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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allegiant Travel Company | NASDAQ:ALGT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.69 | -1.19% | 57.30 | 56.72 | 57.30 | 58.64 | 56.77 | 58.51 | 359,941 | 01:00:00 |
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended December 31, 2018
|
|
|
|
Or
|
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
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20-4745737
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(State or Other Jurisdiction of Incorporation or Organization)
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(IRS Employer Identification No.)
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|
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1201 North Town Center Drive
|
|
Las Vegas, Nevada
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89144
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.001 Par Value
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Nasdaq Global Select Market
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Large accelerated filer
x
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Accelerated filer
o
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|
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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PART I
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ITEM 1.
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||
ITEM 1A.
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ITEM 1B.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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||
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PART II
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ITEM 5.
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ITEM 6.
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ITEM 7.
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ITEM 7A.
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ITEM 8.
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ITEM 9.
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ITEM 9A.
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ITEM 9B.
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PART III
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ITEM 10.
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ITEM 11.
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ITEM 12.
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ITEM 13.
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ITEM 14.
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PART IV
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ITEM 15.
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ITEM 16.
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Traditional Airline Approach
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Allegiant Approach
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Customer Base:
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Business and leisure
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Leisure
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Network:
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Primarily large and mid-sized markets
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Small/medium-sized under-served markets
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Competition:
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High
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Low
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Schedule:
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Uniform throughout the week
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Low frequency/variable capacity
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Distribution:
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Sell through various intermediaries
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Sell only directly to travelers
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Fare Strategy:
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Bundled pricing
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Unbundled pricing of air-related services and products
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Routes to Orlando
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70
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Routes to Tampa/St. Petersburg
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53
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Routes to Las Vegas
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53
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Routes to Punta Gorda
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43
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Routes to Phoenix
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43
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Routes to Destin
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29
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Routes to Los Angeles
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26
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Other routes
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133
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Total routes
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450
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Employee Group
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Representative
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Status of Agreement
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Flight Dispatchers
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International Brotherhood of Teamsters, Airline Division, Local 986
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Elected representation in October 2016. Negotiations are ongoing.
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Maintenance Technicians
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International Brotherhood of Teamsters, Airline Division, Local 986
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Elected representation in March 2018. Negotiations began in January 2019.
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•
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make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including financial and other restrictive covenants, could result in an event of default under agreements governing our indebtedness;
|
•
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make it more difficult to satisfy our other future obligations, including our obligations to pay the purchase price in respect of current and future aircraft purchase contracts;
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•
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require us to dedicate a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available to fund internal growth through working capital, capital expenditures, and for other purposes;
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•
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limit our flexibility in planning for, or reacting to, changes in our business, the competitive environment, legislation and our industry;
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•
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make us more vulnerable to adverse changes in our business, economic, industry, market or competitive conditions and adverse changes in government regulation;
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•
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expose us to interest rate and pricing increases on indebtedness and financing arrangements;
|
•
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restrict us from pursuing strategic acquisitions or exploiting certain business opportunities;
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•
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subject us to a greater risk of non-compliance with financial and other restrictive covenants in financing arrangements;
|
•
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limit, among other things, our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, execution of our business strategy and other purposes or raise equity capital in the future and increasing the costs of such additional financings; and
|
•
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place us at a competitive disadvantage compared to our competitors who may not be as highly leveraged or who have less debt in relation to cash flow.
|
•
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fuel price volatility, and the effect of economic and geopolitical factors and worldwide oil supply and consumption on fuel availability
|
•
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announcements concerning our competitors, the airline industry, or the economy in general
|
•
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strategic actions by us or our competitors, such as acquisitions or restructurings
|
•
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media reports and publications about the safety of our aircraft or the aircraft types we operate
|
•
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new regulatory pronouncements and changes in regulatory guidelines
|
•
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announcements concerning our business strategy
|
•
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our ability to grow service in the future as rapidly as the market anticipates as we continue to add more cities to our network
|
•
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general and industry-specific economic conditions
|
•
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changes in financial estimates or recommendations by securities analysts
|
•
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substantial sales of our common stock or other actions by investors with significant shareholdings
|
•
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additional issuances of our common stock
|
•
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labor work actions
|
•
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general market conditions
|
•
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advance notification procedures for matters to be brought before stockholder meetings
|
•
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a limitation on who may call stockholder meetings
|
•
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the ability of our board of directors to issue up to 5,000,000 shares of preferred stock without a stockholder vote
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Aircraft Type
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Owned
(1)
|
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Seating Capacity
(per aircraft) |
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Age Range (years)
|
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Average Age
in Years |
||
Airbus A319
(2)
|
|
32
|
|
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156
|
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12-15
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13.5
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Airbus A320
(3) (4)
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44
|
|
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177/186
|
|
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1-22
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12.3
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Total aircraft
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76
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|
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(1)
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Refer to Item 8 – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 6 – Long-Term Debt for discussion of notes payable collateralized by our aircraft.
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(2)
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Does not include five aircraft of which we had taken delivery but not placed into service as of December 31, 2018.
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(3)
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Does not include two aircraft of which we had taken delivery but not placed into service as of December 31, 2018.
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(4)
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Includes five aircraft under capital lease.
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A319
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37
|
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A320
|
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46
|
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Total
|
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83
|
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Airport
|
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Location
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|
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Asheville Regional Airport
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Fletcher, North Carolina
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Bellingham International Airport
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Bellingham, Washington
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Cincinnati/Northern Kentucky International Airport
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Hebron, Kentucky
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Destin-Fort Walton Beach Airport
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Destin, Florida
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Ft. Lauderdale-Hollywood International Airport
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Ft. Lauderdale, Florida
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Indianapolis International Airport
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Indianapolis, Indiana
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Los Angeles International Airport
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Los Angeles, California
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McCarran International Airport
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Las Vegas, Nevada
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McGhee Tyson Airport
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Knoxville, Tennessee
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Myrtle Beach International Airport
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Myrtle Beach, South Carolina
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Oakland International Airport
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Oakland, California
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Orlando Sanford International Airport
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Sanford, Florida
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Phoenix-Mesa Gateway Airport
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Mesa, Arizona
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Pittsburgh International Airport
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Pittsburgh, Pennsylvania
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Punta Gorda Airport
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Punta Gorda, Florida
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St. Petersburg-Clearwater International Airport
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St. Petersburg, Florida
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Period
|
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High
|
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Low
|
||||
2018
|
|
|
|
|
||||
1st Quarter
|
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$
|
181.45
|
|
|
$
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147.50
|
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2nd Quarter
|
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$
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177.00
|
|
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$
|
135.75
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3rd Quarter
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$
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147.00
|
|
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$
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117.30
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4th Quarter
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$
|
135.48
|
|
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$
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98.21
|
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2017
|
|
|
|
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|
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||
1st Quarter
|
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$
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182.25
|
|
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$
|
153.40
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2nd Quarter
|
|
$
|
169.15
|
|
|
$
|
134.65
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|
3rd Quarter
|
|
$
|
147.00
|
|
|
$
|
111.54
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4th Quarter
|
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$
|
162.35
|
|
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$
|
125.95
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|
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Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights
(2)
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Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
|
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Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans
(3)
|
||||
Equity compensation plans approved by security holders
(1)
|
|
9,737
|
|
|
$
|
108.59
|
|
|
1,398,808
|
|
(1)
|
There are no securities to be issued under any equity compensation plans not approved by our security holders.
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(2)
|
The shares shown as being issuable under equity compensation plans exclude unvested restricted stock awards of
196,194
as all restricted stock awards are deemed to have been issued, and exclude all outstanding stock appreciation rights ("SARs") which are settled in cash.
|
(3)
|
Our 2016 Long-Term Incentive Plan applies a fungible ratio such that a full-value award, such as a restricted stock grant or restricted stock unit grant, will be counted at two times its number for purposes of the plan limit. As a result, a maximum of 699,404 shares of restricted stock are remaining for future issuance under the 2016 Long-Term Incentive Plan.
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
|
|
Total Number of
Shares Purchased as Part of our Publicly Announced Plan |
|
Approximate Dollar Value of Shares that
May Yet be Purchased Under the Plans or Programs (in thousands) (2) |
|||||
October
|
|
234
|
|
|
$
|
117.06
|
|
|
None
|
|
|
|
|
November
|
|
41
|
|
|
121.98
|
|
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None
|
|
|
|
||
December
|
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None
|
|
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N/A
|
|
|
None
|
|
|
|
||
Total
|
|
275
|
|
|
$
|
117.79
|
|
|
None
|
|
$
|
100,000
|
|
(1)
|
Reflects shares repurchased from employees who vested a portion of their restricted stock grants. These share repurchases were made at the election of each employee pursuant to an offer to repurchase by us. In each case, the shares repurchased constituted a portion of vested shares necessary to satisfy income tax withholding requirements.
|
(2)
|
Represents the remaining dollar amount of open market purchases of our common stock which has been authorized by the Board under a share repurchase program.
|
|
|
12/31/2013
|
|
12/31/2014
|
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12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
||||||||||||
ALGT
|
|
$
|
100.00
|
|
|
$
|
144.94
|
|
|
$
|
164.15
|
|
|
$
|
165.07
|
|
|
$
|
156.68
|
|
|
$
|
107.62
|
|
Nasdaq Composite Index
|
|
$
|
100.00
|
|
|
$
|
113.40
|
|
|
$
|
119.89
|
|
|
$
|
128.89
|
|
|
$
|
165.29
|
|
|
$
|
158.87
|
|
AMEX Airline Index
|
|
$
|
100.00
|
|
|
$
|
149.36
|
|
|
$
|
124.70
|
|
|
$
|
159.03
|
|
|
$
|
167.34
|
|
|
$
|
129.94
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
FINANCIAL DATA
(in thousands except per share amounts)
:
|
2018
|
|
2017
(3)
|
|
2016
|
|
2015
|
|
2014
(3)
|
||||||||||
|
|
|
As recast
|
|
As recast
|
|
|
|
|
||||||||||
Total operating revenue
|
$
|
1,667,447
|
|
|
$
|
1,511,203
|
|
|
$
|
1,378,942
|
|
|
$
|
1,262,188
|
|
|
$
|
1,137,046
|
|
Total operating expenses
|
1,423,988
|
|
|
1,280,573
|
|
|
1,006,375
|
|
|
890,486
|
|
|
979,701
|
|
|||||
Operating income
|
243,459
|
|
|
230,630
|
|
|
372,567
|
|
|
371,702
|
|
|
157,345
|
|
|||||
Total other expense
(1)
|
44,141
|
|
|
31,623
|
|
|
24,600
|
|
|
24,983
|
|
|
20,214
|
|
|||||
Income before income taxes
|
199,318
|
|
|
199,007
|
|
|
347,967
|
|
|
346,719
|
|
|
137,131
|
|
|||||
Net income
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
|
$
|
220,374
|
|
|
$
|
86,689
|
|
Earnings per share to common shareholders
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
10.02
|
|
|
$
|
12.14
|
|
|
$
|
13.31
|
|
|
$
|
12.97
|
|
|
$
|
4.87
|
|
Diluted
|
10.00
|
|
|
12.13
|
|
|
13.29
|
|
|
12.94
|
|
|
4.86
|
|
|||||
Cash dividends declared per share
|
2.80
|
|
|
2.80
|
|
|
2.40
|
|
|
2.75
|
|
|
2.50
|
|
|||||
Total assets
|
$
|
2,498,668
|
|
|
$
|
2,180,157
|
|
|
$
|
1,671,576
|
|
|
$
|
1,358,331
|
|
|
$
|
1,240,986
|
|
Total long-term debt, net of related costs
|
1,271,733
|
|
|
1,164,892
|
|
|
808,274
|
|
|
641,678
|
|
|
588,794
|
|
|||||
Shareholders' equity
|
690,321
|
|
|
553,311
|
|
|
475,740
|
|
|
350,005
|
|
|
294,065
|
|
(1)
|
Net of capitalized interest for 2018, 2017, and 2016 in the amounts of $2.4 million, $3.2 million, and $1.8 million, respectively.
|
(2)
|
Our unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of earnings per share. The two-class method adjusts both the net income and shares used in the calculation. Application of the two-class method did not have a significant impact on the basic or diluted earnings per share for the periods presented.
|
(3)
|
Operating expenses, operating income, net income and earnings per share in these years were impacted by special items: (a) a non-cash impairment charge of $35.3 million to our MD-80 fleet and related assets in the fourth quarter of 2017; (b) a $74.7 million income tax benefit from the remeasurement of deferred taxes due to the passage of the Tax Cuts and Jobs Act of 2017; and (c) a non-cash impairment charge of $43.3 million to six Boeing 757-200 aircraft and related assets in the fourth quarter of 2014.
|
|
For the Year Ended December 31,
|
||||||||||||||||||
OPERATING DATA:
(unaudited)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
|
As recast
|
|
As recast
|
|
|
|
|
||||||||||
Total system statistics:
|
|
|
|
|
|
|
|
|
|
||||||||||
Passengers
|
13,750,199
|
|
|
12,310,122
|
|
|
11,128,191
|
|
|
9,500,611
|
|
|
8,154,357
|
|
|||||
Revenue passenger miles (RPMs) (thousands)
|
12,307,247
|
|
|
11,106,772
|
|
|
10,282,827
|
|
|
8,944,952
|
|
|
7,825,962
|
|
|||||
Available seat miles (ASMs) (thousands)
|
14,899,874
|
|
|
13,612,003
|
|
|
12,375,505
|
|
|
10,526,610
|
|
|
8,945,616
|
|
|||||
Load factor
|
82.6
|
%
|
|
81.6
|
%
|
|
83.1
|
%
|
|
85.0
|
%
|
|
87.5
|
%
|
|||||
Operating expense per ASM (CASM) (cents)
(1) (2)
|
9.56
|
|
|
9.41
|
|
|
8.13
|
|
|
8.45
|
|
|
10.95
|
|
|||||
Fuel expense per ASM (cents)
(2)
|
2.99
|
|
|
2.52
|
|
|
2.08
|
|
|
2.64
|
|
|
4.34
|
|
|||||
Operating CASM, excluding fuel (cents)
(1)
|
6.57
|
|
|
6.89
|
|
|
6.05
|
|
|
5.81
|
|
|
6.61
|
|
|||||
ASMs per gallon of fuel
|
77.82
|
|
|
72.96
|
|
|
71.62
|
|
|
70.20
|
|
|
69.38
|
|
|||||
Departures
|
101,212
|
|
|
93,061
|
|
|
82,341
|
|
|
68,653
|
|
|
56,961
|
|
|||||
Block hours
|
230,123
|
|
|
212,405
|
|
|
190,706
|
|
|
160,431
|
|
|
135,572
|
|
|||||
Average stage length (miles)
|
868
|
|
|
870
|
|
|
889
|
|
|
900
|
|
|
918
|
|
|||||
Average number of operating aircraft during period
|
91.0
|
|
|
87.3
|
|
|
83.3
|
|
|
74.3
|
|
|
68.8
|
|
|||||
Average block hours per aircraft per day
|
6.9
|
|
|
6.7
|
|
|
6.3
|
|
|
5.9
|
|
|
5.4
|
|
|||||
Full-time equivalent employees at end of period
|
3,901
|
|
|
3,752
|
|
|
3,416
|
|
|
2,846
|
|
|
2,411
|
|
|||||
Fuel gallons consumed (thousands)
|
191,471
|
|
|
186,563
|
|
|
172,796
|
|
|
149,951
|
|
|
128,933
|
|
|||||
Average fuel cost per gallon
(2)
|
$
|
2.33
|
|
|
$
|
1.84
|
|
|
$
|
1.49
|
|
|
$
|
1.86
|
|
|
$
|
3.01
|
|
Scheduled service statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Passengers
|
13,606,103
|
|
|
12,138,146
|
|
|
11,003,864
|
|
|
9,355,097
|
|
|
8,017,442
|
|
|||||
Revenue passenger miles (RPMs) (thousands)
|
12,145,601
|
|
|
10,901,161
|
|
|
10,130,675
|
|
|
8,821,908
|
|
|
7,711,696
|
|
|||||
Available seat miles (ASMs) (thousands)
|
14,340,674
|
|
|
13,031,824
|
|
|
11,921,733
|
|
|
10,236,075
|
|
|
8,693,631
|
|
|||||
Load factor
|
84.7
|
%
|
|
83.7
|
%
|
|
85.0
|
%
|
|
86.2
|
%
|
|
88.7
|
%
|
|||||
Departures
|
96,554
|
|
|
88,432
|
|
|
78,747
|
|
|
65,683
|
|
|
54,440
|
|
|||||
Block hours
|
220,760
|
|
|
202,752
|
|
|
183,290
|
|
|
155,403
|
|
|
131,210
|
|
|||||
Total scheduled service revenue per ASM (TRASM) (cents)
(3)
|
11.10
|
|
|
10.93
|
|
|
11.02
|
|
|
11.82
|
|
|
12.66
|
|
|||||
Average fare - scheduled service
(4)
|
$
|
67.01
|
|
|
$
|
67.90
|
|
|
$
|
69.86
|
|
|
$
|
78.63
|
|
|
$
|
91.30
|
|
Average fare - ancillary air-related charges
(4)
|
$
|
45.71
|
|
|
$
|
45.14
|
|
|
$
|
45.47
|
|
|
$
|
46.43
|
|
|
$
|
41.37
|
|
Average fare - third party products
|
$
|
4.27
|
|
|
$
|
4.34
|
|
|
$
|
4.08
|
|
|
$
|
4.29
|
|
|
$
|
4.56
|
|
Average fare - total
|
$
|
116.99
|
|
|
$
|
117.38
|
|
|
$
|
119.41
|
|
|
$
|
129.35
|
|
|
$
|
137.23
|
|
Average stage length (miles)
|
875
|
|
|
876
|
|
|
895
|
|
|
915
|
|
|
934
|
|
|||||
Fuel gallons consumed (thousands)
|
183,798
|
|
|
178,298
|
|
|
166,528
|
|
|
145,654
|
|
|
125,173
|
|
|||||
Percent of sales through website during period
|
93.8
|
%
|
|
94.0
|
%
|
|
94.2
|
%
|
|
95.1
|
%
|
|
93.8
|
%
|
|||||
OTHER DATA:
(unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||
Hotel room nights
|
409,164
|
|
|
390,986
|
|
|
439,942
|
|
|
452,272
|
|
|
528,329
|
|
|||||
Rental car days
|
1,823,451
|
|
|
1,415,901
|
|
|
1,502,326
|
|
|
1,204,982
|
|
|
916,640
|
|
|||||
Golf courses under agreement with Teesnap
|
590
|
|
|
296
|
|
|
186
|
|
|
50
|
|
|
3
|
|
(1)
|
Includes effects of special items in 2017 and 2014.
|
(2)
|
Includes effect of fuel tax refund of $8.3 million (approximately $0.05 per gallon) in 2016.
|
(3)
|
Various components of this measure do not have a direct correlation to ASMs. These figures are provided on a per ASM basis so as to facilitate comparisons with airlines reporting revenues on a per ASM basis.
|
(4)
|
Reflects division of passenger revenue between scheduled service and air-related charges in the Company's booking path.
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
|||
A320
(1) (2)
|
44
|
|
|
30
|
|
|
16
|
|
A319
(3)
|
32
|
|
|
22
|
|
|
17
|
|
MD-80
|
—
|
|
|
37
|
|
|
47
|
|
B757-200
|
—
|
|
|
—
|
|
|
4
|
|
Total
|
76
|
|
|
89
|
|
|
84
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
|||
Leisure destinations
|
23
|
|
|
19
|
|
|
21
|
|
Origination cities
|
98
|
|
|
101
|
|
|
97
|
|
Total cities
|
121
|
|
|
120
|
|
|
118
|
|
|
|
|
|
|
|
|||
Total routes
|
417
|
|
|
401
|
|
|
360
|
|
|
For the Year Ended December 31,
|
|
Percent
|
|||||||
|
2018
|
|
2017
|
|
Change
|
|||||
|
|
|
As recast
|
|
|
|||||
Aircraft fuel
|
$
|
32.42
|
|
|
$
|
27.89
|
|
|
16.2
|
%
|
Salary and benefits
|
30.10
|
|
|
30.19
|
|
|
(0.3
|
)
|
||
Station operations
|
11.71
|
|
|
11.58
|
|
|
1.1
|
|
||
Depreciation and amortization
|
9.41
|
|
|
9.89
|
|
|
(4.9
|
)
|
||
Maintenance and repairs
|
7.20
|
|
|
9.22
|
|
|
(21.9
|
)
|
||
Sales and marketing
|
5.35
|
|
|
4.61
|
|
|
16.1
|
|
||
Aircraft lease rentals
|
0.06
|
|
|
0.25
|
|
|
(76.0
|
)
|
||
Other
|
7.31
|
|
|
7.54
|
|
|
(3.1
|
)
|
||
Special charge
(1)
|
—
|
|
|
2.86
|
|
|
NM
|
|
||
Operating expense per passenger
|
$
|
103.56
|
|
|
$
|
104.03
|
|
|
(0.5
|
)%
|
Operating expense per passenger, excluding fuel
|
$
|
71.14
|
|
|
$
|
76.14
|
|
|
(6.6
|
)%
|
|
For the Year Ended December 31,
|
|
Percentage
|
|||||||
|
2017
|
|
2016
|
|
Change
|
|||||
|
As recast
|
|
As recast
|
|
|
|||||
Salary and benefits
|
$
|
30.19
|
|
|
$
|
26.24
|
|
|
15.1
|
%
|
Aircraft fuel
(1)
|
27.89
|
|
|
23.12
|
|
|
20.6
|
|
||
Station operations
|
11.58
|
|
|
11.15
|
|
|
3.9
|
|
||
Maintenance and repairs
|
9.22
|
|
|
9.98
|
|
|
(7.6
|
)
|
||
Depreciation and amortization
|
9.89
|
|
|
9.45
|
|
|
4.7
|
|
||
Sales and marketing
|
4.61
|
|
|
3.11
|
|
|
48.2
|
|
||
Aircraft lease rentals
|
0.25
|
|
|
0.08
|
|
|
212.5
|
|
||
Other
|
7.54
|
|
|
7.29
|
|
|
3.4
|
|
||
Special charge
(2)
|
2.86
|
|
|
—
|
|
|
NM
|
|
||
Operating expense per passenger
|
$
|
104.03
|
|
|
$
|
90.42
|
|
|
15.1
|
%
|
Operating expense per passenger, excluding fuel
|
$
|
76.14
|
|
|
$
|
67.30
|
|
|
13.1
|
%
|
|
For the Year Ended December 31,
|
|
Percentage
|
|||||
|
2017
|
|
2016
|
|
Change
|
|||
|
As recast
|
|
As recast
|
|
|
|||
Salary and benefits
|
2.73
|
|
¢
|
2.36
|
|
¢
|
15.7
|
%
|
Aircraft fuel
(1)
|
2.52
|
|
|
2.08
|
|
|
21.2
|
|
Station operations
|
1.05
|
|
|
1.00
|
|
|
5.0
|
|
Maintenance and repairs
|
0.83
|
|
|
0.90
|
|
|
(7.8
|
)
|
Depreciation and amortization
|
0.89
|
|
|
0.85
|
|
|
4.7
|
|
Sales and marketing
|
0.42
|
|
|
0.28
|
|
|
50.0
|
|
Aircraft lease rental
|
0.02
|
|
|
0.01
|
|
|
100.0
|
|
Other
|
0.69
|
|
|
0.65
|
|
|
6.2
|
|
Special charge
(2)
|
0.26
|
|
|
—
|
|
|
NM
|
|
CASM
|
9.41
|
|
¢
|
8.13
|
|
¢
|
15.7
|
%
|
CASM, excluding fuel
|
6.89
|
|
¢
|
6.05
|
|
¢
|
13.9
|
%
|
|
|
Total
|
|
Less than 1 year
|
|
2-3 years
|
|
4-5 years
|
|
More than 5 years
|
||||||||||
Long-term debt obligations
(1)
|
|
$
|
1,290,626
|
|
|
$
|
626,982
|
|
|
$
|
286,015
|
|
|
$
|
132,186
|
|
|
$
|
245,443
|
|
Aircraft acquisition obligations
(2) (5)
|
|
311,460
|
|
|
259,160
|
|
|
34,300
|
|
|
18,000
|
|
|
—
|
|
|||||
Operating lease obligations
(3) (5)
|
|
29,329
|
|
|
8,102
|
|
|
9,674
|
|
|
3,256
|
|
|
8,297
|
|
|||||
Airport fees under use and lease agreements
(4) (5)
|
|
15,766
|
|
|
10,480
|
|
|
5,286
|
|
|
—
|
|
|
—
|
|
|||||
Total future payments under contractual obligations
|
|
$
|
1,647,181
|
|
|
$
|
904,724
|
|
|
$
|
335,275
|
|
|
$
|
153,442
|
|
|
$
|
253,740
|
|
(1)
|
Long-term debt obligations (including variable interest entities) include scheduled interest payments, using LIBOR rates as of
December 31, 2018
, and excludes debt issuance costs.
|
(2)
|
Includes aircraft acquisition obligations under existing aircraft and engine purchase agreements.
|
(3)
|
Operating lease obligations include the lease and use of gate space and areas surrounding gates, operating support areas in airport terminals under use and lease agreements, and leases of office, warehouse and other space.
|
(4)
|
Includes obligations for common and joint use space in the airport terminal facilities under use and lease agreements.
|
(5)
|
Not reflected on our balance sheet.
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2018
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
425,444
|
|
|
$
|
436,780
|
|
|
$
|
393,109
|
|
|
$
|
412,114
|
|
Operating income
|
79,968
|
|
|
74,222
|
|
|
26,181
|
|
|
63,088
|
|
||||
Net income
|
55,193
|
|
|
50,016
|
|
|
15,147
|
|
|
41,447
|
|
||||
Earnings per share to common shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
3.43
|
|
|
$
|
3.10
|
|
|
$
|
0.94
|
|
|
$
|
2.56
|
|
Diluted
|
3.42
|
|
|
3.10
|
|
|
0.94
|
|
|
2.56
|
|
||||
2017
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
380,011
|
|
|
$
|
401,844
|
|
|
$
|
350,195
|
|
|
$
|
379,154
|
|
Operating income
|
73,729
|
|
|
85,795
|
|
|
44,342
|
|
|
26,764
|
|
||||
Net income attributable to Allegiant Travel Company
|
42,351
|
|
|
49,038
|
|
|
23,384
|
|
|
83,376
|
|
||||
Earnings per share to common shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.54
|
|
|
$
|
2.98
|
|
|
$
|
1.45
|
|
|
$
|
5.18
|
|
Diluted
|
2.54
|
|
|
2.97
|
|
|
1.45
|
|
|
5.18
|
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
OPERATING REVENUES:
|
|
|
|
|
|
||||||
Passenger
|
$
|
1,533,701
|
|
|
$
|
1,372,037
|
|
|
$
|
1,269,067
|
|
Third party products
|
58,060
|
|
|
52,707
|
|
|
44,940
|
|
|||
Fixed fee contract
|
50,286
|
|
|
48,708
|
|
|
31,972
|
|
|||
Other
|
25,400
|
|
|
37,751
|
|
|
32,963
|
|
|||
Total operating revenues
|
1,667,447
|
|
|
1,511,203
|
|
|
1,378,942
|
|
|||
OPERATING EXPENSES:
|
|
|
|
|
|
||||||
Aircraft fuel
|
445,814
|
|
|
343,333
|
|
|
257,332
|
|
|||
Salary and benefits
|
413,892
|
|
|
371,599
|
|
|
291,974
|
|
|||
Station operations
|
161,019
|
|
|
142,581
|
|
|
124,052
|
|
|||
Depreciation and amortization
|
129,351
|
|
|
121,713
|
|
|
105,216
|
|
|||
Maintenance and repairs
|
99,015
|
|
|
113,481
|
|
|
111,070
|
|
|||
Sales and marketing
|
73,514
|
|
|
56,675
|
|
|
34,629
|
|
|||
Aircraft lease rentals
|
868
|
|
|
3,098
|
|
|
924
|
|
|||
Other
|
100,515
|
|
|
92,840
|
|
|
81,178
|
|
|||
Special charge
|
—
|
|
|
35,253
|
|
|
—
|
|
|||
Total operating expenses
|
1,423,988
|
|
|
1,280,573
|
|
|
1,006,375
|
|
|||
OPERATING INCOME
|
243,459
|
|
|
230,630
|
|
|
372,567
|
|
|||
OTHER (INCOME) EXPENSES:
|
|
|
|
|
|
||||||
Interest income
|
(9,226
|
)
|
|
(5,808
|
)
|
|
(3,010
|
)
|
|||
Interest expense
|
53,762
|
|
|
38,990
|
|
|
28,836
|
|
|||
Other, net
|
(395
|
)
|
|
(1,559
|
)
|
|
(1,226
|
)
|
|||
Total other expenses
|
44,141
|
|
|
31,623
|
|
|
24,600
|
|
|||
INCOME BEFORE INCOME TAXES
|
199,318
|
|
|
199,007
|
|
|
347,967
|
|
|||
PROVISION FOR INCOME TAXES
|
37,516
|
|
|
859
|
|
|
127,101
|
|
|||
NET INCOME
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
Earnings per share to common shareholders:
|
|
|
|
|
|
||||||
Basic
|
$
|
10.02
|
|
|
$
|
12.14
|
|
|
$
|
13.31
|
|
Diluted
|
$
|
10.00
|
|
|
$
|
12.13
|
|
|
$
|
13.29
|
|
Shares used for computation:
|
|
|
|
|
|
||||||
Basic
|
15,941
|
|
|
16,073
|
|
|
16,465
|
|
|||
Diluted
|
15,967
|
|
|
16,095
|
|
|
16,489
|
|
|||
|
|
|
|
|
|
||||||
Cash dividend declared per share:
|
$
|
2.80
|
|
|
$
|
2.80
|
|
|
$
|
2.40
|
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
NET INCOME
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Change in available for sale securities, net of tax
|
(1,153
|
)
|
|
49
|
|
|
318
|
|
|||
Foreign currency translation adjustments
|
177
|
|
|
(681
|
)
|
|
88
|
|
|||
Change in derivatives, net of tax
|
3,155
|
|
|
(1,978
|
)
|
|
(1,470
|
)
|
|||
Total other comprehensive income (loss)
|
2,179
|
|
|
(2,610
|
)
|
|
(1,064
|
)
|
|||
TOTAL COMPREHENSIVE INCOME
|
$
|
163,981
|
|
|
$
|
195,538
|
|
|
$
|
219,802
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||
|
Common
|
|
|
|
Additional
|
|
other
|
|
|
|
|
|
Total
|
|||||||||||||
|
stock
|
|
Par
|
|
paid-in
|
|
comprehensive
|
|
Retained
|
|
Treasury
|
|
shareholders'
|
|||||||||||||
|
outstanding
|
|
value
|
|
capital
|
|
income (loss)
|
|
earnings
|
|
shares
|
|
equity
|
|||||||||||||
Balance at December 31, 2015
|
16,803
|
|
|
$
|
22
|
|
|
$
|
228,945
|
|
|
$
|
834
|
|
|
$
|
573,619
|
|
|
$
|
(453,415
|
)
|
|
$
|
350,005
|
|
Share-based compensation
|
219
|
|
|
—
|
|
|
9,291
|
|
|
—
|
|
|
|
|
|
|
9,291
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(402
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(66,371
|
)
|
|
(66,371
|
)
|
|||||||
Stock issued under employee stock purchase plan
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
1,983
|
|
|
1,983
|
|
|||||||
Cash dividends declared, $2.40 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,812
|
)
|
|
|
|
(39,812
|
)
|
|||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,064
|
)
|
|
|
|
|
|
(1,064
|
)
|
||||||||
Net income (as recast)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
220,866
|
|
|
|
|
220,866
|
|
|||||||
Cumulative effect of the New Revenue Standard (see Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
842
|
|
|
—
|
|
|
842
|
|
||||||
Balance at December 31, 2016 (as recast)
|
16,633
|
|
|
$
|
22
|
|
|
$
|
238,236
|
|
|
$
|
(230
|
)
|
|
$
|
755,515
|
|
|
$
|
(517,803
|
)
|
|
$
|
475,740
|
|
Share-based compensation
|
47
|
|
|
1
|
|
|
15,604
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,605
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(632
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,457
|
)
|
|
(90,457
|
)
|
||||||
Stock issued under employee stock purchase plan
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,605
|
|
|
2,605
|
|
||||||
Cash dividends declared, $2.80 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,720
|
)
|
|
—
|
|
|
(45,720
|
)
|
||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,610
|
)
|
|
—
|
|
|
—
|
|
|
(2,610
|
)
|
||||||
Net income (as recast)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,148
|
|
|
—
|
|
|
198,148
|
|
||||||
Balance at December 31, 2017 (as recast)
|
16,066
|
|
|
$
|
23
|
|
|
$
|
253,840
|
|
|
$
|
(2,840
|
)
|
|
$
|
907,943
|
|
|
$
|
(605,655
|
)
|
|
$
|
553,311
|
|
Share-based compensation
|
107
|
|
|
—
|
|
|
17,095
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,095
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,650
|
)
|
|
(3,650
|
)
|
||||||
Stock issued under employee stock purchase plan
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,268
|
|
|
4,268
|
|
||||||
Cash dividends declared, $2.80 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,247
|
)
|
|
—
|
|
|
(45,247
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,179
|
|
|
563
|
|
|
—
|
|
|
2,742
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,802
|
|
|
—
|
|
|
161,802
|
|
||||||
Balance at December 31, 2018
|
16,183
|
|
|
$
|
23
|
|
|
$
|
270,935
|
|
|
$
|
(661
|
)
|
|
$
|
1,025,061
|
|
|
$
|
(605,037
|
)
|
|
$
|
690,321
|
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization
|
129,351
|
|
|
121,713
|
|
|
105,216
|
|
|||
Loss on aircraft and other equipment disposals
|
2,360
|
|
|
9,334
|
|
|
4,981
|
|
|||
Special charge
|
—
|
|
|
35,253
|
|
|
—
|
|
|||
Share-based compensation expense
|
15,098
|
|
|
13,856
|
|
|
9,389
|
|
|||
Deferred income taxes
|
38,222
|
|
|
42,689
|
|
|
30,579
|
|
|||
Other adjustments
|
4,541
|
|
|
5,933
|
|
|
4,286
|
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
||||||
(Increase) decrease in accounts receivable
|
35,624
|
|
|
(30,568
|
)
|
|
(18,201
|
)
|
|||
(Increase) decrease in prepaid expenses
|
(5,191
|
)
|
|
(7,654
|
)
|
|
1,999
|
|
|||
Increase (decrease) in accounts payable
|
8,633
|
|
|
4,798
|
|
|
9,209
|
|
|||
Increase (decrease) in accrued liabilities
|
12,005
|
|
|
9,251
|
|
|
7,596
|
|
|||
Increase (decrease) in air traffic liability
|
7,931
|
|
|
12,721
|
|
|
(6,144
|
)
|
|||
Change in deferred major maintenance
|
(49,622
|
)
|
|
(20,687
|
)
|
|
(18,857
|
)
|
|||
Other assets/liabilities
|
(4,142
|
)
|
|
(4,113
|
)
|
|
(2,769
|
)
|
|||
Net cash provided by operating activities
|
356,612
|
|
|
390,674
|
|
|
348,150
|
|
|||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchase of investment securities
|
(371,461
|
)
|
|
(363,300
|
)
|
|
(444,532
|
)
|
|||
Proceeds from maturities of investment securities
|
436,581
|
|
|
319,915
|
|
|
361,082
|
|
|||
Aircraft pre-delivery deposits
|
—
|
|
|
(11,810
|
)
|
|
(125,434
|
)
|
|||
Purchase of property and equipment, including capitalized interest
|
(334,774
|
)
|
|
(568,439
|
)
|
|
(199,743
|
)
|
|||
Other investing activities
|
677
|
|
|
5,115
|
|
|
6,790
|
|
|||
Net cash used in investing activities
|
(268,977
|
)
|
|
(618,519
|
)
|
|
(401,837
|
)
|
|||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Cash dividends paid to shareholders
|
(45,247
|
)
|
|
(45,720
|
)
|
|
(67,540
|
)
|
|||
Proceeds from the issuance of debt
|
211,225
|
|
|
497,540
|
|
|
321,160
|
|
|||
Repurchase of common stock
|
(3,650
|
)
|
|
(90,457
|
)
|
|
(66,371
|
)
|
|||
Principal payments on debt and capital lease obligations
|
(232,227
|
)
|
|
(138,858
|
)
|
|
(154,080
|
)
|
|||
Other financing activities
|
7,536
|
|
|
(379
|
)
|
|
(594
|
)
|
|||
Net cash (used in) provided by financing activities
|
(62,363
|
)
|
|
222,126
|
|
|
32,575
|
|
|||
Net change in cash, cash equivalents, and restricted cash
|
25,272
|
|
|
(5,719
|
)
|
|
(21,112
|
)
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
70,639
|
|
|
76,358
|
|
|
97,470
|
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
$
|
95,911
|
|
|
$
|
70,639
|
|
|
$
|
76,358
|
|
|
|
|
|
|
|
||||||
CASH PAYMENTS/(RECEIPTS) FOR:
|
|
|
|
|
|
||||||
Interest paid, net of amount capitalized
|
$
|
52,323
|
|
|
$
|
35,998
|
|
|
$
|
26,454
|
|
Income tax (refunds)/payments
|
$
|
(41,610
|
)
|
|
$
|
(17,954
|
)
|
|
$
|
110,612
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS
|
|
|
|
|
|
||||||
Flight equipment under capital lease
|
$
|
127,625
|
|
|
$
|
—
|
|
|
$
|
—
|
|
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.
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
Basic:
|
|
|
|
|
|
||||||
Net income
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
Less net income allocated to participating securities
|
(2,106
|
)
|
|
(2,965
|
)
|
|
(1,758
|
)
|
|||
Net income attributable to common stock
|
$
|
159,696
|
|
|
$
|
195,183
|
|
|
$
|
219,108
|
|
Earnings per share, basic
|
$
|
10.02
|
|
|
$
|
12.14
|
|
|
$
|
13.31
|
|
Weighted-average shares outstanding
|
15,941
|
|
|
16,073
|
|
|
16,465
|
|
|||
Diluted:
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
161,802
|
|
|
$
|
198,148
|
|
|
$
|
220,866
|
|
Less net income allocated to participating securities
|
(2,104
|
)
|
|
(2,962
|
)
|
|
(1,756
|
)
|
|||
Net income attributable to common stock
|
$
|
159,698
|
|
|
$
|
195,186
|
|
|
$
|
219,110
|
|
Earnings per share, diluted
|
$
|
10.00
|
|
|
$
|
12.13
|
|
|
$
|
13.29
|
|
Weighted-average shares outstanding
|
15,941
|
|
|
16,073
|
|
|
16,465
|
|
|||
Dilutive effect of stock options and restricted stock
|
53
|
|
|
74
|
|
|
42
|
|
|||
Adjusted weighted-average shares outstanding under treasury stock method
|
15,994
|
|
|
16,147
|
|
|
16,507
|
|
|||
Participating securities excluded under two-class method
|
(27
|
)
|
|
(52
|
)
|
|
(18
|
)
|
|||
Adjusted weighted-average shares outstanding under two-class method
|
15,967
|
|
|
16,095
|
|
|
16,489
|
|
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||||||
(in thousands, except per share data)
|
|
As Previously Reported
|
|
Current Presentation
|
|
As Previously Reported
|
|
Current Presentation
|
||||||||||||
|
Adjustments
|
|
Adjustments
|
|||||||||||||||||
Consolidated Statements of Income:
|
|
|
|
|
|
|
|
|
||||||||||||
Passenger revenue
(1)
|
|
$
|
818,136
|
|
$
|
553,901
|
|
$
|
1,372,037
|
|
|
$
|
753,414
|
|
$
|
515,653
|
|
$
|
1,269,067
|
|
Air-related charges
|
|
546,476
|
|
(546,476
|
)
|
—
|
|
|
499,542
|
|
(499,542
|
)
|
—
|
|
||||||
Sales and marketing
|
|
52,711
|
|
3,964
|
|
56,675
|
|
|
20,527
|
|
14,102
|
|
34,629
|
|
||||||
Income tax provision
|
|
644
|
|
215
|
|
859
|
|
|
126,368
|
|
733
|
|
127,101
|
|
||||||
Net income
|
|
194,902
|
|
3,246
|
|
198,148
|
|
|
219,590
|
|
1,276
|
|
220,866
|
|
||||||
Diluted earnings per share
|
|
$
|
11.93
|
|
$
|
0.20
|
|
$
|
12.13
|
|
|
$
|
13.21
|
|
$
|
0.08
|
|
$
|
13.29
|
|
|
|
December 31, 2017
|
||||||||
|
|
As Previously Reported
|
|
Current Presentation
|
||||||
(in thousands)
|
|
Adjustments
|
||||||||
Consolidated Balance Sheets:
|
|
|
|
|
||||||
Air traffic liability
|
|
$
|
210,184
|
|
$
|
(5,885
|
)
|
$
|
204,299
|
|
Deferred income taxes
|
|
118,492
|
|
521
|
|
119,013
|
|
|||
Retained earnings
|
|
902,579
|
|
5,364
|
|
907,943
|
|
|
|
Year ended December 31, 2017
|
|
Year ended December 31, 2016
|
||||||||||||||||
|
|
As Previously Reported
|
|
Current Presentation
|
|
As Previously Reported
|
|
Current Presentation
|
||||||||||||
(in thousands)
|
|
Adjustments
|
|
Adjustments
|
||||||||||||||||
Consolidated Statements of Cash Flow:
|
|
|
|
|
|
|
|
|
||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
$
|
194,902
|
|
$
|
3,246
|
|
$
|
198,148
|
|
|
$
|
219,590
|
|
$
|
1,276
|
|
$
|
220,866
|
|
Deferred income taxes
|
|
42,473
|
|
216
|
|
42,689
|
|
|
29,846
|
|
733
|
|
30,579
|
|
||||||
Change in air traffic liability
|
|
16,183
|
|
(3,462
|
)
|
12,721
|
|
|
(4,135
|
)
|
(2,009
|
)
|
(6,144
|
)
|
||||||
Net cash provided by operating activities
|
|
$
|
253,558
|
|
$
|
—
|
|
$
|
253,558
|
|
|
$
|
245,301
|
|
$
|
—
|
|
$
|
245,301
|
|
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Scheduled service
|
$
|
898,653
|
|
|
$
|
821,621
|
|
|
$
|
768,721
|
|
Ancillary air-related charges
|
621,939
|
|
|
547,860
|
|
|
500,346
|
|
|||
Co-brand redemptions
|
13,109
|
|
|
2,556
|
|
|
—
|
|
|||
Total passenger revenue
|
$
|
1,533,701
|
|
|
$
|
1,372,037
|
|
|
$
|
1,269,067
|
|
|
2018
|
|
2017
|
||||
Balance at January 1
|
$
|
8,903
|
|
|
$
|
790
|
|
Points awarded
|
14,914
|
|
|
10,669
|
|
||
Points redeemed
|
(13,109
|
)
|
|
(2,556
|
)
|
||
Balance at December 31
|
$
|
10,708
|
|
|
$
|
8,903
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
||||
Flight equipment, including pre-delivery deposits
|
$
|
1,905,157
|
|
|
$
|
1,539,433
|
|
Computer hardware and software
|
140,385
|
|
|
123,675
|
|
||
Land and buildings/leasehold improvements
|
85,925
|
|
|
77,409
|
|
||
Other property and equipment
|
89,778
|
|
|
48,446
|
|
||
Total property and equipment
|
2,221,245
|
|
|
1,788,963
|
|
||
Less accumulated depreciation and amortization
|
(373,977
|
)
|
|
(276,548
|
)
|
||
Property and equipment, net
|
$
|
1,847,268
|
|
|
$
|
1,512,415
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
||||
Salaries, wages and benefits
|
$
|
34,406
|
|
|
$
|
35,516
|
|
Interest
|
14,276
|
|
|
13,326
|
|
||
Station expenses
|
12,918
|
|
|
12,026
|
|
||
Maintenance and repairs
|
11,016
|
|
|
5,481
|
|
||
Passenger fees
|
10,465
|
|
|
11,420
|
|
||
Loyalty card program liability
|
9,625
|
|
|
—
|
|
||
Property taxes
|
8,017
|
|
|
7,851
|
|
||
Advertising accruals
|
4,337
|
|
|
4,154
|
|
||
Passenger taxes
|
517
|
|
|
447
|
|
||
Other accruals
|
16,450
|
|
|
14,906
|
|
||
Total accrued liabilities
|
$
|
122,027
|
|
|
$
|
105,127
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
||||
Fixed-rate debt and capital lease obligations due through 2030
(1) (2)
|
$
|
640,806
|
|
|
$
|
465,462
|
|
Variable-rate debt due through 2028
|
630,927
|
|
|
699,430
|
|
||
Total long-term debt and capital lease obligations, net of related costs
|
1,271,733
|
|
|
1,164,892
|
|
||
Less current maturities, net of related costs
(1)
|
152,287
|
|
|
214,761
|
|
||
Long-term debt and capital lease obligations, net of current maturities and related costs
|
$
|
1,119,446
|
|
|
$
|
950,131
|
|
|
|
|
|
||||
Weighted average fixed-interest rate on debt
|
5.3
|
%
|
|
5.4
|
%
|
||
Weighted average variable-interest rate on debt
|
4.2
|
%
|
|
3.3
|
%
|
|
Twelve Months Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Shares repurchased
(1)
|
—
|
|
|
604,497
|
|
|
391,972
|
|
|||
Average price per share
|
NA
|
|
|
$
|
142.66
|
|
|
$
|
164.99
|
|
|
Total (in thousands)
|
$
|
—
|
|
|
$
|
86,240
|
|
|
$
|
64,673
|
|
|
Twelve Months Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Total quarterly cash dividends declared, per share
|
$
|
2.80
|
|
|
$
|
2.80
|
|
|
$
|
2.40
|
|
Total cash dividends paid (in thousands)
(1)
|
45,247
|
|
|
45,720
|
|
|
67,540
|
|
|
|
As of
December 31, 2018 |
|
As of
December 31, 2017 |
||||||||||||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
|
$
|
43,281
|
|
|
$
|
43,281
|
|
|
$
|
—
|
|
|
$
|
1,297
|
|
|
$
|
1,297
|
|
|
$
|
—
|
|
Commercial paper
|
|
29,138
|
|
|
—
|
|
|
29,138
|
|
|
27,910
|
|
|
—
|
|
|
27,910
|
|
||||||
US Treasury Bonds
|
|
1,415
|
|
|
—
|
|
|
1,415
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Municipal debt securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,782
|
|
|
—
|
|
|
2,782
|
|
||||||
Total cash equivalents
|
|
73,834
|
|
|
43,281
|
|
|
30,553
|
|
|
31,989
|
|
|
1,297
|
|
|
30,692
|
|
||||||
Short-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial paper
|
|
180,846
|
|
|
—
|
|
|
180,846
|
|
|
108,678
|
|
|
—
|
|
|
108,678
|
|
||||||
Corporate debt securities
|
|
101,489
|
|
|
—
|
|
|
101,489
|
|
|
107,878
|
|
|
—
|
|
|
107,878
|
|
||||||
Municipal debt securities
|
|
14,252
|
|
|
—
|
|
|
14,252
|
|
|
101,290
|
|
|
—
|
|
|
101,290
|
|
||||||
Federal agency debt securities
|
|
11,887
|
|
|
—
|
|
|
11,887
|
|
|
31,428
|
|
|
—
|
|
|
31,428
|
|
||||||
US Treasury Bonds
|
|
5,990
|
|
|
—
|
|
|
5,990
|
|
|
3,407
|
|
|
—
|
|
|
3,407
|
|
||||||
Total short-term
|
|
314,464
|
|
|
—
|
|
|
314,464
|
|
|
352,681
|
|
|
—
|
|
|
352,681
|
|
||||||
Long-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate debt securities
|
|
37,334
|
|
|
—
|
|
|
37,334
|
|
|
60,396
|
|
|
—
|
|
|
60,396
|
|
||||||
Federal agency debt securities
|
|
11,291
|
|
|
—
|
|
|
11,291
|
|
|
5,775
|
|
|
—
|
|
|
5,775
|
|
||||||
US Treasury Bonds
|
|
2,901
|
|
|
—
|
|
|
2,901
|
|
|
2,994
|
|
|
—
|
|
|
2,994
|
|
||||||
Municipal debt securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,405
|
|
|
—
|
|
|
9,405
|
|
||||||
Derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
282
|
|
|
—
|
|
|
282
|
|
||||||
Total long-term
|
|
51,526
|
|
|
—
|
|
|
51,526
|
|
|
78,852
|
|
|
—
|
|
|
78,852
|
|
||||||
Total financial instruments
|
|
$
|
439,824
|
|
|
$
|
43,281
|
|
|
$
|
396,543
|
|
|
$
|
463,522
|
|
|
$
|
1,297
|
|
|
$
|
462,225
|
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
|
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Fair Value Level
|
||||||||
Publicly held debt
|
|
$
|
450,463
|
|
|
$
|
451,026
|
|
|
$
|
451,321
|
|
|
$
|
462,604
|
|
|
2
|
Non-publicly held debt
|
|
703,372
|
|
|
619,379
|
|
|
719,681
|
|
|
660,065
|
|
|
3
|
||||
Total long-term debt
|
|
$
|
1,153,835
|
|
|
$
|
1,070,405
|
|
|
$
|
1,171,002
|
|
|
$
|
1,122,669
|
|
|
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(3,707
|
)
|
|
$
|
(44,385
|
)
|
|
$
|
89,014
|
|
State
|
(650
|
)
|
|
664
|
|
|
5,204
|
|
|||
Foreign
|
1,086
|
|
|
558
|
|
|
1,262
|
|
|||
Total current
|
(3,271
|
)
|
|
(43,163
|
)
|
|
95,480
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
41,593
|
|
|
41,015
|
|
|
28,653
|
|
|||
State
|
3,744
|
|
|
1,978
|
|
|
1,703
|
|
|||
Foreign
|
(4,550
|
)
|
|
1,029
|
|
|
1,265
|
|
|||
Total deferred
|
40,787
|
|
|
44,022
|
|
|
31,621
|
|
|||
Total income tax provision
|
$
|
37,516
|
|
|
$
|
859
|
|
|
$
|
127,101
|
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
As recast
|
|
As recast
|
||||||
Income tax expense at federal statutory rate
|
$
|
41,857
|
|
|
$
|
68,639
|
|
|
$
|
121,789
|
|
State income taxes, net of federal income tax benefit
|
3,560
|
|
|
2,739
|
|
|
5,517
|
|
|||
Federal tax reform impact
|
—
|
|
|
(74,738
|
)
|
|
—
|
|
|||
Domestic production activities deduction
|
(3,539
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
(4,362
|
)
|
|
4,219
|
|
|
(205
|
)
|
|||
Total income tax expense
|
$
|
37,516
|
|
|
$
|
859
|
|
|
$
|
127,101
|
|
|
As of December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
|
|
As recast
|
||||
Deferred tax assets:
|
|
|
|
||||
Accrued vacation
|
$
|
595
|
|
|
$
|
690
|
|
Accrued bonus
|
3,792
|
|
|
628
|
|
||
State taxes
|
86
|
|
|
318
|
|
||
Accrued property taxes
|
1,615
|
|
|
1,573
|
|
||
Stock-based compensation expense
|
1,310
|
|
|
1,983
|
|
||
Net operating loss
|
38,875
|
|
|
635
|
|
||
Other
|
—
|
|
|
3,160
|
|
||
Less: valuation allowance
|
1,193
|
|
|
422
|
|
||
Total deferred tax assets
|
45,080
|
|
|
8,565
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Prepaid expenses
|
4,436
|
|
|
4,275
|
|
||
Depreciation
|
202,595
|
|
|
118,743
|
|
||
Foreign deferred
|
—
|
|
|
4,569
|
|
||
Other
|
2,103
|
|
|
—
|
|
||
Total deferred tax liabilities
|
209,134
|
|
|
127,587
|
|
||
Net deferred tax liabilities
|
$
|
164,054
|
|
|
$
|
119,022
|
|
|
|
As of December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning Balance
|
|
$
|
778
|
|
|
$
|
837
|
|
|
$
|
512
|
|
Increases for tax position of prior years
|
|
3,364
|
|
|
251
|
|
|
140
|
|
|||
Increases for tax position of current year
|
|
293
|
|
|
46
|
|
|
492
|
|
|||
Decreases for tax positions of prior years
|
|
(10
|
)
|
|
—
|
|
|
(307
|
)
|
|||
Settlements
|
|
(110
|
)
|
|
(356
|
)
|
|
—
|
|
|||
Decreases for lapses in statute of limitations
|
|
(140
|
)
|
|
—
|
|
|
—
|
|
|||
Ending Balance
|
|
$
|
4,175
|
|
|
$
|
778
|
|
|
$
|
837
|
|
|
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Weighted-average fair value of discount under the ESPP
(1)
|
|||||
As of December 31, 2016
|
|
13,400
|
|
|
$
|
120.63
|
|
|
$
|
14.80
|
|
As of December 31, 2017
|
|
18,498
|
|
|
$
|
126.81
|
|
|
$
|
14.09
|
|
As of December 31, 2018
|
|
33,300
|
|
|
$
|
134.31
|
|
|
$
|
16.79
|
|
|
Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Life (years)
|
|
Aggregate Intrinsic Value (thousands)
|
|||||
Outstanding at December 31, 2015
|
48,781
|
|
|
$
|
86.65
|
|
|
2.62
|
|
$
|
3,960
|
|
Exercised
|
(5,192
|
)
|
|
108.59
|
|
|
|
|
|
|||
Outstanding at December 31, 2016
|
43,589
|
|
|
$
|
84.04
|
|
|
1.55
|
|
$
|
3,590
|
|
Exercised
|
(16,014
|
)
|
|
60.20
|
|
|
|
|
|
|||
Outstanding at December 31, 2017
|
27,575
|
|
|
$
|
97.88
|
|
|
0.72
|
|
$
|
1,568
|
|
Exercised
|
(17,838
|
)
|
|
92.04
|
|
|
|
|
|
|||
Outstanding at December 31, 2018
|
9,737
|
|
|
$
|
108.59
|
|
|
0.18
|
|
$
|
—
|
|
Fully vested and expected to vest at December 31, 2018
|
9,737
|
|
|
$
|
108.59
|
|
|
0.18
|
|
$
|
—
|
|
Exercisable at December 31, 2018
|
9,737
|
|
|
$
|
108.59
|
|
|
0.18
|
|
$
|
—
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Non-vested at December 31, 2015
|
82,957
|
|
|
$
|
155.30
|
|
Granted
|
224,018
|
|
|
144.74
|
|
|
Vested
|
(43,310
|
)
|
|
129.96
|
|
|
Forfeited
|
(10,007
|
)
|
|
158.74
|
|
|
Non-vested at December 31, 2016
|
253,658
|
|
|
$
|
146.01
|
|
Granted
|
125,442
|
|
|
165.61
|
|
|
Vested
|
(91,338
|
)
|
|
145.08
|
|
|
Forfeited
|
(94,872
|
)
|
|
157.95
|
|
|
Non-vested at December 31, 2017
|
192,890
|
|
|
$
|
153.32
|
|
Granted
|
102,842
|
|
|
155.02
|
|
|
Vested
|
(85,410
|
)
|
|
153.85
|
|
|
Forfeited
|
(14,128
|
)
|
|
154.65
|
|
|
Non-vested at December 31, 2018
|
196,194
|
|
|
$
|
153.88
|
|
|
2018
|
|
2017
|
|
2016
|
|||
Weighted-average volatility
|
35.0
|
%
|
|
32.8
|
%
|
|
33.2
|
%
|
Expected term (in years)
|
0.8
|
|
|
0.2 - 1.9
|
|
|
0.3 - 3.1
|
|
Risk-free interest rate
|
2.6
|
%
|
|
0.6% - 1.9%
|
|
|
0.4% - 1.5%
|
|
Dividend yield
|
1.68
|
%
|
|
1.62
|
%
|
|
1.51
|
%
|
|
|
# of SARs
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value (thousands)
|
|||||
Balance at December 31, 2015
|
|
131,741
|
|
|
$
|
136.13
|
|
|
|
|
|
||
Granted
|
|
15,000
|
|
|
146.03
|
|
|
|
|
|
|||
Forfeited
|
|
(10,083
|
)
|
|
170.21
|
|
|
|
|
|
|||
Exercised
|
|
(32,050
|
)
|
|
89.19
|
|
|
|
|
|
|||
Balance at December 31, 2016
|
|
104,608
|
|
|
$
|
153.86
|
|
|
|
|
|
||
Forfeited
|
|
(14,682
|
)
|
|
177.6
|
|
|
|
|
|
|||
Exercised
|
|
(9,462
|
)
|
|
106.25
|
|
|
|
|
|
|||
Balance at December 31, 2017
|
|
80,464
|
|
|
$
|
155.13
|
|
|
|
|
|
||
Forfeited
|
|
(12,890
|
)
|
|
181.47
|
|
|
|
|
|
|||
Exercised
|
|
(13,642
|
)
|
|
98.37
|
|
|
|
|
|
|||
Balance at December 31, 2018
|
|
53,932
|
|
|
$
|
163.19
|
|
|
1.47
|
|
$
|
—
|
|
Vested or expected to vest at December 31, 2018
|
|
53,482
|
|
|
$
|
163.34
|
|
|
1.46
|
|
$
|
—
|
|
Exercisable at December 31, 2018
|
|
48,932
|
|
|
$
|
164.95
|
|
|
1.34
|
|
$
|
—
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024 - Thereafter
|
||||||||||||
Aircraft and engine purchase obligations
|
$
|
259,160
|
|
|
$
|
33,800
|
|
|
$
|
500
|
|
|
$
|
18,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Airport fees under use and lease agreements
|
10,480
|
|
|
5,223
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Operating lease obligations
|
8,102
|
|
|
6,031
|
|
|
3,643
|
|
|
1,630
|
|
|
1,626
|
|
|
8,297
|
|
||||||
Total future payments
|
$
|
277,742
|
|
|
$
|
45,054
|
|
|
$
|
4,206
|
|
|
$
|
19,630
|
|
|
$
|
1,626
|
|
|
$
|
8,297
|
|
|
Balance at Beginning of Year
|
|
Changes Charged to Statement of Income Accounts
|
|
Write Offs (net of recoveries)
|
|
Balance at End of Year
|
||||||||
Allowance for expendable parts and supplies
|
|
|
|
|
|
|
|
||||||||
For the Year Ended December 31, 2018
|
$
|
13,756
|
|
|
$
|
2,624
|
|
|
$
|
(1,970
|
)
|
|
$
|
14,410
|
|
For the Year Ended December 31, 2017
(1)
|
7,205
|
|
|
6,551
|
|
|
—
|
|
|
13,756
|
|
||||
For the Year Ended December 31, 2016
|
4,607
|
|
|
2,598
|
|
|
—
|
|
|
7,205
|
|
—
|
Financial Statements and Supplementary Data. The financial statements included in Item 8 - Financial Statements and Supplementary Data above are filed as part of this annual report.
|
—
|
Financial Statement Schedules. Schedules are not submitted because they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes thereto.
|
—
|
Exhibits. The Exhibits listed below are filed or incorporated by reference as part of this Form 10-K. Where so indicated, exhibits which were previously filed are incorporated by reference.
|
Exhibit
Number
|
|
|
Description
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
4.5
|
|
|
|
4.6
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.5
|
|
|
Exhibit
Number |
|
|
Description
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
|
10.14
|
|
|
|
10.15
|
|
|
|
10.16
|
|
|
|
10.17
|
|
|
|
10.18
|
|
|
|
12
|
|
|
|
21
|
|
|
|
23.1
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32
|
|
|
|
101
|
|
|
The following financial information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on February 28, 2018, formatted in XBRL includes (i) Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016 (ii) Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016 (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016 (iv) Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2018, 2017 and 2016 (v) Consolidated Cash Flow Statements for the years ended December 31, 2018, 2017 and 2016 (vi) the Notes to the Consolidated Financial Statements. (2)
|
(1)
|
Management contract or compensation plan or agreement required to be filed as an Exhibit to this Report on Form 10-K pursuant to Item 15(b) of Form 10-K.
|
(2)
|
Pursuant to Rule 406 of Regulation S-T, the XBRL related information in Exhibit 101 to this annual report on Form 10-K shall be deemed to be not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
|
|
Allegiant Travel Company
|
|
|
|
|
|
By:
|
/s/ Scott Sheldon
|
|
|
Scott Sheldon
|
|
|
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Maurice J. Gallagher, Jr
|
|
Chief Executive Officer and Director
|
|
February 28, 2019
|
Maurice J. Gallagher, Jr.
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ John Redmond
|
|
President and Director
|
|
February 28, 2019
|
John Redmond
|
|
|
|
|
|
|
|
|
|
/s/ Scott Sheldon
|
|
Chief Financial Officer
|
|
February 28, 2019
|
Scott Sheldon
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Gregory Anderson
|
|
Principal Accounting Officer
|
|
February 28, 2019
|
Gregory Anderson
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
February 28, 2019
|
Montie Brewer
|
|
|
|
|
|
|
|
|
|
/s/ Gary Ellmer
|
|
Director
|
|
February 28, 2019
|
Gary Ellmer
|
|
|
|
|
|
|
|
|
|
/s/ Linda Marvin
|
|
Director
|
|
February 28, 2019
|
Linda Marvin
|
|
|
|
|
|
|
|
|
|
/s/ Charles W. Pollard
|
|
Director
|
|
February 28, 2019
|
Charles W. Pollard
|
|
|
|
|
|
|
|
|
|
1 Year Allegiant Travel Chart |
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