Allegiant Travel (ALGT) 10-Q7 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 21, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-33166
Entity Registrant Name	Allegiant Travel Co
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-4745737
Entity Address, Address Line One	1201 North Town Center Drive
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89144
City Area Code	702
Local Phone Number	851-7300
Title of 12(b) Security	Common stock, par value $0.001
Trading Symbol	ALGT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,447,113
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001362468
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS_(un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 152,239	$ 229,989
Restricted cash	16,381	15,457
Short-term investments	825,167	725,063
Accounts receivable	47,147	106,578
Expendable parts, supplies and fuel, net	34,566	35,546
Prepaid expenses and other current assets	132,998	161,636
TOTAL CURRENT ASSETS	1,208,498	1,274,269
Property and equipment, net	3,176,517	2,810,693
Long-term investments	69,296	63,318
Deferred major maintenance, net	168,137	157,410
Operating lease right-of-use assets, net	110,493	111,679
Deposits and other assets	96,605	93,928
TOTAL ASSETS:	4,829,546	4,511,297
TOTAL ASSETS:
Accounts payable	63,995	58,335
Accrued liabilities	263,358	226,276
Current operating lease liabilities	21,088	19,973
Air traffic liability	411,131	379,459
Loyalty program liability	37,718	32,888
Current maturities of long-term debt and finance lease obligations, net of related costs	270,216	152,900
TOTAL CURRENT LIABILITIES	1,067,506	869,831
Long-term debt and finance lease obligations, net of current maturities and related costs	1,887,785	1,944,078
Deferred income taxes	371,044	346,388
Noncurrent operating lease liabilities	92,285	94,972
Loyalty program liability	27,127	23,612
Other noncurrent liabilities	10,238	11,718
TOTAL LIABILITIES:	3,455,985	3,290,599
TOTAL LIABILITIES:
Common stock, par value $0.001	26	25
Treasury shares	(671,224)	(660,023)
Additional paid in capital	727,534	709,471
Accumulated other comprehensive income, net	2,639	1,257
Retained earnings	1,314,586	1,169,968
TOTAL EQUITY:	1,373,561	1,220,698
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:	$ 4,829,546	$ 4,511,297

CONSOLIDATED BALANCE SHEETS_(_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING REVENUES:
Passenger	$ 642,747	$ 592,604	$ 1,252,023	$ 1,056,566
Third party products	28,904	27,787	54,942	50,267
Fixed fee contracts	11,741	8,920	25,858	22,305
Other	418	536	674	818
Total operating revenues	683,810	629,847	1,333,497	1,129,956
OPERATING EXPENSES:
Aircraft fuel	162,611	257,288	352,157	421,425
Salaries and benefits	177,170	139,681	336,793	273,691
Station operations	66,715	66,909	128,234	132,652
Depreciation and amortization	53,933	49,183	108,613	95,526
Maintenance and repairs	33,634	31,123	60,076	58,943
Sales and marketing	29,868	27,297	56,796	49,647
Aircraft lease rentals	5,975	5,451	13,067	11,584
Other	31,683	26,643	62,328	52,845
Special charges, net of recovery	(11,208)	142	(12,820)	284
Total operating expenses	550,381	603,717	1,105,244	1,096,597
OPERATING INCOME	133,429	26,130	228,253	33,359
OTHER (INCOME) EXPENSES:
Interest expense	37,765	24,497	73,473	44,288
Capitalized interest	(8,881)	(2,082)	(14,061)	(3,298)
Interest income	(11,845)	(2,218)	(21,974)	(2,991)
Other, net	45	101	52	95
Total other expenses	17,084	20,298	37,490	38,094
INCOME (LOSS) BEFORE INCOME TAXES	116,345	5,832	190,763	(4,735)
INCOME TAX PROVISION (BENEFIT)	27,876	1,474	46,145	(1,212)
NET INCOME (LOSS)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)
Earnings (loss) per share to common shareholders:
Basic (in dollars per share)	$ 4.80	$ 0.24	$ 7.85	$ (0.20)
Diluted (in dollars per share)	$ 4.80	$ 0.24	$ 7.84	$ (0.20)
Shares used for computation:
Basic (in shares)	17,677	17,987	17,840	17,970
Diluted (in shares)	17,683	18,006	17,861	17,970

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)
Other comprehensive income:
Change in available for sale securities, net of tax	(603)	(2,667)	1,383	688
Total other comprehensive income (loss)	(603)	(2,667)	1,383	688
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 87,866	$ 1,691	$ 146,001	$ (2,835)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings	Treasury shares	Parent
Beginning balance (in shares) at Dec. 31, 2021		18,111
Par value, beginning balance at Dec. 31, 2021		$ 25
Beginning balance at Dec. 31, 2021	$ 1,223,552		$ 692,053	$ 2,056	$ 1,167,475	$ (638,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		39
Share-based compensation			6,929				$ 6,929
Stock issued under employee stock purchase plan (in shares)		30
Stock issued under employee stock purchase plan						4,725	4,725
Other comprehensive income (loss)	688			688			688
Net income (loss)					(3,523)		(3,523)
Ending balance (in shares) at Jun. 30, 2022		18,180
Par value, ending balance at Jun. 30, 2022		$ 25
Ending balance at Jun. 30, 2022	1,232,371		698,982	2,744	1,163,952	(633,332)
Beginning balance (in shares) at Mar. 31, 2022		18,119
Par value, beginning balance at Mar. 31, 2022		$ 25
Beginning balance at Mar. 31, 2022	1,222,296		695,323	5,411	1,159,594	(638,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		31
Share-based compensation			3,659				3,659
Stock issued under employee stock purchase plan (in shares)		30
Stock issued under employee stock purchase plan						4,725	4,725
Other comprehensive income (loss)	(2,667)			(2,667)			(2,667)
Net income (loss)					4,358		4,358
Ending balance (in shares) at Jun. 30, 2022		18,180
Par value, ending balance at Jun. 30, 2022		$ 25
Ending balance at Jun. 30, 2022	1,232,371		698,982	2,744	1,163,952	(633,332)
Beginning balance (in shares) at Dec. 31, 2022		18,128
Par value, beginning balance at Dec. 31, 2022	25	$ 25
Beginning balance at Dec. 31, 2022	1,220,698		709,471	1,257	1,169,968	(660,023)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		438
Share-based compensation		$ 1	18,063				18,064
Shares repurchased by the Company and held as treasury shares (in shares)		(157)
Shares repurchased by the Company and held as treasury shares						(15,433)	(15,433)
Stock issued under employee stock purchase plan (in shares)		41
Stock issued under employee stock purchase plan						4,232	4,232
Other comprehensive income (loss)	1,383			1,382			1,382
Net income (loss)					144,618		144,618
Ending balance (in shares) at Jun. 30, 2023		18,450
Par value, ending balance at Jun. 30, 2023	26	$ 26
Ending balance at Jun. 30, 2023	1,373,561		727,534	2,639	1,314,586	(671,224)
Beginning balance (in shares) at Mar. 31, 2023		17,998
Par value, beginning balance at Mar. 31, 2023		$ 25
Beginning balance at Mar. 31, 2023	1,271,397		714,506	3,242	1,226,117	(672,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		443
Share-based compensation		$ 1	13,028				13,029
Shares repurchased by the Company and held as treasury shares (in shares)		(32)
Shares repurchased by the Company and held as treasury shares						(2,963)	(2,963)
Stock issued under employee stock purchase plan (in shares)		41
Stock issued under employee stock purchase plan						4,232	4,232
Other comprehensive income (loss)	(603)			(603)			(603)
Net income (loss)					88,469		$ 88,469
Ending balance (in shares) at Jun. 30, 2023		18,450
Par value, ending balance at Jun. 30, 2023	26	$ 26
Ending balance at Jun. 30, 2023	$ 1,373,561		$ 727,534	$ 2,639	$ 1,314,586	$ (671,224)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Statement of Cash Flows [Abstract]
NET INCOME (LOSS)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)
Depreciation and amortization	53,933	49,183	108,613	95,526
Special charges, net of recovery			(13,153)	284
Other adjustments			35,991	13,657
Air traffic liability			31,672	143,634
Other - net			38,871	(21,796)
Net cash provided by operating activities			346,612	227,782
Cash flows from investing activities:
Purchase of investment securities			(596,669)	(672,318)
Proceeds from maturities of investment securities			503,069	675,656
Aircraft pre-delivery deposits			(157,355)	(51,111)
Purchase of property and equipment			(282,920)	(205,158)
Other investing activities			16,066	645
Net cash used in investing activities			(517,809)	(252,286)
Cash flows from financing activities:
Proceeds from the issuance of debt and finance lease obligations			208,163	195,800
Repurchase of common stock			(15,434)	0
Principal payments on debt and finance lease obligations			(149,369)	(70,502)
Debt issuance costs			(1,422)	(669)
Sunseeker construction financing disbursements/(deposits)			48,200	(87,500)
Other financing activities			4,233	4,725
Net cash provided by financing activities			94,371	41,854
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			(76,826)	17,350
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD			245,446	400,701	$ 400,701
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 168,620	$ 418,051	168,620	418,051	$ 245,446
CASH PAYMENTS FOR:
Interest paid, net of amount capitalized			68,347	36,828
Income tax payments (receipts)			623	(46)
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
Right-of-use (ROU) assets acquired			8,320	0
Flight equipment acquired under finance leases			0	90,476
Purchases of property and equipment in accrued liabilities			$ 61,922	$ 45,887

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2022 and filed with the Securities and Exchange Commission.

Hurricane Ian

Hurricane Ian	6 Months Ended
Hurricane Ian	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Hurricane Ian	Sunseeker Special Charges As a result of Hurricane Ian's direct hit on the southwest coast of Florida on September 28, 2022, the construction site of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was damaged. Additionally in the fourth quarter of 2022, there was another weather-related event and a fire that caused additional damage. Based on the Company’s assessment of these damages and the anticipated future restoration costs, an estimated loss of $52.1 million was recorded as a special charge in 2022, which was offset by $18.1 million of recorded insurance recoveries during 2022. During the quarter ended June 30, 2023, the Company recorded $11.3 million of insurance recoveries. The recoveries are offset by $0.1 million of additional losses recorded during the quarter, resulting in a special charge of $(11.2) million. To date, the Company has recorded insurance recoveries of $31.2 million related to Hurricane Ian and subsequent insurance events.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2023
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Passenger Revenue Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Scheduled service $ 319,338 $ 297,343 $ 631,065 $ 521,196 Ancillary air-related charges 309,735 283,551 593,637 513,016 Loyalty redemptions 13,674 11,710 27,321 22,354 Total passenger revenue $ 642,747 $ 592,604 $ 1,252,023 $ 1,056,566 Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when the underlying service is provided. As of June 30, 2023, the air traffic liability balance was $411.1 million, of which approximately $357.4 million was related to forward bookings, with the remaining $53.7 million related to credit vouchers for future travel. The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $379.5 million that was recorded in the air traffic liability balance as of December 31, 2022, approximately 85.3 percent was recognized into passenger revenue during the six months ended June 30, 2023. In 2020, the Company announced that credit vouchers issued for canceled travel beginning in January 2020 would have an extended expiration date of two years from the original booking date. This policy continued for vouchers issued through June 30, 2021. Effective July 1, 2021, vouchers issued have an expiration date of one year from the original booking date. The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete. Estimates of passenger revenue to be recognized from air traffic liability for credit voucher breakage may be subject to variability and differ from historical experience due to the change in contract duration and uncertainty regarding demand for future air travel. Loyalty redemptions In relation to the travel component of the Allways® Allegiant co-branded credit card contract with Bank of America, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions. Therefore, consideration received from Bank of America related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards program, points earned through the program are deferred based on the stand-alone selling price and recognized into passenger revenue when the points are redeemed and the underlying service is provided. The following table presents the activity of the point liability for the periods indicated: Six Months Ended June 30, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 35,625 35,821 Points redeemed (recognition of revenue) (27,321) (22,354) Points balance at June 30 $ 64,845 $ 53,957

Property and Equipment

Property and Equipment	6 Months Ended
Property and Equipment	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	Property and Equipment The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,159,940 $ 2,937,767 Computer hardware and software 236,631 209,808 Land and buildings/leasehold improvements 62,858 62,227 Other property and equipment 103,649 95,156 Sunseeker Resort 503,269 320,572 Total property and equipment 4,066,347 3,625,530 Less accumulated depreciation and amortization (889,830) (814,837) Property and equipment, net $ 3,176,517 $ 2,810,693 Accrued capital expenditures as of June 30, 2023 and December 31, 2022 were $61.9 million and $54.6 million, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,797,006 $ 1,720,998 Variable-rate debt due through 2029 360,995 375,980 Total debt and finance lease obligations 2,158,001 2,096,978 Less current maturities 270,216 152,900 Long-term debt and finance lease obligations, net of current maturities $ 1,887,785 $ 1,944,078 Weighted average fixed-interest rate on debt 6.5% 6.5% Weighted average variable-interest rate on debt 7.2% 6.1% Interest Rate(s) Per Annum at As of (in thousands) Maturity Dates June 30, 2023 June 30, 2023 December 31, 2022 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.09% 101,091 79,453 Revolving credit facilities 2024 — 2027 7.74% 118,791 30,327 Debt secured by aircraft, engines, other equipment and real estate 2025 — 2029 1.87 % — 8.02% 441,925 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 467,394 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,179,201 $ 2,120,443 Related costs (21,200) (23,465) Total debt net of related costs $ 2,158,001 $ 2,096,978 Maturities of long term debt as of June 30, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of June 30, 2023 Remaining in 2023 $ 59,762 2024 397,439 2025 180,237 2026 174,031 2027 728,415 2028 288,190 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,158,001 Revolving Credit Facility In February 2023, the Company, through a wholly owned subsidiary, entered into a credit agreement with Credit Agricole Corporate and Investment Bank, under which the Company is entitled to borrow up to $100.0 million. This revolving credit facility replaced a revolving credit facility with the same lender which was to expire in March 2023. The revolving credit facility has a maturity date of March 31, 2026 and the borrowing ability is based on the value of aircraft and engines placed into the collateral pool. The notes under the facility bear interest at a floating rate based on SOFR. As of June 30, 2023, the facility remains undrawn. During the six months ended June 30, 2023, the Company received $88.5 million in advances on a pre-delivery payment (PDP) credit facility secured by the Company's Boeing aircraft purchase rights. The notes under the facility bear interest at a floating interest rate based on SOFR and mature on December 31, 2024. Consolidated Variable Interest Entities In February 2023, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $27.0 million secured by one Airbus A320 series aircraft. The trust was funded on inception. The borrowing bears interest at a rate of 2.92 percent and is payable in monthly installments through February 2029, at which time the Company will have a purchase option at a fixed amount. Other Secured Debt In May 2023, the Company borrowed $92.7 million under a loan agreement secured by six Airbus A320 series aircraft. The notes bear interest at a fixed rate, payable in quarterly installments maturing in May 2028. Debt Extinguishment

Income Taxes (Notes)

Income Taxes (Notes)	6 Months Ended
Income Taxes (Notes)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded a $27.9 million income tax expense at an effective tax rate of 24.0 percent and a $1.5 million income tax expense at a 25.3 percent effective tax rate for the three months ended June 30, 2023 and 2022, respectively. The effective tax rate for the three months ended June 30, 2023 differed from the statutory Federal income tax rate of 21.0 percent primarily due to state income taxes and the impact of permanent tax differences. While the Company expects its effective tax rate to be fairly consistent in the near term, it will vary depending on recurring items such as the amount of income earned in each state and the state tax rate applicable to such income. Discrete items during interim periods may also affect the Company's tax rates.The Company recorded a $46.1 million income tax expense at an effective tax rate of 24.2 percent and a $1.2 million income tax benefit at a 25.6 percent effective tax rate for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate for the six months ended June 30, 2023 differed from the statutory Federal income tax rate of 21.0 percent primarily due to state income taxes and the impact of permanent tax differences, none of which are individually significant.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2023. Financial instruments measured at fair value on a recurring basis: As of June 30, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 34,211 $ 34,211 $ — $ 88,073 $ 88,073 $ — Commercial paper 25,946 — 25,946 50,791 — 50,791 Municipal debt securities 7,998 — 7,998 8,599 — 8,599 Federal agency debt securities 2,296 — 2,296 — — — Total cash equivalents 70,451 34,211 36,240 147,463 88,073 59,390 Short-term Commercial paper 367,982 — 367,982 421,279 — 421,279 Federal agency debt securities 219,032 — 219,032 107,222 — 107,222 Corporate debt securities 189,954 — 189,954 166,136 — 166,136 US Treasury Bonds 30,713 — 30,713 — — — Municipal debt securities 17,486 — 17,486 30,426 — 30,426 Total short-term 825,167 — 825,167 725,063 — 725,063 Long-term Federal agency debt securities 32,921 — 32,921 20,050 — 20,050 Corporate debt securities 22,915 — 22,915 35,688 — 35,688 Municipal debt securities 13,460 — 13,460 7,580 — 7,580 Total long-term 69,296 — 69,296 63,318 — 63,318 Total financial instruments $ 964,914 $ 34,211 $ 930,703 $ 935,844 $ 88,073 $ 847,771 None of the Company's debt is publicly held and as a result, the Company has determined the estimated fair value of these notes to be Level 3. Certain inputs used to determine fair value are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of June 30, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,711,807 $ 1,719,626 $ 1,626,114 $ 1,561,939 3 Due to their short-term nature, the carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
Earnings (Loss) per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under this method, the Company attributes net income (loss) to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the six months ended June 30, 2022, basic and diluted loss per share are the same because of the loss position. The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,660) (39) (4,663) — Net income (loss) attributable to common stock $ 84,809 $ 4,319 $ 139,955 $ (3,523) Earnings (loss) per share, basic $ 4.80 $ 0.24 $ 7.85 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Diluted: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,659) (39) (4,657) — Net income (loss) attributable to common stock $ 84,810 $ 4,319 $ 139,961 $ (3,523) Earnings (loss) per share, diluted $ 4.80 $ 0.24 $ 7.84 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Dilutive effect of stock options and restricted stock 211 31 168 — Adjusted weighted-average shares outstanding under treasury stock method 17,888 18,018 18,008 17,970 Participating securities excluded under two-class method (205) (12) (147) — Adjusted weighted-average shares outstanding under two-class method 17,683 18,006 17,861 17,970

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	Segments Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the executive leadership team, which reviews information about the Company's two operating segments: Airline and Sunseeker Resort. Airline Segment The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions with the goal of optimizing consolidated financial results. Sunseeker Resort Segment The Sunseeker Resort segment represents activity related to the development and construction of Sunseeker Resort in Southwest Florida, as well as the renovation of Aileron Golf Course (formerly known as Kingsway Golf Course). Plans for the resort include a 500-room hotel and two towers offering more than 180 one, two and three-bedroom suites, bar and restaurant options, and other amenities. The golf course is a short drive from the resort and is considered, from a planning and strategic perspective, to be an additional resort amenity. The construction of Sunseeker Resort is an extension of the Company's leisure travel focus and it is expected that many customers flying to Southwest Florida on Allegiant will elect to stay at this resort and enjoy its amenities. Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Consolidated Three Months Ended June 30, 2023 Operating revenue: Passenger $ 642,747 $ — $ 642,747 Third party products 28,904 — 28,904 Fixed fee contracts 11,741 — 11,741 Other 418 — 418 Operating income 127,508 5,921 133,429 Interest expense, net (1) 20,252 5,426 25,678 Capitalized interest (3,409) (5,472) (8,881) Depreciation and amortization 53,843 90 53,933 Capital expenditures 176,023 97,019 273,042 Three Months Ended June 30, 2022 Operating revenue: Passenger $ 592,604 $ — $ 592,604 Third party products 27,787 — 27,787 Fixed fee contracts 8,920 — 8,920 Other 536 — 536 Operating income (loss) 27,882 (1,752) 26,130 Interest expense, net (1) 18,325 3,954 22,279 Capitalized interest (923) (1,159) (2,082) Depreciation and amortization 49,170 13 49,183 Capital expenditures 96,023 73,595 169,618 (in thousands) Airline Sunseeker Resort Consolidated Six Months Ended June 30, 2023 Operating revenue: Passenger $ 1,252,023 $ — $ 1,252,023 Third party products 54,942 — 54,942 Fixed fee contract 25,858 — 25,858 Other 669 5 674 Operating income 225,081 3,172 228,253 Interest expense, net (1) 40,502 10,791 51,293 Capitalized interest (4,919) (9,142) (14,061) Depreciation and amortization 108,465 148 108,613 Capital expenditures 268,627 182,639 451,266 Six Months Ended June 30, 2022 Operating revenue: Passenger $ 1,056,566 $ — $ 1,056,566 Third party products 50,267 — 50,267 Fixed fee contract 22,305 — 22,305 Other 818 — 818 Operating income (loss) 38,059 (4,700) 33,359 Interest expense, net (1) 34,661 6,636 41,297 Capitalized interest (1,431) (1,867) (3,298) Depreciation and amortization 95,509 17 95,526 Capital expenditures 238,201 137,376 375,577 (1) Excludes losses (net of gains) on debt extinguishment of $242 thousand and $206 thousand for quarter-to-date and year-to-date 2023 respectively. There were no losses on debt extinguishment for the corresponding periods in 2022. Total assets were as follows as of the dates indicated: (in thousands) As of June 30, 2023 As of December 31, 2022 Airline $ 4,226,140 $ 4,047,134 Sunseeker Resort 603,406 464,163 Consolidated $ 4,829,546 $ 4,511,297

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 2, 2023, the Company announced that it declared an annual cash dividend in the amount of $2.40 per share, payable $0.60 per quarter with the first dividend to be paid September 1, 2023 to shareholders of record on August 15, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
NET INCOME (LOSS)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	6 Months Ended
Summary of Significant Accounting Policies - (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2022 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The Company has reclassified certain prior period amounts to conform to the current period presentation.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Scheduled service $ 319,338 $ 297,343 $ 631,065 $ 521,196 Ancillary air-related charges 309,735 283,551 593,637 513,016 Loyalty redemptions 13,674 11,710 27,321 22,354 Total passenger revenue $ 642,747 $ 592,604 $ 1,252,023 $ 1,056,566
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table presents the activity of the point liability for the periods indicated: Six Months Ended June 30, (in thousands) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 35,625 35,821 Points redeemed (recognition of revenue) (27,321) (22,354) Points balance at June 30 $ 64,845 $ 53,957

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
Property and Equipment (Tables)	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,159,940 $ 2,937,767 Computer hardware and software 236,631 209,808 Land and buildings/leasehold improvements 62,858 62,227 Other property and equipment 103,649 95,156 Sunseeker Resort 503,269 320,572 Total property and equipment 4,066,347 3,625,530 Less accumulated depreciation and amortization (889,830) (814,837) Property and equipment, net $ 3,176,517 $ 2,810,693

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated: (in thousands) June 30, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,797,006 $ 1,720,998 Variable-rate debt due through 2029 360,995 375,980 Total debt and finance lease obligations 2,158,001 2,096,978 Less current maturities 270,216 152,900 Long-term debt and finance lease obligations, net of current maturities $ 1,887,785 $ 1,944,078 Weighted average fixed-interest rate on debt 6.5% 6.5% Weighted average variable-interest rate on debt 7.2% 6.1% Interest Rate(s) Per Annum at As of (in thousands) Maturity Dates June 30, 2023 June 30, 2023 December 31, 2022 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.09% 101,091 79,453 Revolving credit facilities 2024 — 2027 7.74% 118,791 30,327 Debt secured by aircraft, engines, other equipment and real estate 2025 — 2029 1.87 % — 8.02% 441,925 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 467,394 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,179,201 $ 2,120,443 Related costs (21,200) (23,465) Total debt net of related costs $ 2,158,001 $ 2,096,978
Schedule of Maturities of Long-Term Debt	Maturities of long term debt as of June 30, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of June 30, 2023 Remaining in 2023 $ 59,762 2024 397,439 2025 180,237 2026 174,031 2027 728,415 2028 288,190 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,158,001

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value On a Recurring Basis	Financial instruments measured at fair value on a recurring basis: As of June 30, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 34,211 $ 34,211 $ — $ 88,073 $ 88,073 $ — Commercial paper 25,946 — 25,946 50,791 — 50,791 Municipal debt securities 7,998 — 7,998 8,599 — 8,599 Federal agency debt securities 2,296 — 2,296 — — — Total cash equivalents 70,451 34,211 36,240 147,463 88,073 59,390 Short-term Commercial paper 367,982 — 367,982 421,279 — 421,279 Federal agency debt securities 219,032 — 219,032 107,222 — 107,222 Corporate debt securities 189,954 — 189,954 166,136 — 166,136 US Treasury Bonds 30,713 — 30,713 — — — Municipal debt securities 17,486 — 17,486 30,426 — 30,426 Total short-term 825,167 — 825,167 725,063 — 725,063 Long-term Federal agency debt securities 32,921 — 32,921 20,050 — 20,050 Corporate debt securities 22,915 — 22,915 35,688 — 35,688 Municipal debt securities 13,460 — 13,460 7,580 — 7,580 Total long-term 69,296 — 69,296 63,318 — 63,318 Total financial instruments $ 964,914 $ 34,211 $ 930,703 $ 935,844 $ 88,073 $ 847,771
Fair Value, Liabilities Measured on Recurring Basis	Carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of June 30, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Fair Value of Notes Payable $ 1,711,807 $ 1,719,626 $ 1,626,114 $ 1,561,939 3

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Net Income Per Share, Basic and Diluted	The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,660) (39) (4,663) — Net income (loss) attributable to common stock $ 84,809 $ 4,319 $ 139,955 $ (3,523) Earnings (loss) per share, basic $ 4.80 $ 0.24 $ 7.85 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Diluted: Net income (loss) $ 88,469 $ 4,358 $ 144,618 $ (3,523) Less income allocated to participating securities (3,659) (39) (4,657) — Net income (loss) attributable to common stock $ 84,810 $ 4,319 $ 139,961 $ (3,523) Earnings (loss) per share, diluted $ 4.80 $ 0.24 $ 7.84 $ (0.20) Weighted-average shares outstanding 17,677 17,987 17,840 17,970 Dilutive effect of stock options and restricted stock 211 31 168 — Adjusted weighted-average shares outstanding under treasury stock method 17,888 18,018 18,008 17,970 Participating securities excluded under two-class method (205) (12) (147) — Adjusted weighted-average shares outstanding under two-class method 17,683 18,006 17,861 17,970

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Consolidated Three Months Ended June 30, 2023 Operating revenue: Passenger $ 642,747 $ — $ 642,747 Third party products 28,904 — 28,904 Fixed fee contracts 11,741 — 11,741 Other 418 — 418 Operating income 127,508 5,921 133,429 Interest expense, net (1) 20,252 5,426 25,678 Capitalized interest (3,409) (5,472) (8,881) Depreciation and amortization 53,843 90 53,933 Capital expenditures 176,023 97,019 273,042 Three Months Ended June 30, 2022 Operating revenue: Passenger $ 592,604 $ — $ 592,604 Third party products 27,787 — 27,787 Fixed fee contracts 8,920 — 8,920 Other 536 — 536 Operating income (loss) 27,882 (1,752) 26,130 Interest expense, net (1) 18,325 3,954 22,279 Capitalized interest (923) (1,159) (2,082) Depreciation and amortization 49,170 13 49,183 Capital expenditures 96,023 73,595 169,618 (in thousands) Airline Sunseeker Resort Consolidated Six Months Ended June 30, 2023 Operating revenue: Passenger $ 1,252,023 $ — $ 1,252,023 Third party products 54,942 — 54,942 Fixed fee contract 25,858 — 25,858 Other 669 5 674 Operating income 225,081 3,172 228,253 Interest expense, net (1) 40,502 10,791 51,293 Capitalized interest (4,919) (9,142) (14,061) Depreciation and amortization 108,465 148 108,613 Capital expenditures 268,627 182,639 451,266 Six Months Ended June 30, 2022 Operating revenue: Passenger $ 1,056,566 $ — $ 1,056,566 Third party products 50,267 — 50,267 Fixed fee contract 22,305 — 22,305 Other 818 — 818 Operating income (loss) 38,059 (4,700) 33,359 Interest expense, net (1) 34,661 6,636 41,297 Capitalized interest (1,431) (1,867) (3,298) Depreciation and amortization 95,509 17 95,526 Capital expenditures 238,201 137,376 375,577 (1) Excludes losses (net of gains) on debt extinguishment of $242 thousand and $206 thousand for quarter-to-date and year-to-date 2023 respectively. There were no losses on debt extinguishment for the corresponding periods in 2022. Total assets were as follows as of the dates indicated: (in thousands) As of June 30, 2023 As of December 31, 2022 Airline $ 4,226,140 $ 4,047,134 Sunseeker Resort 603,406 464,163 Consolidated $ 4,829,546 $ 4,511,297

Hurricane Ian - Narrative (Deta

Hurricane Ian - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Unusual or Infrequent Item, or Both [Line Items]
Special charges, net of recovery				$ (13,153)	$ 284
Special charges, net of recovery		$ (11,208)	$ 142	(12,820)	$ 284
Hurricane Ian
Unusual or Infrequent Item, or Both [Line Items]
Non-operating special charge	$ 52,100
Special charges, net of recovery				11,300		$ 18,100
Unusual or infrequent item, or both, insurance proceeds				100
Special charges, net of recovery				(11,200)
Insurance recoveries				$ 31,200

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 642,747	$ 592,604	$ 1,252,023	$ 1,056,566
Scheduled service
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	319,338	297,343	631,065	521,196
Ancillary air-related charges
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	309,735	283,551	593,637	513,016
Loyalty redemptions
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 13,674	$ 11,710	$ 27,321	$ 22,354

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2020	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Contract with Customer, Liability, Current			$ 411,131	$ 379,459
Contract with Customer, Liability, Forward Bookings			35,740,000,000%
Contract with Customer, Liability, Credit Voucher Bookings			5,370,000,000%
Revenue, Performance Obligation, Description of Timing			12 months
Air Traffic Liability, Recognized		$ 379,500
Contract with Customer, Liability, Passenger Revenue			85.30%
Credit Voucher Term Expiration	2 years

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Points Liability [Abstract]
Points balance at January 1	$ 56,541	$ 40,490
Points awarded (deferral of revenue)	35,625	35,821
Points redeemed (recognition of revenue)	(27,321)	(22,354)
Points balance at June 30	$ 64,845	$ 53,957

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Flight equipment, including pre-delivery deposits		$ 3,159,940	$ 2,937,767
Computer hardware and software		236,631	209,808
Land and buildings/leasehold improvements		62,858	62,227
Other property and equipment		103,649	95,156
Sunseeker Resort		503,269	320,572
Total property and equipment		4,066,347	3,625,530
Less accumulated depreciation and amortization		889,830	814,837
Property and equipment, net		3,176,517	$ 2,810,693
Capital Expenditures Incurred but Not yet Paid	$ 54,600	$ 61,900

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,158,001	$ 2,096,978
Less current maturities	270,216	152,900
Long-term debt and capital leases, net of current maturities and related costs	1,887,785	1,944,078
Finance Lease, Liability	467,394	494,328
Debt and Lease Obligation	(21,200)	(23,465)
Debt Issuance Costs, Net	$ 2,158,001	2,096,978
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.44%
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7%
Weighted average fixed-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 1,797,006	$ 1,720,998
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.50%	6.50%
Weighted average variable-interest rate on debt
Debt Instrument [Line Items]
Notes Payable	$ 360,995	$ 375,980
Long-term Debt, Weighted Average Interest Rate, at Point in Time	7.20%	6.10%
Construction Loan Agreement Due 2032
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 350,000	$ 350,000
Debt instrument, interest rate, stated percentage	5.75%
Revolving Credit Facilities Due 2027 \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 118,791	30,327
Debt instrument, interest rate, stated percentage	7.74%
Senior Secured Notes Due 2027 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 700,000	700,000
Senior Secured Notes Due 2027 \| Senior Notes \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.25%
Senior Secured Notes Due 2027 \| Senior Notes \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%
Consolidated Variable Interest Entities Due 2029
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 101,091	79,453
Consolidated Variable Interest Entities Due 2029 \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.92%
Consolidated Variable Interest Entities Due 2029 \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.09%
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate \| Secured Debt
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 441,925	466,335
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate \| Secured Debt \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.87%
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate \| Secured Debt \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.02%
Long-term Debt [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt and capital leases, net of current maturities and related costs	$ 2,179,201	$ 2,120,443

Long-Term Debt - Summary of Mat

Long-Term Debt - Summary of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Schedule of Maturities of Long-Term Debt [Abstract]
Remaining in 2023	$ 59,762
2024	397,439
2025	180,237
2026	174,031
2027	728,415
2028	288,190
Thereafter	329,927
Total debt and finance lease obligations, net of related costs	$ 2,158,001

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ in Thousands	1 Months Ended			6 Months Ended
Long-Term Debt - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($) Aircraft	Feb. 28, 2023 USD ($) Aircraft	Jun. 30, 2023 USD ($)	Feb. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 92,700
Other noncurrent liabilities	$ 3,455,985			$ 3,455,985		$ 3,290,599
Consolidated Variable Interest Entity \| Airbus A320 Aircraft Series
Debt Instrument [Line Items]
Number Of Aircrafts Included As Collateral \| Aircraft		6	1
Variable Interest Entity, Primary Beneficiary \| Consolidated Variable Interest Entity
Debt Instrument [Line Items]
Other noncurrent liabilities			$ 27,000
Debt instrument, interest rate, stated percentage			292%
Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from Lines of Credit				$ 88,500
Repayments of Lines of Credit	$ 61,000
Revolving Credit Facility \| Credit Agricole Corporate and Investment Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (27,876)	$ (1,474)	$ (46,145)	$ 1,212
Effective Income Tax Rate Reconciliation, Percent	24%	25.30%	24.20%	25.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%		21%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 964,914	$ 935,844
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	34,211	88,073
Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	930,703	847,771
Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	70,451	147,463
Cash Equivalents \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	34,211	88,073
Cash Equivalents \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	36,240	59,390
Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	825,167	725,063
Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	825,167	725,063
Long Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	69,296	63,318
Long Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Long Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	69,296	63,318
Money market funds \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	34,211	88,073
Money market funds \| Cash Equivalents \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	34,211	88,073
Money market funds \| Cash Equivalents \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Commercial paper \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	25,946	50,791
Commercial paper \| Cash Equivalents \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Commercial paper \| Cash Equivalents \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	25,946	50,791
Commercial paper \| Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	367,982	421,279
Commercial paper \| Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Commercial paper \| Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	367,982	421,279
Municipal debt securities \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	7,998	8,599
Municipal debt securities \| Cash Equivalents \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Municipal debt securities \| Cash Equivalents \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	7,998	8,599
Municipal debt securities \| Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	17,486	30,426
Municipal debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Municipal debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	17,486	30,426
Municipal debt securities \| Long Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	13,460	7,580
Municipal debt securities \| Long Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0
Municipal debt securities \| Long Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	13,460	7,580
US Treasury Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	30,713	0
US Treasury Bonds \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
US Treasury Bonds \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	30,713	0
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	22,915	35,688
Corporate debt securities \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Corporate debt securities \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	22,915	35,688
Corporate debt securities \| Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	189,954	166,136
Corporate debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Corporate debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	189,954	166,136
Federal agency debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	32,921	20,050
Federal agency debt securities \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	2,296	0
Federal agency debt securities \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Federal agency debt securities \| Fair Value, Inputs, Level 1 \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	0	0
Federal agency debt securities \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	32,921	20,050
Federal agency debt securities \| Fair Value, Inputs, Level 2 \| Cash Equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash Equivalents	2,296	0
Federal agency debt securities \| Short-Term Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	219,032	107,222
Federal agency debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	0	0
Federal agency debt securities \| Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale	$ 219,032	$ 107,222

Fair Value Measurements Estimat

Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	$ 2,158,001	$ 2,096,978
Non-Publicly Held Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Long-term Debt, Noncurrent	1,711,807	1,626,114
Non-Publicly Held Debt \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,719,626	$ 1,561,939

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic:
Net income (loss)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)
Less income allocated to participating securities	(3,660)	(39)	(4,663)	0
Net income (loss) attributable to common stock	$ 84,809	$ 4,319	$ 139,955	$ (3,523)
Net income per share, basic (in dollars per share)	$ 4.80	$ 0.24	$ 7.85	$ (0.20)
Weighted-average shares outstanding (in shares)	17,677	17,987	17,840	17,970
Diluted:
Net income (loss)	$ 88,469	$ 4,358	$ 144,618	$ (3,523)
Less income allocated to participating securities	(3,659)	(39)	(4,657)	0
Net income (loss) attributable to common stock	$ 84,810	$ 4,319	$ 139,961	$ (3,523)
Earnings (loss) per share, diluted (in dollars per share)	$ 4.80	$ 0.24	$ 7.84	$ (0.20)
Weighted-average shares outstanding ( in shares)	17,677	17,987	17,840	17,970
Dilutive effect of stock options and restricted stock (in shares)	211	31	168	0
Adjusted weighted-average shares outstanding under treasury stock method (in shares)	17,888	18,018	18,008	17,970
Participating securities excluded under two-class method (in shares)	(205)	(12)	(147)	0
Adjusted weighted-average shares outstanding under two-class method (in shares)	17,683	18,006	17,861	17,970

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
Segments - Narrative (Details)	Jun. 30, 2023 suite hotel_tower segment Aircraft
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment	2
Anticipated Number Of One, Two, and Three-Bedroom Suites \| suite	180
Sunseeker Resort
Segment Reporting Information [Line Items]
Anticipated Number Of Hotel Rooms \| Aircraft	500
Anticipated Number Of Hotel Towers \| hotel_tower	2

Segments - Schedule of Segment

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Passenger	$ 642,747	$ 592,604	$ 1,252,023	$ 1,056,566
Third party products	28,904	27,787	54,942	50,267
Fixed fee contracts	11,741	8,920	25,858	22,305
Other	418	536	674	818
Operating income	133,429	26,130	228,253	33,359
Interest expense, net(1)	25,678	22,279	51,293	41,297
Capitalized interest	(8,881)	(2,082)	(14,061)	(3,298)
Depreciation and amortization	53,933	49,183	108,613	95,526
Capital expenditures	273,042	169,618	451,266	375,577
Assets	4,829,546		4,829,546		$ 4,511,297
Loss on debt extinguishment	242	0	206	0
Airline
Segment Reporting Information [Line Items]
Passenger	642,747	592,604	1,252,023	1,056,566
Third party products	28,904	27,787	54,942	50,267
Fixed fee contracts	11,741	8,920	25,858	22,305
Other	418	536	669	818
Operating income	127,508	27,882	225,081	38,059
Interest expense, net(1)	20,252	18,325	40,502	34,661
Capitalized interest	(3,409)	(923)	(4,919)	(1,431)
Depreciation and amortization	53,843	49,170	108,465	95,509
Capital expenditures	176,023	96,023	268,627	238,201
Assets	4,226,140		4,226,140		4,047,134
Sunseeker Resort
Segment Reporting Information [Line Items]
Passenger	0	0
Third party products	0	0
Fixed fee contracts	0	0
Other	0	0	5	0
Operating income	5,921	(1,752)	3,172	(4,700)
Interest expense, net(1)	5,426	3,954	10,791	6,636
Capitalized interest	(5,472)	(1,159)	(9,142)	(1,867)
Depreciation and amortization	90	13	148	17
Capital expenditures	97,019	$ 73,595	182,639	$ 137,376
Assets	$ 603,406		$ 603,406		$ 464,163

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Aug. 02, 2023 $ / shares
Subsequent Event [Line Items]
Dividends payable, amount per share (in dollars per share)	$ 2.40
Dividends payable, amount per share, per Quarter (in dollars per share)	$ 0.60