ALLEGIANT TRAVEL CO, 10-Q filed on 5/9/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 29, 2024
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-33166  
Entity Registrant Name Allegiant Travel Co  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 20-4745737  
Entity Address, Address Line One 1201 North Town Center Drive  
Entity Address, City or Town Las Vegas,  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89144  
City Area Code 702  
Local Phone Number 851-7300  
Title of 12(b) Security Common stock, par value $0.001  
Trading Symbol ALGT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   18,232,284
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001362468  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
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CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 193,414 $ 143,259
Restricted cash 16,859 16,325
Short-term investments 616,461 671,414
Accounts receivable 72,494 70,743
Expendable parts, supplies and fuel, net 35,806 36,335
Prepaid expenses and other current assets 72,072 63,054
TOTAL CURRENT ASSETS 1,007,106 1,001,130
Property and equipment, net 3,523,343 3,447,111
Long-term investments 43,799 56,004
Deferred major maintenance, net 165,701 165,767
Operating lease right-of-use assets, net 97,046 100,707
Deposits and other assets 98,136 98,691
TOTAL ASSETS: 4,935,131 4,869,410
TOTAL ASSETS:    
Accounts payable 69,486 54,484
Accrued liabilities 297,329 305,078
Current operating lease liabilities 21,944 20,873
Air traffic liability 432,561 353,488
Current loyalty program liability 40,182 38,447
Current maturities of long-term debt and finance lease obligations, net of related costs 459,171 439,937
TOTAL CURRENT LIABILITIES 1,320,673 1,212,307
Long-term debt and finance lease obligations, net of current maturities and related costs 1,789,577 1,819,717
Deferred income taxes 384,036 384,602
Noncurrent operating lease liabilities 77,519 82,410
Noncurrent loyalty program liability 31,283 32,366
Other noncurrent liabilities 9,887 9,448
TOTAL LIABILITIES: 3,612,975 3,540,850
TOTAL LIABILITIES:    
Common stock, par value $0.001 26 26
Treasury shares (682,075) (681,932)
Additional paid in capital 747,873 741,055
Accumulated other comprehensive income, net 2,783 3,991
Retained earnings 1,253,549 1,265,420
TOTAL EQUITY: 1,322,156 1,328,560
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,935,131 $ 4,869,410
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CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share (in dollars per share) $ 0.001 $ 0.001
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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING REVENUES:    
Passenger $ 579,936 $ 609,277
Third party products 33,399 26,037
Fixed fee contracts 18,861 14,117
Resort and other 24,210 256
Total operating revenues 656,406 649,687
OPERATING EXPENSES:    
Salaries and benefits 213,327 159,623
Aircraft fuel 170,087 189,546
Station operations 66,468 61,520
Depreciation and amortization 63,844 54,680
Sales and marketing 30,419 26,928
Maintenance and repairs 30,278 26,442
Aircraft lease rentals 5,985 7,092
Other 47,451 30,643
Special charges, net of recoveries 13,099 (1,612)
Total operating expenses 640,958 554,862
OPERATING INCOME 15,448 94,825
OTHER (INCOME) EXPENSES:    
Interest expense 40,160 35,708
Capitalized interest (11,185) (5,180)
Interest income (12,241) (10,128)
Other, net 51 7
Total other expenses 16,785 20,407
INCOME (LOSS) BEFORE INCOME TAXES (1,337) 74,418
INCOME TAX PROVISION (BENEFIT) (418) 18,269
NET INCOME (LOSS) $ (919) $ 56,149
Earnings (loss) per share to common shareholders:    
Basic (in dollars per share) $ (0.07) $ 3.09
Diluted (in dollars per share) $ (0.07) $ 3.09
Shares used for computation:    
Basic (in shares) 17,664 17,766
Diluted (in shares) 17,664 17,769
Cash dividends declared per share (in dollars per share) $ 0.60 $ 0
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
NET INCOME (LOSS) $ (919) $ 56,149
Other comprehensive income:    
Change in available for sale securities, net of tax (1,208) 1,985
TOTAL COMPREHENSIVE INCOME (LOSS) $ (2,127) $ 58,134
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
AOCI Attributable to Parent
Retained Earnings
Treasury shares
Parent
Beginning balance (in shares) at Dec. 31, 2022   18,128          
Par value, beginning balance at Dec. 31, 2022   $ 25          
Beginning balance at Dec. 31, 2022 $ 1,220,698   $ 709,471 $ 1,257 $ 1,169,968 $ (660,023)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Share-based compensation (in shares)   (5)          
Share-based compensation     5,035       $ 5,035
Shares repurchased by the Company and held as treasury shares (in shares)   (125)          
Shares repurchased by the Company and held as treasury shares           (12,470) (12,470)
Other comprehensive income (loss)       1,985     1,985
Net income (loss)         56,149   56,149
Ending balance (in shares) at Mar. 31, 2023   17,998          
Par value, ending balance at Mar. 31, 2023   $ 25          
Ending balance at Mar. 31, 2023 1,271,397   714,506 3,242 1,226,117 (672,493)  
Beginning balance (in shares) at Dec. 31, 2023   18,269          
Par value, beginning balance at Dec. 31, 2023 26 $ 26          
Beginning balance at Dec. 31, 2023 1,328,560   741,055 3,991 1,265,420 (681,932)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Share-based compensation (in shares)   15          
Share-based compensation     6,818       6,818
Shares repurchased by the Company and held as treasury shares (in shares)   (2)          
Shares repurchased by the Company and held as treasury shares           (143) (143)
Cash dividends         (10,952)   (10,952)
Other comprehensive income (loss)       (1,208)     (1,208)
Net income (loss)         (919)   $ (919)
Ending balance (in shares) at Mar. 31, 2024   18,282          
Par value, ending balance at Mar. 31, 2024 26 $ 26          
Ending balance at Mar. 31, 2024 $ 1,322,156   $ 747,873 $ 2,783 $ 1,253,549 $ (682,075)  
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical)
 3 Months Ended
Mar. 31, 2024
$ / shares
Statement of Stockholders' Equity [Abstract]  
Common stock, dividends, per share, cash paid (in dollars per share) $ 0.60
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Cash Flows [Abstract]    
NET INCOME (LOSS) $ (919) $ 56,149
Depreciation and amortization 63,844 54,680
Special charges, net of recoveries 12,858 (1,835)
Other adjustments 2,893 1,592
Air traffic liability 79,072 100,071
Other - net 10,057 4,743
Net cash provided by operating activities 167,805 215,400
Cash flows from investing activities:    
Purchase of investment securities (176,119) (251,937)
Proceeds from maturities of investment securities 246,663 288,591
Aircraft pre-delivery deposits (35,053) (33,516)
Purchase of property and equipment (131,862) (129,883)
Other investing activities 2,787 12,506
Net cash used in investing activities (93,584) (114,239)
Cash flows from financing activities:    
Cash dividends paid to shareholders (10,952) 0
Proceeds from the issuance of debt and finance lease obligations 18,755 59,516
Repurchase of common stock (143) (12,470)
Principal payments on debt and finance lease obligations (31,512) (51,492)
Debt issuance costs 0 (877)
Other financing activities 320 (6,554)
Net cash used in financing activities (23,532) (11,877)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 50,689 89,284
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 159,584 245,446
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 210,273 334,730
CASH PAYMENTS FOR:    
Interest paid, net of amount capitalized 31,971 41,645
Income tax payments 32 14
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:    
Right-of-use (ROU) assets acquired 1,379 0
Purchases of property and equipment in accrued liabilities $ 40,935 $ 69,240
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated.

These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.
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Special Charges
 3 Months Ended
Mar. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Special Charges Special Charges
As a result of Hurricane Ian's direct hit on the southwest coast of Florida on September 28, 2022, the construction site of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was damaged. There was a subsequent weather-related event and a fire that caused additional damage in fourth quarter 2022. In addition, during third quarter 2023, the Sunseeker Resort construction site sustained additional damages related to Hurricane Idalia. The Company recorded estimated losses in 2022 and 2023 based on its assessment of these damages and the anticipated future restoration cost. The estimated losses were recorded to special charges and are offset by insurance recoveries in the period they are approved. To date, the Company has recorded $78.2 million in losses and $52.5 million in insurance recoveries. The Company has submitted additional insurance claims that remain outstanding at the date of this report.

Due to the heavy maintenance needs on certain aging Airbus airframes and capacity constraints at the maintenance, repair, and overhaul contractors, the Company reevaluated its fleet plan and identified 21 airframes for early retirement to coincide with 737 MAX aircraft deliveries as scheduled under an amendment to the Company's agreement with The Boeing Company signed in September 2023. Two airframes were retired in 2023 and two airframes were retired in first quarter 2024. The remaining airframes are to be retired between May 2024 and September 2025. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge.
Special Charges

The table below summarizes special charges recorded during the three months ended March 31, 2024, and 2023.
Three Months Ended March 31,
(in thousands)20242023
Sunseeker weather and related events$100 $200 
Sunseeker weather and related events, insurance recoveries(1)
(1,916)(1,826)
Accelerated depreciation on airframes identified for early retirement14,915 14 
Total special charges$13,099 $(1,612)

(1) Includes $0.7 million of business interruption insurance recoveries for the three months ended March 31, 2024. No business interruption insurance recoveries were recorded during the three months ended March 31, 2023.
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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Passenger Revenue

Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:
Three Months Ended March 31,
(in thousands)20242023
Scheduled service$289,879 $311,728 
Ancillary air-related charges274,793 283,902 
Loyalty redemptions15,264 13,647 
Total passenger revenue$579,936 $609,277 

Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when the underlying service is provided. As of March 31, 2024, the air traffic liability balance was $432.6 million, of which approximately $377.6 million was related to forward bookings, with the remaining $55.0 million related to credit vouchers for future travel.

The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $353.5 million that was recorded in the air traffic liability balance as of December 31, 2023, approximately 72.7 percent was recognized into passenger revenue during the three months ended March 31, 2024.

The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete. Estimates of passenger revenue to be recognized from air traffic liability for credit voucher breakage may be subject to variability and differ from historical experience due to the change in contract duration (which applied for vouchers issued in 2020 and in the first half of 2021) and uncertainty regarding demand for future air travel.

Resort Revenue

The Company's resort revenues for the three months ended March 31, 2024 are set forth in the table below:

Three Months Ended March 31,
(in thousands)20242023
Food and beverage10,772 — 
Rooms$9,957 $— 
Other3,158 5 
Total resort revenue$23,887 $5 

Revenue from banquets, golf, retail and spa services are included in other resort revenue. Resort revenue is recognized as the underlying services or goods have been provided. There is typically little to no lag between when the services are performed and when payment is remitted. Large group reservations, conventions, and other event bookings require advance deposits which are recorded as accrued liabilities in the Company's balance sheet until the related services and goods are provided. Guest receivables are recorded in accounts receivable on the Company's balance sheet for room nights stayed prior to payment at checkout. The amounts of advance deposit liabilities and guest ledger receivables were not material at March 31, 2024 and December 31, 2023.

Loyalty redemptions

In relation to the travel component of the Allways Rewards® co-brand credit card contract, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions at the airline and resort. Therefore, consideration received related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue and resort revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards loyalty program, points earned through the program are deferred based on the stand-alone selling price and recognized into passenger revenue when the points are redeemed and the underlying service is provided.
The following table presents the activity of the point liability for the periods indicated:
Three Months Ended March 31,
(in thousands)20242023
Points balance at January 1$70,813 $56,500 
Points awarded (deferral of revenue)15,923 16,780 
Points redeemed (recognition of revenue)(15,271)(13,647)
Points balance at March 31$71,465 $59,633 
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 noncurrent liabilities expected to be recognized into revenue in periods thereafter.
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Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
The following table summarizes the Company's property and equipment as of the dates indicated:
(in thousands)March 31, 2024December 31, 2023
Airline
Flight equipment$3,427,671 $3,346,216 
Computer hardware and software293,403 274,927 
Land and buildings/leasehold improvements64,242 63,863 
Other property and equipment111,077 109,727 
Sunseeker Resort
Land and buildings/leasehold improvements571,002 559,112 
Other property and equipment56,650 53,743 
Construction in progress3,596 4,389 
Total property and equipment4,527,641 4,411,977 
Less accumulated depreciation and amortization(1,004,298)(964,866)
Property and equipment, net$3,523,343 $3,447,111 

As of March 31, 2024, the Company had firm commitments to purchase 50 aircraft which are expected to begin delivering in 2024.

Accrued capital expenditures as of March 31, 2024 and December 31, 2023 were $40.9 million and $71.7 million,respectively.
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Long-Term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:
(in thousands)March 31, 2024December 31, 2023
Fixed-rate debt and finance lease obligations due through 2032$1,811,098 $1,834,754 
Variable-rate debt due through 2029437,650 424,900 
Total long-term debt and finance lease obligations, net of related costs2,248,748 2,259,654 
Less current maturities, net of related costs459,171 439,937 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,789,577 $1,819,717 
Weighted average fixed-interest rate on debt6.3%6.3%
Weighted average variable-interest rate on debt7.9%7.9%
Interest Rate(s) Per Annum atBalance as of
(dollars in thousands)Maturity DatesMarch 31, 2024March 31, 2024December 31, 2023
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2024-20292.92%-5.19%126,762 130,650 
Revolving credit facilities2024-20277.92%200,000 200,000 
Debt secured by aircraft, engines, other equipment and real estate2025-20311.87%-8.25%593,606 596,271 
Finance leases2028-20324.44%-7.01%449,044 455,248 
Construction loan agreement20285.75%350,000 350,000 
Total debt$2,269,412 $2,282,169 
Related costs(20,664)(22,515)
Total debt net of related costs$2,248,748 $2,259,654 

Maturities of long term debt as of March 31, 2024, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of March 31, 2024
Remaining in 2024$429,032 
2025180,611 
2026176,151 
2027709,354 
2028328,569 
2029142,531 
Thereafter282,500 
Total debt and finance lease obligations, net of related costs$2,248,748 

Debt Secured by Aircraft

During the three months ended March 31, 2024, the Company received $18.8 million in advances on a pre-delivery payment (PDP) credit facility secured by certain of the Company's Boeing aircraft purchase rights. The notes under the facility bear interest at a floating interest rate based on SOFR and mature on June 30, 2025 or upon delivery of the applicable aircraft.

Other Secured Debt
In March 2024, the Company entered into credit agreements for 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 for a term of 12 years. No draws have been made on these financing commitments to date.
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Income Taxes (Notes)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded a $0.4 million income tax benefit at a 31.3 percent effective tax rate and an $18.3 million income tax provision at a 24.5 percent effective tax rate for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, permanent tax differences, and discrete items. During the quarter, the Company recognized a $0.2 million income tax benefit for discrete items which were related to share based compensation and to an immaterial adjustment to a prior year uncertain tax benefit.

While the Company expects its effective tax rate to be fairly consistent in the near term, it will vary depending on recurring items such as the amount of income earned in each state and the state tax rate applicable to such income. Discrete items during interim periods may also affect the Company's tax rates.
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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or
comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2024.

Financial instruments measured at fair value on a recurring basis:
As of March 31, 2024As of December 31, 2023
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Commercial paper$45,906 $— $45,906 $19,575 $— $19,575 
Money market funds31,427 31,427 — 33,613 33,613 — 
US Treasury bonds24,746 — 24,746 2,000 — 2,000 
Municipal debt securities20,004 — 20,004 7,848 — 7,848 
Federal agency debt securities12,077 — 12,077 8,201 — 8,201 
Total cash equivalents134,160 31,427 102,733 71,237 33,613 37,624 
Short-term     
Corporate debt securities225,735 — 225,735 210,982 — 210,982 
Commercial paper221,827 — 221,827 237,870 — 237,870 
Federal agency debt securities140,588 — 140,588 194,522 — 194,522 
Municipal debt securities14,013 — 14,013 13,914 — 13,914 
US Treasury Bonds7,298 — 7,298 14,126 — 14,126 
Certificate of deposit7,000 — 7,000 — — — 
Total short-term616,461 — 616,461 671,414 — 671,414 
Long-term      
Corporate debt securities39,054 — 39,054 43,869 — 43,869 
Federal agency debt securities4,745 — 4,745 12,135 — 12,135 
Total long-term43,799 — 43,799 56,004 — 56,004 
Total financial instruments$794,420 $31,427 $762,993 $798,655 $33,613 $765,042 

None of the Company's debt is publicly held and as a result, the Company has determined the estimated fair value of these notes to be Level 3. Certain inputs used to determine fair value are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.

The carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows:
As of March 31, 2024As of December 31, 2023
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueHierarchy Level
Fair Value of Notes Payable$1,820,368 $1,815,856 $1,826,921 $1,815,351 3

Due to their short-term nature, the carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.
v3.24.1.u1
Earnings (Loss) per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) per Share
Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under this method, the Company attributes net income (loss) to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock.

Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs:

1.Assume vesting of restricted stock using the treasury stock method.
2.Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method.

For the three months ended March 31, 2024, basic and diluted loss per share are the same because of the loss position.

The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):
Three Months Ended March 31,
20242023
Basic:  
Net income (loss)$(919)$56,149 
Less income allocated to participating securities(354)(1,254)
Net income (loss) attributable to common stock$(1,273)$54,895 
Earnings (loss) per share, basic$(0.07)$3.09 
Weighted-average shares outstanding17,664 17,766 
Diluted:  
Net income (loss)$(919)$56,149 
Less income allocated to participating securities(354)(1,254)
Net income (loss) attributable to common stock$(1,273)$54,895 
Earnings (loss) per share, diluted$(0.07)$3.09 
Weighted-average shares outstanding17,664 17,766 
Dilutive effect of restricted stock— 104 
Adjusted weighted-average shares outstanding under treasury stock method17,664 17,870 
Participating securities excluded under two-class method— (101)
Adjusted weighted-average shares outstanding under two-class method17,664 17,769 
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Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.
v3.24.1.u1
Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the executive leadership team, which reviews information about the Company's two operating segments: Airline and Sunseeker Resort.

Airline Segment

The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions with the goal of optimizing consolidated financial results.

Sunseeker Resort Segment

The Sunseeker Resort segment operates as a single business unit and includes hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, the Aileron Golf Course and other Resort amenities. The CODM evaluation includes, but is not limited to, demand for hospitality offerings, occupancy rates, room pricing, food and beverage offerings, other charge points at the Resort and competitive information when making resource allocation decisions with the goal of optimizing consolidated financial results.
Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows:
 Three Months Ended March 31, 2024Three Months Ended March 31, 2023
 AirlineSunseekerConsolidatedAirlineSunseekerConsolidated
OPERATING REVENUES:  
Passenger$579,936 $— $579,936 $609,277 $— $609,277 
Third party products33,399 — 33,399 26,037 — 26,037 
Fixed fee contracts18,861 — 18,861 14,117 — 14,117 
Resort and other323 23,887 24,210 251 5 256 
Total operating revenues632,519 23,887 656,406 649,682 5 649,687 
OPERATING EXPENSES:
Salaries and benefits199,508 13,819 213,327 157,521 2,102 159,623 
Aircraft fuel170,087 — 170,087 189,546 — 189,546 
Station operations66,468 — 66,468 61,520 — 61,520 
Depreciation and amortization57,868 5,976 63,844 54,622 58 54,680 
Sales and marketing28,878 1,541 30,419 26,640 288 26,928 
Maintenance and repairs30,278 — 30,278 26,442 — 26,442 
Aircraft lease rentals5,985 — 5,985 7,092 — 7,092 
Other34,315 13,136 47,451 28,711 1,932 30,643 
Special charges, net of recoveries14,915 (1,816)13,099 14 (1,626)(1,612)
Total operating expenses608,302 32,656 640,958 552,108 2,754 554,862 
OPERATING INCOME (LOSS)24,217 (8,769)15,448 97,574 (2,749)94,825 
Interest income(12,241)— (12,241)(10,128)— (10,128)
Interest expense34,737 5,423 40,160 30,343 5,365 35,708 
Capitalized interest(10,859)(326)(11,185)(1,510)(3,670)(5,180)
Capital expenditures122,175 14,004 136,179 92,432 85,620 178,052 
Total assets were as follows as of the dates indicated:
(in thousands)As of March 31, 2024As of December 31, 2023
Airline$4,265,765 $4,213,288 
Sunseeker Resort669,366 656,122 
Consolidated$4,935,131 $4,869,410 
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn April 15, 2024, the Company and the Transport Workers Union of America, AFL-CIO Local 577, representing the Company's flight attendants, ratified a new five-year agreement which includes immediate wage increases ranging from 20 to 41.2 percent. In addition to pay increases, the new agreement includes a greater "duty rig," which will increase the amount of time Flight Attendants are paid for being on duty, an improved 401(k) match, and a cap on healthcare cost share increases. The Company will also pay a one-time $10.0 million lump sum signing bonus on May 8, 2024.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
NET INCOME (LOSS) $ (919) $ 56,149
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Summary of Significant Accounting Policies - (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated.

These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.
v3.24.1.u1
Special Charges (Tables)
 3 Months Ended
Mar. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Summary of Special Charges
The table below summarizes special charges recorded during the three months ended March 31, 2024, and 2023.
Three Months Ended March 31,
(in thousands)20242023
Sunseeker weather and related events$100 $200 
Sunseeker weather and related events, insurance recoveries(1)
(1,916)(1,826)
Accelerated depreciation on airframes identified for early retirement14,915 14 
Total special charges$13,099 $(1,612)

(1) Includes $0.7 million of business interruption insurance recoveries for the three months ended March 31, 2024. No business interruption insurance recoveries were recorded during the three months ended March 31, 2023.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue Recognition [Abstract]  
Disaggregation of Revenue
Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:
Three Months Ended March 31,
(in thousands)20242023
Scheduled service$289,879 $311,728 
Ancillary air-related charges274,793 283,902 
Loyalty redemptions15,264 13,647 
Total passenger revenue$579,936 $609,277 
The Company's resort revenues for the three months ended March 31, 2024 are set forth in the table below:

Three Months Ended March 31,
(in thousands)20242023
Food and beverage10,772 — 
Rooms$9,957 $— 
Other3,158 5 
Total resort revenue$23,887 $5 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table presents the activity of the point liability for the periods indicated:
Three Months Ended March 31,
(in thousands)20242023
Points balance at January 1$70,813 $56,500 
Points awarded (deferral of revenue)15,923 16,780 
Points redeemed (recognition of revenue)(15,271)(13,647)
Points balance at March 31$71,465 $59,633 
v3.24.1.u1
Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
The following table summarizes the Company's property and equipment as of the dates indicated:
(in thousands)March 31, 2024December 31, 2023
Airline
Flight equipment$3,427,671 $3,346,216 
Computer hardware and software293,403 274,927 
Land and buildings/leasehold improvements64,242 63,863 
Other property and equipment111,077 109,727 
Sunseeker Resort
Land and buildings/leasehold improvements571,002 559,112 
Other property and equipment56,650 53,743 
Construction in progress3,596 4,389 
Total property and equipment4,527,641 4,411,977 
Less accumulated depreciation and amortization(1,004,298)(964,866)
Property and equipment, net$3,523,343 $3,447,111 
v3.24.1.u1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:
(in thousands)March 31, 2024December 31, 2023
Fixed-rate debt and finance lease obligations due through 2032$1,811,098 $1,834,754 
Variable-rate debt due through 2029437,650 424,900 
Total long-term debt and finance lease obligations, net of related costs2,248,748 2,259,654 
Less current maturities, net of related costs459,171 439,937 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,789,577 $1,819,717 
Weighted average fixed-interest rate on debt6.3%6.3%
Weighted average variable-interest rate on debt7.9%7.9%
Interest Rate(s) Per Annum atBalance as of
(dollars in thousands)Maturity DatesMarch 31, 2024March 31, 2024December 31, 2023
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2024-20292.92%-5.19%126,762 130,650 
Revolving credit facilities2024-20277.92%200,000 200,000 
Debt secured by aircraft, engines, other equipment and real estate2025-20311.87%-8.25%593,606 596,271 
Finance leases2028-20324.44%-7.01%449,044 455,248 
Construction loan agreement20285.75%350,000 350,000 
Total debt$2,269,412 $2,282,169 
Related costs(20,664)(22,515)
Total debt net of related costs$2,248,748 $2,259,654 
Schedule of Maturities of Long-Term Debt
Maturities of long term debt as of March 31, 2024, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of March 31, 2024
Remaining in 2024$429,032 
2025180,611 
2026176,151 
2027709,354 
2028328,569 
2029142,531 
Thereafter282,500 
Total debt and finance lease obligations, net of related costs$2,248,748 
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value On a Recurring Basis
Financial instruments measured at fair value on a recurring basis:
As of March 31, 2024As of December 31, 2023
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Commercial paper$45,906 $— $45,906 $19,575 $— $19,575 
Money market funds31,427 31,427 — 33,613 33,613 — 
US Treasury bonds24,746 — 24,746 2,000 — 2,000 
Municipal debt securities20,004 — 20,004 7,848 — 7,848 
Federal agency debt securities12,077 — 12,077 8,201 — 8,201 
Total cash equivalents134,160 31,427 102,733 71,237 33,613 37,624 
Short-term     
Corporate debt securities225,735 — 225,735 210,982 — 210,982 
Commercial paper221,827 — 221,827 237,870 — 237,870 
Federal agency debt securities140,588 — 140,588 194,522 — 194,522 
Municipal debt securities14,013 — 14,013 13,914 — 13,914 
US Treasury Bonds7,298 — 7,298 14,126 — 14,126 
Certificate of deposit7,000 — 7,000 — — — 
Total short-term616,461 — 616,461 671,414 — 671,414 
Long-term      
Corporate debt securities39,054 — 39,054 43,869 — 43,869 
Federal agency debt securities4,745 — 4,745 12,135 — 12,135 
Total long-term43,799 — 43,799 56,004 — 56,004 
Total financial instruments$794,420 $31,427 $762,993 $798,655 $33,613 $765,042 
Fair Value, Liabilities Measured on Recurring Basis
The carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows:
As of March 31, 2024As of December 31, 2023
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueHierarchy Level
Fair Value of Notes Payable$1,820,368 $1,815,856 $1,826,921 $1,815,351 3
v3.24.1.u1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Computation of Net Income Per Share, Basic and Diluted
The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):
Three Months Ended March 31,
20242023
Basic:  
Net income (loss)$(919)$56,149 
Less income allocated to participating securities(354)(1,254)
Net income (loss) attributable to common stock$(1,273)$54,895 
Earnings (loss) per share, basic$(0.07)$3.09 
Weighted-average shares outstanding17,664 17,766 
Diluted:  
Net income (loss)$(919)$56,149 
Less income allocated to participating securities(354)(1,254)
Net income (loss) attributable to common stock$(1,273)$54,895 
Earnings (loss) per share, diluted$(0.07)$3.09 
Weighted-average shares outstanding17,664 17,766 
Dilutive effect of restricted stock— 104 
Adjusted weighted-average shares outstanding under treasury stock method17,664 17,870 
Participating securities excluded under two-class method— (101)
Adjusted weighted-average shares outstanding under two-class method17,664 17,769 
v3.24.1.u1
Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows:
 Three Months Ended March 31, 2024Three Months Ended March 31, 2023
 AirlineSunseekerConsolidatedAirlineSunseekerConsolidated
OPERATING REVENUES:  
Passenger$579,936 $— $579,936 $609,277 $— $609,277 
Third party products33,399 — 33,399 26,037 — 26,037 
Fixed fee contracts18,861 — 18,861 14,117 — 14,117 
Resort and other323 23,887 24,210 251 5 256 
Total operating revenues632,519 23,887 656,406 649,682 5 649,687 
OPERATING EXPENSES:
Salaries and benefits199,508 13,819 213,327 157,521 2,102 159,623 
Aircraft fuel170,087 — 170,087 189,546 — 189,546 
Station operations66,468 — 66,468 61,520 — 61,520 
Depreciation and amortization57,868 5,976 63,844 54,622 58 54,680 
Sales and marketing28,878 1,541 30,419 26,640 288 26,928 
Maintenance and repairs30,278 — 30,278 26,442 — 26,442 
Aircraft lease rentals5,985 — 5,985 7,092 — 7,092 
Other34,315 13,136 47,451 28,711 1,932 30,643 
Special charges, net of recoveries14,915 (1,816)13,099 14 (1,626)(1,612)
Total operating expenses608,302 32,656 640,958 552,108 2,754 554,862 
OPERATING INCOME (LOSS)24,217 (8,769)15,448 97,574 (2,749)94,825 
Interest income(12,241)— (12,241)(10,128)— (10,128)
Interest expense34,737 5,423 40,160 30,343 5,365 35,708 
Capitalized interest(10,859)(326)(11,185)(1,510)(3,670)(5,180)
Capital expenditures122,175 14,004 136,179 92,432 85,620 178,052 
Total assets were as follows as of the dates indicated:
(in thousands)As of March 31, 2024As of December 31, 2023
Airline$4,265,765 $4,213,288 
Sunseeker Resort669,366 656,122 
Consolidated$4,935,131 $4,869,410 
v3.24.1.u1
Special Charges - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2023
Aircraft
Mar. 31, 2024
USD ($)
Aircraft
Dec. 31, 2023
Aircraft
Unusual or Infrequent Item, or Both [Line Items]      
Number of aircraft retired | Aircraft 21 2 2
Hurricane Ian      
Unusual or Infrequent Item, or Both [Line Items]      
Unusual or infrequent item, or both, loss, gross   $ 78.2  
Unusual or infrequent item, or both, insurance proceeds   $ 52.5  
v3.24.1.u1
Special Charges - Summary of Special Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]    
Sunseeker weather and related events $ 100 $ 200
Sunseeker weather and related events, insurance recoveries(1) (1,916) (1,826)
Accelerated depreciation on airframes identified for early retirement 14,915 14
Total special charges 13,099 $ (1,612)
Proceeds from business interruption insurance $ 700  
v3.24.1.u1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 579,936 $ 609,277
Passenger Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 579,936 609,277
Resort Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 23,887 5
Scheduled service | Passenger Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 289,879 311,728
Ancillary air-related charges | Passenger Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 274,793 283,902
Loyalty redemptions | Passenger Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 15,264 13,647
Rooms | Resort Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 9,957 0
Food and beverage | Resort Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 10,772 0
Total resort revenue | Resort Revenue    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 3,158 $ 5
v3.24.1.u1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands, number in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Revenue Recognition [Abstract]    
Contract with Customer, Liability, Current $ 432,561 $ 353,488
Contract with Customer, Liability, Forward Bookings 37760.00%  
Contract with Customer, Liability, Credit Voucher Bookings 5500.00%  
Revenue, Performance Obligation, Description of Timing 12 months  
Air Traffic Liability, Recognized   $ 353,500
v3.24.1.u1
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue Recognition [Abstract]    
Points balance at January 1 $ 70,813 $ 56,500
Points awarded (deferral of revenue) 15,923 16,780
Points redeemed (recognition of revenue) (15,271) (13,647)
Points balance at March 31 $ 71,465 $ 59,633
v3.24.1.u1
Property and Equipment (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Aircraft
Dec. 31, 2023
USD ($)
Property, Plant and Equipment [Line Items]    
Flight equipment $ 3,427,671 $ 3,346,216
Computer hardware and software 293,403 274,927
Land and buildings/leasehold improvements 64,242 63,863
Other property and equipment 111,077 109,727
Total property and equipment 4,527,641 4,411,977
Less accumulated depreciation and amortization 1,004,298 964,866
Property and equipment, net $ 3,523,343 3,447,111
Number Of Aircraft Committed To Purchase | Aircraft 50  
Capital Expenditures Incurred but Not yet Paid $ 40,900 71,700
Sunseeker Resort    
Property, Plant and Equipment [Line Items]    
Land and buildings/leasehold improvements 571,002 559,112
Other property and equipment 56,650 53,743
Construction in progress $ 3,596 $ 4,389
v3.24.1.u1
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Secured Long-term Debt, Noncurrent $ 2,248,748 $ 2,259,654
Less current maturities 459,171 439,937
Long-term debt and capital leases, net of current maturities and related costs 1,789,577 1,819,717
Finance Lease, Liability 449,044 455,248
Debt and Lease Obligation (20,664) (22,515)
Debt Issuance Costs, Net $ 2,248,748 2,259,654
Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.44%  
Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 7.01%  
Weighted average fixed-interest rate on debt    
Debt Instrument [Line Items]    
Notes Payable $ 1,811,098 $ 1,834,754
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.30% 6.30%
Weighted average variable-interest rate on debt    
Debt Instrument [Line Items]    
Notes Payable $ 437,650 $ 424,900
Long-term Debt, Weighted Average Interest Rate, at Point in Time 7.90% 7.90%
Construction Loan Agreement Due 2032    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 350,000 $ 350,000
Debt instrument, interest rate, stated percentage 5.75%  
Revolving Credit Facilities Due 2027 | Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 200,000 200,000
Debt instrument, interest rate, stated percentage 7.92%  
Senior Secured Notes Due 2027 | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 550,000 550,000
Senior Secured Notes Due 2027 | Senior Notes | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 7.25%  
Consolidated Variable Interest Entities Due 2029    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 126,762 130,650
Consolidated Variable Interest Entities Due 2029 | Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.92%  
Consolidated Variable Interest Entities Due 2029 | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.19%  
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 593,606 596,271
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 1.87%  
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 8.25%  
Long-term Debt [Member] | Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 2,269,412 $ 2,282,169
v3.24.1.u1
Long-Term Debt - Summary of Maturities of Long-Term Debt (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Schedule of Maturities of Long-Term Debt [Abstract]  
Remaining in 2024 $ 429,032
2025 180,611
2026 176,151
2027 709,354
2028 328,569
2029 142,531
Thereafter 282,500
Total debt and finance lease obligations, net of related costs $ 2,248,748
v3.24.1.u1
Long-Term Debt - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2024
May 31, 2023
Revolving Credit Facility      
Debt Instrument [Line Items]      
Proceeds from lines of credit   $ 18.8  
Line of Credit | Secured Debt      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity     $ 218.5
Long-Term Debt, Term 12 years 12 years  
Line of Credit | Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Term 3 months    
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income Tax Expense (Benefit) $ (418) $ 18,269
Effective Income Tax Rate Reconciliation, Percent 31.30% 24.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Income Tax Expense (Benefit), Discrete Items $ 200  
v3.24.1.u1
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale $ 794,420 $ 798,655
Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 31,427 33,613
Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 762,993 765,042
Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 134,160 71,237
Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 31,427 33,613
Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 102,733 37,624
Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 616,461 671,414
Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 616,461 671,414
Long Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 43,799 56,004
Long Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Long Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 43,799 56,004
Money market funds | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 31,427 33,613
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 31,427 33,613
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Commercial paper | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 45,906 19,575
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 45,906 19,575
Commercial paper | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 221,827 237,870
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 221,827 237,870
Municipal debt securities | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 20,004 7,848
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 20,004 7,848
Municipal debt securities | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 14,013 13,914
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 14,013 13,914
US Treasury Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 7,298 14,126
US Treasury Bonds | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
US Treasury Bonds | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 7,298 14,126
US Treasury Bonds | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 24,746 2,000
US Treasury Bonds | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
US Treasury Bonds | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 24,746 2,000
Corporate debt securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 39,054 43,869
Corporate debt securities | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 39,054 43,869
Corporate debt securities | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 225,735 210,982
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 225,735 210,982
Federal agency debt securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 12,077 8,201
Debt Securities, Available-for-Sale 4,745 12,135
Federal agency debt securities | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Debt Securities, Available-for-Sale 0 0
Federal agency debt securities | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 12,077 8,201
Debt Securities, Available-for-Sale 4,745 12,135
Federal agency debt securities | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 140,588 194,522
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 140,588 194,522
Certificates of Deposit    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 7,000 0
Certificates of Deposit | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Certificates of Deposit | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale $ 7,000 $ 0
v3.24.1.u1
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Secured Long-term Debt, Noncurrent $ 2,248,748 $ 2,259,654
Non-Publicly Held Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Secured Long-term Debt, Noncurrent 1,820,368 1,826,921
Non-Publicly Held Debt | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt, Fair Value $ 1,815,856 $ 1,815,351
v3.24.1.u1
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Basic:    
Net income (loss) $ (919) $ 56,149
Less income allocated to participating securities (354) (1,254)
Net income (loss) attributable to common stock $ (1,273) $ 54,895
Net income per share, basic (in dollars per share) $ (0.07) $ 3.09
Weighted-average shares outstanding (in shares) 17,664 17,766
Diluted:    
Net income (loss) $ (919) $ 56,149
Less income allocated to participating securities (354) (1,254)
Net income (loss) attributable to common stock $ (1,273) $ 54,895
Earnings (loss) per share, diluted (in dollars per share) $ (0.07) $ 3.09
Weighted-average shares outstanding ( in shares) 17,664 17,766
Dilutive effect of stock options and restricted stock (in shares) 0 104
Adjusted weighted-average shares outstanding under treasury stock method (in shares) 17,664 17,870
Participating securities excluded under two-class method (in shares) 0 (101)
Adjusted weighted-average shares outstanding under two-class method (in shares) 17,664 17,769
v3.24.1.u1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of Operating Segments 2
v3.24.1.u1
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Passenger $ 579,936 $ 609,277  
Third party products 33,399 26,037  
Fixed fee contracts 18,861 14,117  
Resort and other 24,210 256  
Total operating revenues 656,406 649,687  
Salaries and benefits 213,327 159,623  
Aircraft fuel 170,087 189,546  
Station operations 66,468 61,520  
Depreciation and amortization 63,844 54,680  
Selling and Marketing Expense 30,419 26,928  
Maintenance and repairs 30,278 26,442  
Aircraft lease rentals 5,985 7,092  
Other 47,451 30,643  
Special charges, net of recoveries 13,099 (1,612)  
Total operating expenses 640,958 554,862  
OPERATING INCOME 15,448 94,825  
Interest (income) (12,241) (10,128)  
Interest expense 40,160 35,708  
Capitalized interest (11,185) (5,180)  
Capital expenditures 136,179 178,052  
Assets 4,935,131   $ 4,869,410
Airline      
Segment Reporting Information [Line Items]      
Passenger 579,936 609,277  
Third party products 33,399 26,037  
Fixed fee contracts 18,861 14,117  
Resort and other 323 251  
Total operating revenues 632,519 649,682  
Salaries and benefits 199,508 157,521  
Aircraft fuel 170,087 189,546  
Station operations 66,468 61,520  
Depreciation and amortization 57,868 54,622  
Selling and Marketing Expense 28,878 26,640  
Maintenance and repairs 30,278 26,442  
Aircraft lease rentals 5,985 7,092  
Other 34,315 28,711  
Special charges, net of recoveries 14,915 14  
Total operating expenses 608,302 552,108  
OPERATING INCOME 24,217 97,574  
Interest (income) (12,241) (10,128)  
Interest expense 34,737 30,343  
Capitalized interest (10,859) (1,510)  
Capital expenditures 122,175 92,432  
Assets 4,265,765   4,213,288
Sunseeker Resort      
Segment Reporting Information [Line Items]      
Passenger 0 0  
Third party products 0 0  
Fixed fee contracts 0 0  
Resort and other 23,887 5  
Total operating revenues 23,887 5  
Salaries and benefits 13,819 2,102  
Aircraft fuel 0 0  
Station operations 0 0  
Depreciation and amortization 5,976 58  
Selling and Marketing Expense 1,541 288  
Maintenance and repairs 0 0  
Aircraft lease rentals 0 0  
Other 13,136 1,932  
Special charges, net of recoveries (1,816) (1,626)  
Total operating expenses 32,656 2,754  
OPERATING INCOME (8,769) (2,749)  
Interest (income) 0 0  
Interest expense 5,423 5,365  
Capitalized interest (326) (3,670)  
Capital expenditures 14,004 $ 85,620  
Assets $ 669,366   $ 656,122
v3.24.1.u1
Subsequent Events (Details) - USD ($)
$ in Millions
Apr. 15, 2024
Mar. 31, 2024
Minimum [Member]    
Subsequent Event [Line Items]    
Salary And Wages, Increase Wage Percentage   20.00%
Subsequent Event    
Subsequent Event [Line Items]    
Salary And Wage, Wage Increase Agreement Term 5 years  
Salary And Wages, Increase Wage Percentage 41.20%  
Salary And Wages, Lump Sum Bonus Payment $ 10