the estimated useful life of the related asset(s) acquired/developed.
Internal Use Software, Policy [Policy Text Block]
Software Capitalization
 
The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to fifteen years. The Company had unamortized computer software development costs of $149.7 million and $139.1 million as of December 31, 2024 and 2023, respectively. Amortization expense related to computer software was $18.8 million, $12.4 million and $15.2 million for the years ended December 31, 2024, 2023 and 2022 respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred.
Aircraft Maintenance And Repair Costs
Aircraft Maintenance and Repair Costs
 
The Company accounts for all non-major maintenance and repair costs incurred for its fleet under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to maintenance and repair expenses as incurred. Maintenance and repair costs include all parts, materials, and line maintenance activities required to maintain the Company's fleet.
The Company accounts for major maintenance costs of its airframes and engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event.
Measurement of Impairment of Long-Lived Assets, Policy [Policy Text Block]
Measurement of Impairment of Long-Lived Assets
The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii)
Revenue [Policy Text Block]
Revenue Recognition

Passenger revenue

Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-brand Allegiant credit card and the Company's non-card loyalty program. Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.

Scheduled service revenue consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the transportation is provided, or when ticket voucher breakage occurs. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the itinerary is changed or canceled in advance of the flight under the terms and conditions of the ticket. Itineraries sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Ancillary air-related charges include various services and products related to the flight such as baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services which are not included in the base ticket price. Revenues from air-related charges are nonrefundable and recognized when the transportation is provided. If a customer cancels a flight, a voucher may be issued for a future flight under certain circumstances, at which time
the associated revenue is recognized in scheduled service revenue upon completion of the future flight. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such estimate into revenue at the time of issuance. Air-related charges sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded as a liability until remitted to the appropriate taxing authority.

Third party products revenue

Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars, travel insurance and ticket attractions, as well as marketing revenue associated with the co-brand credit card. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. Revenue from the sale of third party products is recorded net of amounts paid to wholesale providers, travel agent commissions, and transaction costs.

Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.
Fixed fee contract revenue

Fixed fee contract revenue consists of fees under agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided.

Sunseeker Resort

Sunseeker Resort's revenue from contracts with customers primarily consists of sales of rooms, food and beverage, golf, retail and other goods and services. As compensation for such goods and services, the Company is typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. Room charges are generally payable at the time the hotel guest checks out of the hotel. The Company generally satisfies the performance obligation related to room sales over time, and the Company recognizes the revenue on a daily basis, as the rooms are occupied and the Company has rendered the services. Charges for food and beverage, golf, retail and other goods and services are settled at a point in time, as the sale is made. Sunseeker Resort revenues are included in resort and other revenue in the consolidated statements of income.

Allways Rewards® Credit Card Program

Under the Allegiant co-brand credit card arrangement, points are sold and consideration is received under an agreement with the issuer bank that expires in 2031. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points expected to be redeemed.

Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders and the underlying service is provided. Revenue from the marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period.

Allways Rewards® Loyalty Program

Allegiant’s Allways Rewards® Loyalty Program, which launched in 2021, enables program members to earn points for every dollar they spend on the Company’s website. In addition to opportunities to redeem points for flights, lodging, rental cars, and at Sunseeker Resort, the program leverages Allegiant's partnerships to offer additional rewards to members, including sports tickets and exclusive experiences. Members can also earn points by using their Allegiant co-brand credit card.

Under Allways Rewards®, members receive one point for every $1 spent at Allegiant.com, and two points per $1 for spending over $500 (excluding taxes and fees). Members also earn one point for every $1 spent at sunseekerresorts.com and one point per $1 spent during their stay at Sunseeker Resort, provided the purchases are charged to their room. The Company utilizes the deferred revenue method of accounting for points earned through the program based on the stand-alone selling price and revenue is recognized when points are redeemed and the underlying service has been provided. The stand-alone selling price of points is adjusted for an estimate of points that will not be redeemed (“breakage”) using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.
Advertising Cost [Policy Text Block]
Advertising Costs
Advertising costs are charged to expense in the period incurred.
Preopening Expenses Policy
Preopening expenses

Preopening expenses represent personnel, advertising, and other costs incurred prior to the opening of Sunseeker Resort and were expensed as incurred. During the year ended December 31, 2023, the Company incurred $26.5 million of preopening expenses related to the opening of the Resort, which is included in salaries and benefits expense, sales and marketing expense, and other expense in the consolidated statements of income.
Earnings Per Share, Policy [Policy Text Block]
Earnings per Share
 
Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, the Company attributes net income to two classes, common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities because 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 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 as described below:

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 years ended December 31, 2024, 2023 and 2022, the second method above was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202420232022
Basic:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,188)(32)
Net income (loss) attributable to common stock$(240,856)$113,408 $2,461 
Earnings (loss) per share, basic$(13.49)$6.32 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Diluted:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,175)(32)
Net income (loss) attributable to common stock$(240,856)$113,421 $2,461 
Earnings (loss) per share, diluted$(13.49)$6.29 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Dilutive effect of stock options and restricted stock— 249 132 
Adjusted weighted-average shares outstanding under treasury stock method17,852 18,194 18,091 
Participating securities excluded under two-class method— (175)(57)
Adjusted weighted-average shares outstanding under two-class method17,852 18,019 18,034 

Stock awards outstanding of 452,560, 81,748, and 79,644 shares (not in thousands) as of December 31, 2024, 2023, and 2022, respectively, were excluded from the computation of diluted earnings per share as they were antidilutive.
Share-based Payment Arrangement [Policy Text Block]
Share-Based Compensation
 
The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of
income. The share-based compensation cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 12.
Income Tax, Policy [Policy Text Block]
Income Taxes

The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the assets and liabilities and measured using the enacted tax rates and provisions of the enacted tax law. A valuation allowance for deferred tax assets is recorded if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions.
The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.
The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
Beginning with annual reporting for the year ended December 31, 2024, the Company adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures that was issued by the Financial Accounting Standards Board ("FASB"). This new standard requires an enhanced disclosure of significant segment expenses on an annual and interim basis. Upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements. See Note 14 - Operating Segments for additional information.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures." This new standard requires expanded income tax disclosure of specific categories in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. ASU 2023-09 is effective for the Company's annual periods beginning January 1, 2025, with early adoption and retrospective application permitted. The Company will adopt this standard effective for 2025 and does not expect that the adoption of this standard will have a material effect on its financial statements.

In November 2024, the FASB issued ASU 2024-03 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This new standard requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 and does not expect the adoption of this standard will have a material effect on its financial statements.
v3.25.0.1
Unusual or Infrequently Occurring Items (Tables)
 12 Months Ended
Dec. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Restructuring and Related Costs
The table below summarizes special charges recorded during the years ended December 31, 2024, 2023, and 2022.
Twelve Months Ended December 31,
(in thousands)202420232022
Accelerated depreciation on airframes identified for early retirement$31,066 $35,091 $567 
Flight attendant ratification bonus10,821 — — 
Organizational restructuring3,420 — — 
Airline special charges 45,307 35,091 567 
Sunseeker weather events, net of insurance recoveries(1)
987 (6,446)34,045 
Sunseeker impairment321,837 — — 
Sunseeker special charges, net of insurance recoveries(1)
322,824 (6,446)34,045 
Total special charges$368,131 $28,645 $34,612 
(1) Includes $2.7 million and $8.3 million of business interruption insurance proceeds for the years ended December 31, 2024 and December 31, 2023, respectively. There were no business interruption recoveries for the year ended December 31, 2022.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Property, Plant and Equipment Estimated Useful Lives The estimated useful lives of the principal asset classes are shown below.
Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20242023
Airline
Flight equipment$3,345,458 $3,329,207 
Computer hardware and software320,432 274,927 
Land and buildings/leasehold improvements66,115 63,863 
Other property and equipment115,043 109,727 
Sunseeker Resort
Land and buildings/leasehold improvements255,201 542,129 
Other property and equipment34,894 75,116 
Total property and equipment4,137,143 4,394,969 
Less accumulated depreciation and amortization(1,067,194)(964,866)
Property and equipment, net$3,069,949 $3,430,103 
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202420232022
Basic:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,188)(32)
Net income (loss) attributable to common stock$(240,856)$113,408 $2,461 
Earnings (loss) per share, basic$(13.49)$6.32 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Diluted:  
Net income (loss)$(240,238)$117,596 $2,493 
Less income allocated to participating securities(618)(4,175)(32)
Net income (loss) attributable to common stock$(240,856)$113,421 $2,461 
Earnings (loss) per share, diluted$(13.49)$6.29 $0.14 
Weighted-average shares outstanding17,852 17,945 17,959 
Dilutive effect of stock options and restricted stock— 249 132 
Adjusted weighted-average shares outstanding under treasury stock method17,852 18,194 18,091 
Participating securities excluded under two-class method— (175)(57)
Adjusted weighted-average shares outstanding under two-class method17,852 18,019 18,034 
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:

Year Ended December 31,
(in thousands)202420232022
Scheduled service$1,030,795 $1,133,001 $1,062,753 
Ancillary air-related charges1,129,149 1,137,226 1,025,549 
Loyalty redemptions57,115 54,170 49,460 
Total passenger revenue$2,217,059 $2,324,397 $2,137,762 
The Company's Resort revenues for the periods indicated are set forth in the table below:

Year Ended December 31,
(in thousands)202420232022
Rooms$31,628 $946 $— 
Food and beverage29,895 1,713 — 
Other10,227 222 — 
Total resort revenue$71,750 $2,881 $— 
Contract with Customer, Asset and Liability
The following table presents the activity of the co-brand credit card and the loyalty program as of the dates indicated:
Year Ended December 31,
(in thousands)20242023
Balance at January 1$70,813 $56,500 
Points awarded67,050 68,483 
Points redeemed(57,152)(54,170)
Balance at December 31$80,711 $70,813 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment The estimated useful lives of the principal asset classes are shown below.
Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20242023
Airline
Flight equipment$3,345,458 $3,329,207 
Computer hardware and software320,432 274,927 
Land and buildings/leasehold improvements66,115 63,863 
Other property and equipment115,043 109,727 
Sunseeker Resort
Land and buildings/leasehold improvements255,201 542,129 
Other property and equipment34,894 75,116 
Total property and equipment4,137,143 4,394,969 
Less accumulated depreciation and amortization(1,067,194)(964,866)
Property and equipment, net$3,069,949 $3,430,103 
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt consisted of the following:
As of December 31,
(in thousands)20242023
Fixed-rate debt and finance lease obligations due through 2032$1,481,186 $1,834,754 
Variable-rate debt due through 2036585,318 424,900 
Total long-term debt and finance lease obligations, net of related costs2,066,504 2,259,654 
Less current maturities, net of related costs454,769 439,937 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,611,735 $1,819,717 
Weighted average fixed-interest rate on debt6.5 %6.3 %
Weighted average variable-interest rate on debt6.8 %7.9 %
Interest Rate(s) Per Annum atAs of December 31,
(in thousands)Maturity DatesDecember 31, 202420242023
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2028—20292.92 %—5.19%107,959 130,650 
Revolving credit facilities2025—2027N/A— 200,000 
Debt secured by aircraft, engines, other equipment and real estate2025—20361.87 %—8.57%765,278 596,271 
Finance leases2028—20324.44 %—7.01%429,896 455,248 
Construction loan agreement20265.75%100,000 350,000 
Unsecured debt20256.15%130,500 — 
Total debt$2,083,633 $2,282,169 
Related costs(17,129)(22,515)
Total debt net of related costs$2,066,504 $2,259,654 
Schedule of Maturities of Long-term Debt
Maturities of long-term debt as of December 31, 2024, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of December 31, 2024
2025(1)
454,769 
2026186,949 
2027673,600 
2028151,261 
2029160,510 
Thereafter439,415 
Total debt and finance lease obligations, net of related costs$2,066,504 
(1) Includes pre-delivery deposit financing which is due upon delivery of each respective aircraft
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Cost
The components of lease costs recognized on the statements of income were as follows:
Year Ended December 31,
(in thousands)Classification on the Statements of Income202420232022
Finance lease costs:
Amortization of assetsDepreciation and amortization$23,855 $27,170 $17,579 
Interest on lease liabilitiesInterest expense25,994 27,502 23,034 
Operating lease costAircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense26,178 25,246 24,986 
Variable lease costStation operations; Maintenance and repairs; Other operating expense492 1,563 1,469 
Total lease cost$76,519 $81,481 $67,068 
Schedule of Lease-related Asset and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet.
As of December 31,
(in thousands)Classification on the Balance Sheet20242023
Assets
Operating lease assetsOperating lease right-of-use assets, net$81,218 $100,707 
Finance lease assetsProperty and equipment, net of accumulated depreciation427,664 466,075 
Total lease assets$508,882 $566,782 
Liabilities
Current
OperatingCurrent operating lease liabilities$20,714 $20,873 
FinanceCurrent maturities of long-term debt and finance lease obligations26,836 25,352 
Noncurrent
OperatingNoncurrent operating lease liabilities62,392 82,410 
FinanceLong-term debt and finance lease obligations403,060 429,896 
Total lease liabilities$513,002 $558,531 
Weighted-average remaining lease term
Operating leases7.2 years7.4 years
Finance leases6.1 years7.1 years
Weighted-average discount rate
Operating leases5.6 %5.5 %
Finance leases5.9 %5.9 %
Schedule of Cash Flow, Supplemental Disclosures
The table below presents supplemental cash flow information related to leases during the years ended December 31, 2024, 2023 and 2022.

Year Ended December 31,
(in thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$26,679 $25,774 $25,775 
Operating cash flows for finance leases26,056 27,672 22,366 
Financing cash flows for finance leases25,352 39,044 16,621 
Schedule of Future Minimum Payments of Lease Liabilities
The table below indicates the future minimum payments of lease liabilities as of December 31, 2024.

(in thousands)Operating LeasesFinance Leases
2025$24,532 $51,408 
202613,896 51,108 
202711,688 51,108 
20289,997 65,908 
202910,027 104,396 
Thereafter32,590 231,772 
Total lease payments102,730 555,700 
Less imputed interest(19,624)(125,804)
Total lease obligations83,106 429,896 
Less current obligations(20,714)(26,836)
Long-term lease obligations$62,392 $403,060 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Class of Treasury Stock
Share repurchases consisted of the following during the periods indicated:
Year Ended December 31,
202420232022
Shares repurchased(1)
— 309,155 377,529 
Average price per share$— $78.61 $78.94 
Total (in thousands)$— $24,303 $29,802 
(1)Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 95,014, 65,284, and 1,423 shares (not in thousands) for 2024, 2023, and 2022 respectively.
Schedule of Dividends Declared
Cash dividends declared by the Board of Directors and paid by the Company consisted of the following during the periods indicated:

Year Ended December 31,
202420232022
Total quarterly cash dividends declared, per share$1.20 $1.20 $— 
Total cash dividends paid (in thousands)21,934 22,144 — 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 December 31, 2024As of December 31, 2023
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
US Government and agency obligations$81,535 $— $81,535 $10,201 $— $10,201 
Money market funds41,494 41,494 — 33,613 33,613 — 
Commercial paper22,689 — 22,689 19,575 — 19,575 
Municipal debt securities10,299 — 10,299 7,848 — 7,848 
Corporate debt securities4,133 — 4,133 — — — 
Total cash equivalents160,150 41,494 118,656 71,237 33,613 37,624 
Short-term   
Corporate debt securities242,313 — 242,313 210,982 — 210,982 
Commercial paper149,807 — 149,807 237,870 — 237,870 
US Government and agency obligations94,295 — 94,295 208,648 — 208,648 
Certificates of deposit7,239 — 7,239 — — — 
Municipal debt securities1,580 — 1,580 13,914 — 13,914 
Total short-term495,234 — 495,234 671,414 — 671,414 
Long-term
Corporate debt securities39,931 — 39,931 43,869 — 43,869 
US Government and agency obligations10,452 — 10,452 12,135 — 12,135 
Municipal debt securities1,342 — 1,342 — — — 
Total long-term51,725 — 51,725 56,004 — 56,004 
Total financial instruments$707,109 $41,494 $665,615 $798,655 $33,613 $765,042 
Debt Instrument, Fair Value Disclosure
Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs:

As of December 31, 2024As of December 31, 2023
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Non-publicly held debt$1,653,737 $1,667,275 $1,826,921 $1,815,351 3
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202420232022
Current:
Federal$1,431 $— $6 
State(1,665)3,306 73 
Foreign311 204 209 
Total current77 3,510 288 
Deferred:
Federal(62,244)36,910 1,189 
State(6,045)1,035 983 
Total deferred(68,289)37,945 2,172 
Total income tax provision$(68,212)$41,455 $2,460 
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
Year ended December 31,
(in thousands)202420232022
Income tax expense (benefit) at federal statutory rate$(64,774)$33,401 $1,040 
State income taxes, net of federal income tax benefit(7,168)3,503 1,189 
Foreign income tax expense311 204 210 
Executive compensation2,707 3,692 57 
Federal tax credits(1,135)(2,034)(1,103)
Stock compensation2,212 1,936 1,016 
Other(365)753 51 
Total income tax expense (benefit)$(68,212)$41,455 $2,460 
Schedule of Deferred Tax Assets and Liabilities
The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20242023
Deferred tax assets:
Employee benefits$38,277 $8,410 
Interest expense24,692 21,165 
Net operating loss6,252 22,237 
Tax credits3,683 4,128 
Other45,543 9,411 
Less: valuation allowance1,214 1,214 
Total deferred tax assets117,233 64,137 
Deferred tax liabilities:
Prepaid expenses5,235 4,516 
Depreciation398,022 434,620 
Other29,569 9,603 
Total deferred tax liabilities432,826 448,739 
Net deferred tax liabilities$315,593 $384,602 
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
The following table provides information about the Company’s ESPP activity during 2024, 2023, and 2022:
Year EndedTotal number of shares purchased in yearAverage price paid per share
Weighted-average fair value of discount under the ESPP (1)
December 31, 202273,268 $97.85 $16.25 
December 31, 202399,802 $85.27 $14.44 
December 31, 2024155,101 $50.82 $8.84 
(1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the common stock at the end of each semi-annual purchase period. 15 percent is the maximum allowable discount under the ESPP.
Schedule of Nonvested Restricted Stock Units Activity A summary of the status of non-vested restricted stock grants during the years ended December 31, 2024, 2023 and 2022 is presented below:
SharesWeighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2021181,553 $183.63 
Granted374,540 89.31 
Vested(74,170)180.54 
Forfeited(52,055)123.01 
Non-vested at December 31, 2022429,868 $109.33 
Granted567,004 93.57 
Vested(238,020)119.00 
Forfeited(151,459)94.07 
Non-vested at December 31, 2023607,393 $94.64 
Granted223,825 51.12 
Vested(321,281)92.24 
Forfeited(145,203)92.91 
Non-vested at December 31, 2024364,734 $70.73 
Schedule of Nonvested Phantom Stock Awards
A summary of the status of non-vested PSA grants during the year ended December 31, 2024, is presented below. No PSAs have been granted prior to 2024.
Phantom Stock Awards
Weighted Average Fair Value Per Share(1)
Non-vested at December 31, 2023
— — 
Granted125,121 $46.15 
Vested— — 
Forfeited(812)46.15 
Non-vested at December 31, 2024
124,309 $94.12 
(1) Reflects grant date fair value, except for awards outstanding at December 31, 2024, which reflects fair value at that date.
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Obligation, Fiscal Year Maturity
The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows:

(in thousands)As of December 31, 2024
2025$399,895 
2026721,437 
2027456,777 
Total purchase commitments$1,578,109 
Employees Under Collective Bargaining Agreements
The Company is party to collective bargaining agreements with the employee groups listed below. As of December 31, 2024, the percentage of full-time equivalent employees for each of these pay groups was as follows:
As of December 31, 2024
Pilots20.5 %
Flight Attendants28.3 
Maintenance Technicians12.3 
Flight Dispatchers0.7 
Total61.8 %
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
Twelve Months Ended December 31, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,440,839 $71,750 $2,512,589 
OPERATING EXPENSES:
Salaries and benefits770,667 49,176 819,843 
Aircraft fuel627,755 — 627,755 
Station operations272,843 — 272,843 
Depreciation and amortization231,789 26,462 258,251 
Maintenance and repairs125,430 — 125,430 
Sales and marketing99,269 7,071 106,340 
Aircraft lease rentals23,573 — 23,573 
Other operating expense(1)
102,007 48,392 150,399 
Special charges, net of recoveries45,307 322,824 368,131 
Total operating expenses2,298,640 453,925 2,752,565 
OPERATING INCOME (LOSS)142,199 (382,175)(239,976)
OTHER (INCOME) EXPENSES:
Interest income(44,012)— (44,012)
Interest expense135,584 20,859 156,443 
Capitalized interest(45,059)(326)(45,385)
Other non-operating expense(2)
1,428 — 1,428 
INCOME (LOSS) BEFORE INCOME TAXES$94,258 $(402,708)$(308,450)
Capital expenditures244,802 19,499 264,301 
Total assets4,116,289 313,564 4,429,853 

Twelve Months Ended December 31, 2023
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,506,976 $2,881 $2,509,857 
OPERATING EXPENSES:
Salaries and benefits672,459 15,344 687,803 
Aircraft fuel695,871 — 695,871 
Station operations256,560 — 256,560 
Depreciation and amortization220,915 2,215 223,130 
Maintenance and repairs123,802 — 123,802 
Sales and marketing108,453 6,163 114,616 
Aircraft lease rentals24,948 — 24,948 
Other operating expense(1)
117,400 16,101 133,501 
Special charges, net of recoveries35,091 (6,446)28,645 
Total operating expenses2,255,499 33,377 2,288,876 
OPERATING INCOME (LOSS)251,477 (30,496)220,981 
OTHER (INCOME) EXPENSES:
Interest income(46,615)— (46,615)
Interest expense131,318 21,868 153,186 
Capitalized interest(21,838)(23,294)(45,132)
Other non-operating expense(2)
491 — 491 
INCOME (LOSS) BEFORE INCOME TAXES$188,121 $(29,070)$159,051 
Capital expenditures568,309 321,044 889,353 
Total assets4,200,545 656,122 4,856,667 
Twelve Months Ended December 31, 2022
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,301,829 $— $2,301,829 
OPERATING EXPENSES:
Salaries and benefits547,295 5,118 552,413 
Aircraft fuel814,803 — 814,803 
Station operations255,168 — 255,168 
Depreciation and amortization197,433 109 197,542 
Maintenance and repairs117,814 — 117,814 
Sales and marketing99,558 1,120 100,678 
Aircraft lease rentals23,621 — 23,621 
Other operating expense(1)
108,600 4,932 113,532 
Special charges, net of recoveries567 34,045 34,612 
Total operating expenses2,164,859 45,324 2,210,183 
OPERATING INCOME (LOSS)136,970 (45,324)91,646 
OTHER (INCOME) EXPENSES:
Interest income(16,469)— (16,469)
Interest expense99,665 16,046 115,711 
Capitalized interest(4,308)(8,332)(12,640)
Other non-operating expense(2)
91 — 91 
INCOME (LOSS) BEFORE INCOME TAXES$57,991 $(53,038)$4,953 
Capital expenditures475,254 288,408 763,662 
Total assets4,047,134 464,163 4,511,297 

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expense.

(2) Other non-operating expenses in the Airline segment consist primarily of a loss on the sale in 2024 of a cost-method investment that arose from the contribution of intellectual property rights to a private company and realized income from equity method investments.
v3.25.0.1
Organization and Business of Company - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
v3.25.0.1
Special Charges - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2023
Aircraft
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Aircraft
Dec. 31, 2023
USD ($)
Aircraft
Dec. 31, 2022
USD ($)
Apr. 30, 2024
Unusual or Infrequent Item, or Both [Line Items]              
Number Of Aircraft Retired | Aircraft 21     7 2    
Airline special charges       $ 45,307 $ 35,091 $ 567  
Collective bargaining agreement, term             5 years
Organizational Restructuring              
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges   $ 3,420 $ 3,400   0 0  
Sunseeker Resort              
Unusual or Infrequent Item, or Both [Line Items]              
Sunseeker impairment   $ 321,837   321,800 $ 0 $ 0  
Hurricane Ian              
Unusual or Infrequent Item, or Both [Line Items]              
Accelerated depreciation on airframes identified for early retirement       87,200      
Sunseeker impairment       (58,600)      
Hurricanes Milton, Debby And Helene              
Unusual or Infrequent Item, or Both [Line Items]              
Accelerated depreciation on airframes identified for early retirement       $ 7,700      
v3.25.0.1
Special Charges - Restructuring and Related Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges     $ 45,307 $ 35,091 $ 567
Sunseeker impairment     368,131 28,645 34,612
Proceeds from business interruption insurance     2,700 8,300 0
Sunseeker Resort          
Unusual or Infrequent Item, or Both [Line Items]          
Sunseeker impairment $ 321,837   321,800 0 0
Sunseeker impairment     322,824 (6,446) 34,045
Accelerated Depreciation On Airframes Identified For Early Retirement          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges     31,066 35,091 567
Flight Attendant Ratification Bonus          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges 10,821     0 0
Organizational Restructuring          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges $ 3,420 $ 3,400   0 0
Sunseeker Special Charges          
Unusual or Infrequent Item, or Both [Line Items]          
Sunseeker weather events, net of insurance recoveries(1)     322,824 (6,446) 34,045
Sunseeker Weather Events          
Unusual or Infrequent Item, or Both [Line Items]          
Sunseeker weather events, net of insurance recoveries(1)     $ 987 $ (6,446) $ 34,045
v3.25.0.1
Summary of Significant Accounting Policies Basis - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2021
point
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Property, Plant and Equipment [Line Items]          
Inventory Valuation Reserves   $ 12,600 $ 12,600 $ 10,300  
Proceeds from Sale and Collection of Notes Receivable     50,000    
Accounts Receivable, before Allowance for Credit Loss, Noncurrent   15,100 15,100 17,000  
Capitalized Computer Software, Net   149,700 149,700 139,100  
Capitalized Computer Software, Amortization     18,800 12,400 $ 15,200
Advertising Expense     $ 32,000 $ 41,000 $ 40,100
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares     452,560 81,748 79,644
Preopening Expense       $ 26,500  
Sunseeker Resort          
Property, Plant and Equipment [Line Items]          
Sunseeker impairment   $ 321,837 $ 321,800 0 $ 0
Allegiant Travel Company          
Property, Plant and Equipment [Line Items]          
Equity Method Investment, Ownership Percentage   50.00% 50.00%    
Allways Rewards Loyalty Program          
Property, Plant and Equipment [Line Items]          
Number Of Points Earned For Every Dollar Spent | point 1        
Number Of Points Earned For Every Dollar Spent Over Five Hundred Dollars | point 2        
A320 Series Engine          
Property, Plant and Equipment [Line Items]          
Deferred Costs for Heavy Maintenance     $ 76,800 68,500  
Amortization of Other Deferred Charges     $ 65,800 $ 55,500 $ 43,800
Minimum | Computer hardware and software          
Property, Plant and Equipment [Line Items]          
Property, Plant and Equipment, Useful Life   3 years 3 years    
Maximum | Computer hardware and software          
Property, Plant and Equipment [Line Items]          
Property, Plant and Equipment, Useful Life   15 years 15 years    
v3.25.0.1
Summary of Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Lives (Details)
Dec. 31, 2024
Minimum | Buildings and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Minimum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Minimum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Maximum | Buildings and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 39 years
Maximum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Maximum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Airbus A320 Aircraft Series | Minimum | Aircraft, engines and related rotable parts  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Airbus A320 Aircraft Series | Maximum | Aircraft, engines and related rotable parts  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 25 years
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Cost [Abstract]      
Net income (loss) $ (240,238) $ 117,596 $ 2,493
Less income allocated to participating securities (618) (4,188) (32)
Net income (loss) attributable to common stock $ (240,856) $ 113,408 $ 2,461
Earnings Per Share, Basic $ (13.49) $ 6.32 $ 0.14
Basic (in shares) 17,852 17,945 17,959
Less income allocated to participating securities $ (618) $ (4,175) $ (32)
Net income (loss) attributable to common stock $ (240,856) $ 113,421 $ 2,461
Diluted (in dollars per share) $ (13.49) $ 6.29 $ 0.14
Dilutive effect of stock options and restricted stock (in shares) 0 249 132
Adjusted weighted-average shares outstanding under treasury stock method (in shares) 17,852 18,194 18,091
Participating securities excluded under two-class method (in shares) 0 (175) (57)
Adjusted weighted-average shares outstanding under two-class method (in shares)   18,019 18,034
v3.25.0.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,217,059 $ 2,324,397 $ 2,137,762
Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 71,750 2,881 0
Scheduled Service Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 1,030,795 1,133,001 1,062,753
Air-related revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 1,129,149 1,137,226 1,025,549
Co-brand Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 57,115 54,170 49,460
Food and Beverage | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 29,895 1,713 0
Rooms | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 31,628 946 0
Product and Service, Other | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 10,227 $ 222 $ 0
v3.25.0.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Air traffic liability $ 370,915 $ 353,488
Contract with Customer, Liability, Forward Bookings 315,500  
Contract with Customer, Liability, Credit Voucher Bookings $ 55,400  
Revenue from Contract with Customer, Duration 12 months  
v3.25.0.1
Revenue Recognition - Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Contract with Customer, Liability $ 80,711 $ 70,813 $ 56,500
Points awarded 67,050 68,483  
Points redeemed $ 57,152 $ 54,170  
v3.25.0.1
Property and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Long-Lived Assets Held-for-Sale [Line Items]    
Total property and equipment $ 4,137,143 $ 4,394,969
Less accumulated depreciation and amortization (1,067,194) (964,866)
Property and equipment, net 3,069,949 3,430,103
Airline    
Long-Lived Assets Held-for-Sale [Line Items]    
Flight equipment 3,345,458 3,329,207
Computer hardware and software 320,432 274,927
Land and buildings/leasehold improvements 66,115 63,863
Other property and equipment 115,043 109,727
Sunseeker Resort    
Long-Lived Assets Held-for-Sale [Line Items]    
Land and buildings/leasehold improvements 255,201 542,129
Other property and equipment $ 34,894 $ 75,116
v3.25.0.1
Property and Equipment - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Aircraft
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Property, Plant and Equipment [Abstract]      
Number of aircraft committed to purchase | Aircraft 46    
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment $ 51,300    
Proceeds from sale of property and equipment 86,156 $ 26,526 $ 1,320
Gain (Loss) on Disposition of Property Plant Equipment 34,900    
Purchases of property and equipment in accrued liabilities and other $ 8,900 $ 71,700  
v3.25.0.1
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Aug. 31, 2022
Debt Instrument [Line Items]      
Carrying Value $ 2,066,504 $ 2,259,654  
Long-term Debt, Current Maturities 454,769 439,937  
Long-term Debt, Excluding Current Maturities $ 1,611,735 $ 1,819,717  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Debt and Lease Obligation Debt and Lease Obligation  
Total lease obligations $ 429,896 $ 455,248  
Debt and Lease Obligation 2,083,633 2,282,169  
Debt Issuance Costs, Net $ (17,129) (22,515)  
Minimum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 4.44%    
Maximum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 7.01%    
Fixed Rate      
Debt Instrument [Line Items]      
Notes Payable $ 1,481,186 $ 1,834,754  
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.50% 6.30%  
Variable Rate      
Debt Instrument [Line Items]      
Notes Payable $ 585,318 $ 424,900  
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.80% 7.90%  
Revolving Credit Facilities Due 2027 | Revolving Credit Facility      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 0 $ 200,000  
Senior Secured Notes Due 2027 | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 550,000 550,000  
Debt Instrument, Interest Rate, Stated Percentage     7.25%
Senior Secured Notes Due 2027 | Senior Notes | Maximum      
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, Excluding Current Maturities $ 107,959 130,650  
Consolidated Variable Interest Entities Due 2029 | Minimum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 2.92%    
Consolidated Variable Interest Entities Due 2029 | Maximum      
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, Excluding Current Maturities $ 765,278 596,271  
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Minimum      
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      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 8.57%    
Construction Loan Agreement Due 2032      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 100,000 350,000  
Debt Instrument, Interest Rate, Stated Percentage 5.75%    
Long-term Debt | Unsecured Debt      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 130,500 $ 0  
Debt Instrument, Interest Rate, Stated Percentage 6.15%    
v3.25.0.1
Long-Term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025(1) $ 454,769  
2026 186,949  
2027 673,600  
2028 151,261  
2029 160,510  
Thereafter 439,415  
Total debt and finance lease obligations, net of related costs $ 2,066,504 $ 2,259,654
v3.25.0.1
Long-Term Debt - Narrative (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Aircraft
Mar. 31, 2024
USD ($)
Sep. 30, 2022
USD ($)
Aug. 31, 2022
USD ($)
Oct. 31, 2021
USD ($)
Dec. 31, 2024
USD ($)
Aircraft
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 30, 2023
USD ($)
Feb. 28, 2023
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity       $ 75.0           $ 158.0      
Line of Credit Facility, Additional Borrowing Capacity $ 18.8         $ 18.8              
Number Of Aircraft, Finance Lease Obligation | Aircraft 23         23              
Proceeds from Issuance of Unsecured Debt $ 130.5                        
Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity   $ 218.5           $ 22.0 $ 200.0        
Extinguishment of Debt, Amount           $ 132.6              
Proceeds from (Repayments of) Debt           $ 215.7              
Debt Instrument, Term   12 years       12 years              
Revolving Credit Facility | MUFG Bank, Ltd                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity       100.0                  
Revolving Credit Facility | Landesbank Hessen-Thüringen Girozentrale                          
Debt Instrument [Line Items]                          
Line of Credit Facility, Commitment Fee Amount     $ 200.0                    
Revolving Credit Facility | Credit Agricole Corporate and Investment Bank                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity                     $ 100.0   $ 50.0
Revolving Credit Facility | BNP Paribas And Jackson Square Aviation                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity                       $ 412.1  
Line of Credit, Current             $ 196.4            
Senior Secured Revolving Loan Facility | Barclays Bank PLC                          
Debt Instrument [Line Items]                          
Long-Term Line of Credit       $ 75.0                  
Line of credit facility, expiration period       57 months                  
Senior Notes                          
Debt Instrument [Line Items]                          
Debt Instrument, Convertible, Liquidation Preference, Value       $ 300.0                  
Debt Instrument, Liquidation Requirement, Interest Percentage       0.020                  
Delayed-Draw Construction Loan | Sunseeker Resort                          
Debt Instrument [Line Items]                          
Debt Instrument, Face Amount         $ 350.0                
Debt Instrument, Interest Rate, Stated Percentage         5.75%                
Repayments of Lines of Credit 250.0                        
Line of Credit, Current $ 100.0         $ 100.0              
Debt Instrument, Periodic Payment, Principal         $ 26.0                
Senior Secured Notes Due 2027 | Senior Notes                          
Debt Instrument [Line Items]                          
Debt Instrument, Face Amount       $ 550.0                  
Debt Instrument, Interest Rate, Stated Percentage       7.25%                  
v3.25.0.1
Leases - Narrative (Details)
Dec. 31, 2024
Aircraft
Leases [Abstract]  
Finance Leased Assets, Number Of Units 23
Operating Leased Assets, Number Of Units 17
v3.25.0.1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Amortization of assets $ 23,855 $ 27,170 $ 17,579
Interest on lease liabilities 25,994 27,502 23,034
Operating lease cost 26,178 25,246 24,986
Variable lease cost 492 1,563 1,469
Total lease cost $ 76,519 $ 81,481 $ 67,068
v3.25.0.1
Leases - Schedule of Lease-related Asset and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
operating right of use asset, net $ 81,218 $ 100,707
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment (including $107,290 and $129,646 from VIEs, Note 6), net of accumulated depreciation of $1,067,194 and $964,866 Property and equipment (including $107,290 and $129,646 from VIEs, Note 6), net of accumulated depreciation of $1,067,194 and $964,866
Finance Lease, Right-of-Use Asset $ 427,664 $ 466,075
Total Right-of-Use Asset 508,882 566,782
Current operating lease liabilities 20,714 20,873
Finance Lease, Liability, Current 26,836 25,352
Noncurrent operating lease liabilities 62,392 82,410
Long-term lease obligations 403,060 429,896
Total Lease Liability $ 513,002 $ 558,531
Operating Lease, Weighted Average Remaining Lease Term 7 years 2 months 12 days 7 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term 6 years 1 month 6 days 7 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 5.60% 5.50%
Finance Lease, Weighted Average Discount Rate, Percent 5.90% 5.90%
v3.25.0.1
Leases - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows for operating leases $ 26,679 $ 25,774 $ 25,775
Operating cash flows for finance leases 26,056 27,672 22,366
Financing cash flows for finance leases $ 25,352 $ 39,044 $ 16,621
v3.25.0.1
Leases - Schedule of Future Minimum Payments of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases, Operating [Abstract]    
2025 $ 24,532  
2026 13,896  
2027 11,688  
2028 9,997  
2029 10,027  
Thereafter 32,590  
Total lease payments 102,730  
Less imputed interest (19,624)  
Total lease obligations 83,106  
Accrued liabilities (20,714) $ (20,873)
Noncurrent operating lease liabilities 62,392 82,410
Finance Lease, Liability [Abstract]    
2025 51,408  
2026 51,108  
2027 51,108  
2028 65,908  
2029 104,396  
Thereafter 231,772  
Total lease payments 555,700  
Less imputed interest (125,804)  
Total lease obligations 429,896 455,248
Less current obligations (26,836) (25,352)
Long-term lease obligations $ 403,060 $ 429,896
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Debt and Lease Obligation Debt and Lease Obligation
v3.25.0.1
Stockholders' Equity - Schedule of Class of Treasury Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Shares repurchased (in shares) 0 309,155 377,529
Average price per share (in dollars per share) $ 0 $ 78.61 $ 78.94
Total (in thousands) $ 0 $ 24,303 $ 29,802
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 95,014 65,284 1,423
v3.25.0.1
Shareholders’ Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Total quarterly cash dividends declared (in dollars per share) $ 1.20 $ 1.20 $ 0
Total cash dividends paid (in thousands) $ 21,934 $ 22,144 $ 0
v3.25.0.1
Fair Value Measurements - Assets Measured at Fair Value On a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale $ 707,109 $ 798,655
Cash equivalents    
Cash Equivalents 160,150 71,237
Short-term    
Debt Securities, Available-for-Sale 495,234 671,414
Long-term    
Debt Securities, Available-for-Sale 51,725 56,004
Level 1    
Debt Securities, Available-for-Sale 41,494 33,613
Level 1 | Cash equivalents    
Cash Equivalents 41,494 33,613
Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Level 2    
Debt Securities, Available-for-Sale 665,615 765,042
Level 2 | Cash equivalents    
Cash Equivalents 118,656 37,624
Level 2 | Short-term    
Debt Securities, Available-for-Sale 495,234 671,414
Level 2 | Long-term    
Debt Securities, Available-for-Sale 51,725 56,004
US Government and agency obligations | Cash equivalents    
Cash Equivalents 81,535 10,201
US Government and agency obligations | Short-term    
Debt Securities, Available-for-Sale 94,295 208,648
US Government and agency obligations | Long-term    
Debt Securities, Available-for-Sale 10,452 12,135
US Government and agency obligations | Level 1 | Cash equivalents    
Cash Equivalents 0 0
US Government and agency obligations | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Level 2 | Cash equivalents    
Cash Equivalents 81,535 10,201
US Government and agency obligations | Level 2 | Short-term    
Debt Securities, Available-for-Sale 94,295 208,648
US Government and agency obligations | Level 2 | Long-term    
Debt Securities, Available-for-Sale 10,452 12,135
Money market funds | Cash equivalents    
Cash Equivalents 41,494 33,613
Money market funds | Level 1 | Cash equivalents    
Cash Equivalents 41,494 33,613
Money market funds | Level 2 | Cash equivalents    
Cash Equivalents 0 0
Commercial paper | Cash equivalents    
Cash Equivalents 22,689 19,575
Commercial paper | Short-term    
Debt Securities, Available-for-Sale 149,807 237,870
Commercial paper | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Commercial paper | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Commercial paper | Level 2 | Cash equivalents    
Cash Equivalents 22,689 19,575
Commercial paper | Level 2 | Short-term    
Debt Securities, Available-for-Sale 149,807 237,870
Certificates of deposit | Short-term    
Debt Securities, Available-for-Sale 7,239 0
Certificates of deposit | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Certificates of deposit | Level 2 | Short-term    
Debt Securities, Available-for-Sale 7,239 0
Corporate debt securities | Cash equivalents    
Cash Equivalents 4,133 0
Corporate debt securities | Short-term    
Debt Securities, Available-for-Sale 242,313 210,982
Corporate debt securities | Long-term    
Debt Securities, Available-for-Sale 39,931 43,869
Corporate debt securities | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Corporate debt securities | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Level 2 | Cash equivalents    
Cash Equivalents 4,133 0
Corporate debt securities | Level 2 | Short-term    
Debt Securities, Available-for-Sale 242,313 210,982
Corporate debt securities | Level 2 | Long-term    
Debt Securities, Available-for-Sale 39,931 43,869
Municipal debt securities | Cash equivalents    
Cash Equivalents 10,299 7,848
Municipal debt securities | Short-term    
Debt Securities, Available-for-Sale 1,580 13,914
Municipal debt securities | Long-term    
Debt Securities, Available-for-Sale 1,342 0
Municipal debt securities | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Municipal debt securities | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Level 2 | Cash equivalents    
Cash Equivalents 10,299 7,848
Municipal debt securities | Level 2 | Short-term    
Debt Securities, Available-for-Sale 1,580 13,914
Municipal debt securities | Level 2 | Long-term    
Debt Securities, Available-for-Sale $ 1,342 $ 0
v3.25.0.1
Fair Value Measurements - Debt Instrument, Fair Value Disclosure (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value $ 2,066,504 $ 2,259,654
Non-publicly held debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value 1,653,737 1,826,921
Fair Value, Inputs, Level 3 | Non-publicly held debt | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated Fair Value $ 1,667,275 $ 1,815,351
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal $ 1,431 $ 0 $ 6
State (1,665) 3,306 73
Foreign 311 204 209
Total current 77 3,510 288
Federal (62,244) 36,910 1,189
State (6,045) 1,035 983
Total deferred (68,289) 37,945 2,172
Total income tax provision $ (68,212) $ 41,455 $ 2,460
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax expense (benefit) at federal statutory rate $ (64,774) $ 33,401 $ 1,040
State income taxes, net of federal income tax benefit (7,168) 3,503 1,189
Foreign income tax expense 311 204 210
Executive compensation 2,707 3,692 57
Federal tax credits (1,135) (2,034) (1,103)
Stock compensation 2,212 1,936 1,016
Other (365) 753 51
Total income tax provision $ (68,212) $ 41,455 $ 2,460
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Employee benefits $ 38,277 $ 8,410
Interest expense 24,692 21,165
Net operating loss 6,252 22,237
Tax credits 3,683 4,128
Other 45,543 9,411
Less: valuation allowance 1,214 1,214
Total deferred tax assets 117,233 64,137
Prepaid expenses 5,235 4,516
Depreciation 398,022 434,620
Other 29,569 9,603
Total deferred tax liabilities 432,826 448,739
Net deferred tax liabilities $ 315,593 $ 384,602
v3.25.0.1
Income Taxes - Narrative (Details) - State and Local Jurisdiction
$ in Millions
Dec. 31, 2024
USD ($)
Income Tax Contingency [Line Items]  
Operating Loss Carryforwards $ 6.3
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration $ 1.8
v3.25.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2016
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Defined contribution plan, maximum annual contribution per employee, percent 90.00%     25.00%
Defined contribution plan, cost $ 28,900,000 $ 25,500,000 $ 24,000,000  
Share-based compensation arrangement by share-based payment award, number of shares authorized 2,000,000      
Shares held in employee stock option plan, allocated       1,000,000
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount       $ 25,000
Share-based compensation expense $ 22,568,000 29,749,000 15,198,000  
Deferred Compensation Share-Based Arrangements, Liability, Current and Noncurrent $ 1,900,000      
Stockholders' Equity Note, Stock Split, Conversion Ratio 1      
Restricted Stock, Stock Options, Cash-Settled SARs And Employee Stock Purchase Program        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Share-based compensation expense $ 24,000,000 31,500,000 16,300,000  
Restricted Stock        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 2 years 1 month 2 days      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value $ 29,600,000 $ 28,300,000 $ 13,400,000  
Unrecognized Share-Based Payment Arrangement, Noncash Expense $ 19,900,000      
Phantom Share Units (PSUs)        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 1 year 4 months 6 days      
Unrecognized Share-Based Payment Arrangement, Noncash Expense $ 8,900,000      
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award 3 years      
Employee        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 5.00%      
v3.25.0.1
Employee Benefit Plans - Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Postemployment Benefits [Abstract]      
Total number of shares purchased in year 155,101 99,802 73,268
Average price paid per share (in dollars per share) $ 50.82 $ 85.27 $ 97.85
Weighted-average fair value of discount under the ESPP $ 8.84 $ 14.44 $ 16.25
v3.25.0.1
Employee Benefit Plans - Schedule of Nonvested Restricted Stock Awards and Phantom Stock Awards (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Phantom Share Units (PSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested, beginning balance (in shares) 0    
Granted (in shares) 125,121 0  
Vested (in shares) 0    
Forfeited (in shares) (812)    
Non-vested, ending balance (in shares) 124,309 0  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Non-vested, beginning balance, weighted average grant date fair value (in dollars per share) $ 0    
Granted, weighted average grant date fair value (in dollars per share) 46.15    
Vested, weighted average grant date fair value (in dollars per share) 0    
Forfeited, weighted average grant date fair value (in dollars per share) 46.15    
Non-vested, ending balance, weighted average grant date fair value (in dollars per share) $ 94.12 $ 0  
Restricted Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested, beginning balance (in shares) 607,393 429,868 181,553
Granted (in shares) 223,825 567,004 374,540
Vested (in shares) (321,281) (238,020) (74,170)
Forfeited (in shares) (145,203) (151,459) (52,055)
Non-vested, ending balance (in shares) 364,734 607,393 429,868
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Non-vested, beginning balance, weighted average grant date fair value (in dollars per share) $ 94.64 $ 109.33 $ 183.63
Granted, weighted average grant date fair value (in dollars per share) 51.12 93.57 89.31
Vested, weighted average grant date fair value (in dollars per share) 92.24 119.00 180.54
Forfeited, weighted average grant date fair value (in dollars per share) 92.91 94.07 123.01
Non-vested, ending balance, weighted average grant date fair value (in dollars per share) $ 70.73 $ 94.64 $ 109.33
v3.25.0.1
Commitments and Contingencies - Schedule of Contractual Obligation, Fiscal Year Maturity (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Aircraft
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 399,895
2026 721,437
2027 456,777
Total purchase commitments $ 1,578,109
Number of aircraft committed to purchase | Aircraft 46
v3.25.0.1
Commitment and Contingencies - Employees Under Collective Bargaining Agreements (Details)
 12 Months Ended
Dec. 31, 2024
Pilots | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 20.50%
Flight Attendants | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 28.30%
Maintenance Technicians | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 12.30%
Flight Dispatchers | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 0.70%
Total  
Other Commitments [Line Items]  
Concentration risk, percentage 20.50%
Total | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 61.80%
v3.25.0.1
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
employee
Aircraft
Other Commitments [Line Items]  
Number of aircraft committed to purchase | Aircraft 46
Number of full-time equivalent employee | employee 6,700
Total  
Other Commitments [Line Items]  
Concentration risk, percentage 20.50%
v3.25.0.1
Segments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
segment
business_unit
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of operating segments | segment 2  
Preopening Expense | $   $ 26.5
Number Of Business Unit | business_unit 1  
v3.25.0.1
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 2,512,589 $ 2,509,857 $ 2,301,829
Labor and Related Expense 819,843 687,803 552,413
Aircraft Fuel 627,755 695,871 814,803
Station operations 272,843 256,560 255,168
Depreciation, Depletion and Amortization, Nonproduction 258,251 223,130 197,542
Selling and Marketing Expense 106,340 114,616 100,678
Aircraft Maintenance, Materials, and Repairs 125,430 123,802 117,814
Aircraft Lease Rental 23,573 24,948 23,621
Other Cost and Expense, Operating 150,399 133,501 113,532
Total special charges 368,131 28,645 34,612
Total operating expenses 2,752,565 2,288,876 2,210,183
Operating Income (Loss) (239,976) 220,981 91,646
Interest Income (Expense), Operating (44,012) (46,615) (16,469)
Interest expense 156,443 153,186 115,711
Interest Costs Capitalized (45,385) (45,132) (12,640)
Other Nonoperating Expense 1,428 491 91
INCOME (LOSS) BEFORE INCOME TAXES (308,450) 159,051 4,953
Payments to Acquire Productive Assets 264,301 889,353 763,662
Assets 4,429,853 4,856,667 4,511,297
Allegiant Air      
Segment Reporting Information [Line Items]      
Revenues 2,440,839 2,506,976 2,301,829
Labor and Related Expense 770,667 672,459 547,295
Aircraft Fuel 627,755 695,871 814,803
Station operations 272,843 256,560 255,168
Depreciation, Depletion and Amortization, Nonproduction 231,789 220,915 197,433
Selling and Marketing Expense 99,269 108,453 99,558
Aircraft Maintenance, Materials, and Repairs 125,430 123,802 117,814
Aircraft Lease Rental 23,573 24,948 23,621
Other Cost and Expense, Operating 102,007 117,400 108,600
Total special charges 45,307 35,091 567
Total operating expenses 2,298,640 2,255,499 2,164,859
Operating Income (Loss) 142,199 251,477 136,970
Interest Income (Expense), Operating (44,012) (46,615) (16,469)
Interest expense 135,584 131,318 99,665
Interest Costs Capitalized (45,059) (21,838) (4,308)
Other Nonoperating Expense 1,428 491 91
INCOME (LOSS) BEFORE INCOME TAXES 94,258 188,121 57,991
Payments to Acquire Productive Assets 244,802 568,309 475,254
Assets 4,116,289 4,200,545 4,047,134
Sunseeker Resort      
Segment Reporting Information [Line Items]      
Revenues 71,750 2,881 0
Labor and Related Expense 49,176 15,344 5,118
Aircraft Fuel 0 0 0
Station operations 0 0 0
Depreciation, Depletion and Amortization, Nonproduction 26,462 2,215 109
Selling and Marketing Expense 7,071 6,163 1,120
Aircraft Maintenance, Materials, and Repairs 0 0 0
Aircraft Lease Rental 0 0 0
Other Cost and Expense, Operating 48,392 16,101 4,932
Total special charges 322,824 (6,446) 34,045
Total operating expenses 453,925 33,377 45,324
Operating Income (Loss) (382,175) (30,496) (45,324)
Interest Income (Expense), Operating 0 0 0
Interest expense 20,859 21,868 16,046
Interest Costs Capitalized (326) (23,294) (8,332)
Other Nonoperating Expense 0 0 0
INCOME (LOSS) BEFORE INCOME TAXES (402,708) (29,070) (53,038)
Payments to Acquire Productive Assets 19,499 321,044 288,408
Assets $ 313,564 $ 656,122 $ 464,163
v3.25.0.1
Impairment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sunseeker Resort        
Segment Reporting Information [Line Items]        
Sunseeker impairment $ 321,837 $ 321,800 $ 0 $ 0
v3.25.0.1
Subsequent Events (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 21, 2025
Jan. 31, 2025
Dec. 31, 2024
Subsequent Event | Financing Commitment      
Subsequent Event [Line Items]      
Extinguishment of Debt, Amount   $ 131.0  
Subsequent Event | Unsecured Credit Facility      
Subsequent Event [Line Items]      
Repayments of Debt $ 61.0    
Subsequent Event | Sunseeker Construction Loan      
Subsequent Event [Line Items]      
Repayments of Debt $ 100.0    
Debt Instrument, Interest Rate, Stated Percentage 5.75%    
Debt Instrument, Annual Principal Payment   26.0  
Revolving Credit Facility      
Subsequent Event [Line Items]      
Extinguishment of Debt, Amount     $ 132.6
Revolving Credit Facility | Subsequent Event      
Subsequent Event [Line Items]      
Extinguishment of Debt, Amount   $ 50.0