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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.88 | -1.61% | 53.68 | 52.50 | 55.73 | 55.01 | 52.38 | 55.01 | 434,311 | 22:30:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2019
|
|
|
|
OR
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
20-4745737
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(IRS Employer Identification No.)
|
|
|
1201 North Town Center Drive
|
|
Las Vegas, Nevada
|
89144
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
|
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
(Do not check if a smaller reporting company)
|
Emerging growth company
o
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 3.
|
||
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|
ITEM 4.
|
||
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 1A.
|
||
|
|
|
ITEM 2.
|
||
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|
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ITEM 3.
|
||
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ITEM 4.
|
||
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ITEM 5.
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||
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|
ITEM 6.
|
||
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(unaudited)
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
243,282
|
|
|
$
|
81,520
|
|
Restricted cash
|
14,496
|
|
|
14,391
|
|
||
Short-term investments
|
286,955
|
|
|
314,464
|
|
||
Accounts receivable
|
34,209
|
|
|
36,014
|
|
||
Expendable parts, supplies and fuel, net
|
19,527
|
|
|
19,516
|
|
||
Prepaid expenses and other current assets
|
35,477
|
|
|
29,343
|
|
||
TOTAL CURRENT ASSETS
|
633,946
|
|
|
495,248
|
|
||
Property and equipment, net
|
1,940,480
|
|
|
1,847,268
|
|
||
Long-term investments
|
24,605
|
|
|
51,526
|
|
||
Deferred major maintenance, net
|
83,869
|
|
|
67,873
|
|
||
Operating lease right-of-use assets, net
|
22,788
|
|
|
—
|
|
||
Deposits and other assets
|
44,789
|
|
|
36,753
|
|
||
TOTAL ASSETS:
|
$
|
2,750,477
|
|
|
$
|
2,498,668
|
|
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
28,690
|
|
|
$
|
27,452
|
|
Accrued liabilities
|
136,075
|
|
|
122,027
|
|
||
Air traffic liability
|
276,241
|
|
|
212,230
|
|
||
Current maturities of long-term debt and finance lease obligations, net of related costs
|
154,027
|
|
|
152,287
|
|
||
TOTAL CURRENT LIABILITIES
|
595,033
|
|
|
513,996
|
|
||
Long-term debt and finance lease obligations, net of current maturities and related costs
|
1,203,709
|
|
|
1,119,446
|
|
||
Deferred income taxes
|
180,136
|
|
|
164,027
|
|
||
Other noncurrent liabilities
|
33,145
|
|
|
10,878
|
|
||
TOTAL LIABILITIES:
|
2,012,023
|
|
|
1,808,347
|
|
||
SHAREHOLDERS' EQUITY
|
|
|
|
||||
Common stock, par value $.001
|
23
|
|
|
23
|
|
||
Treasury stock
|
(607,316
|
)
|
|
(605,037
|
)
|
||
Additional paid in capital
|
276,247
|
|
|
270,935
|
|
||
Accumulated other comprehensive loss, net
|
(190
|
)
|
|
(661
|
)
|
||
Retained earnings
|
1,069,690
|
|
|
1,025,061
|
|
||
TOTAL EQUITY:
|
738,454
|
|
|
690,321
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:
|
$
|
2,750,477
|
|
|
$
|
2,498,668
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING REVENUES:
|
|
|
|
||||
Passenger
|
$
|
419,977
|
|
|
$
|
396,771
|
|
Third party products
|
17,141
|
|
|
10,325
|
|
||
Fixed fee contracts
|
10,575
|
|
|
10,556
|
|
||
Other
|
3,929
|
|
|
7,792
|
|
||
Total operating revenues
|
451,622
|
|
|
425,444
|
|
||
OPERATING EXPENSES:
|
|
|
|
||||
Salary and benefits
|
119,411
|
|
|
112,963
|
|
||
Aircraft fuel
|
99,682
|
|
|
106,027
|
|
||
Station operations
|
38,965
|
|
|
37,584
|
|
||
Maintenance and repairs
|
22,824
|
|
|
19,270
|
|
||
Depreciation and amortization
|
36,182
|
|
|
28,149
|
|
||
Sales and marketing
|
20,926
|
|
|
19,078
|
|
||
Other
|
22,554
|
|
|
22,405
|
|
||
Total operating expenses
|
360,544
|
|
|
345,476
|
|
||
OPERATING INCOME
|
91,078
|
|
|
79,968
|
|
||
OTHER (INCOME) EXPENSES:
|
|
|
|
||||
Interest expense
|
18,083
|
|
|
12,908
|
|
||
Capitalized interest
|
(1,503
|
)
|
|
(184
|
)
|
||
Interest income
|
(3,201
|
)
|
|
(1,907
|
)
|
||
Loss on debt extinguishment
|
3,677
|
|
|
—
|
|
||
Other, net
|
103
|
|
|
(240
|
)
|
||
Total other expenses
|
17,159
|
|
|
10,577
|
|
||
INCOME BEFORE INCOME TAXES
|
73,919
|
|
|
69,391
|
|
||
PROVISION FOR INCOME TAXES
|
16,795
|
|
|
14,198
|
|
||
NET INCOME
|
$
|
57,124
|
|
|
$
|
55,193
|
|
Earnings per share to common shareholders:
|
|
|
|
||||
Basic
|
$
|
3.52
|
|
|
$
|
3.43
|
|
Diluted
|
$
|
3.52
|
|
|
$
|
3.42
|
|
Shares used for computation:
|
|
|
|
||||
Basic
|
16,011
|
|
|
15,889
|
|
||
Diluted
|
16,013
|
|
|
15,898
|
|
||
|
|
|
|
||||
Cash dividends declared per share:
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
NET INCOME
|
$
|
57,124
|
|
|
$
|
55,193
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Change in available for sale securities, net of tax
|
477
|
|
|
(956
|
)
|
||
Foreign currency translation adjustments
|
(6
|
)
|
|
101
|
|
||
Change in derivatives, net of tax
|
—
|
|
|
(264
|
)
|
||
Total other comprehensive income (loss)
|
471
|
|
|
(1,119
|
)
|
||
TOTAL COMPREHENSIVE INCOME
|
$
|
57,595
|
|
|
$
|
54,074
|
|
|
|
|
|
|
|
|
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, 2018
|
16,183
|
|
|
$
|
23
|
|
|
$
|
270,935
|
|
|
$
|
(661
|
)
|
|
$
|
1,025,061
|
|
|
$
|
(605,037
|
)
|
|
$
|
690,321
|
|
Share-based compensation
|
118
|
|
|
—
|
|
|
5,312
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,312
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,279
|
)
|
|
(2,279
|
)
|
||||||
Cash dividends declared, $0.70 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,394
|
)
|
|
—
|
|
|
(11,394
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|
(551
|
)
|
|
—
|
|
|
(80
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,124
|
|
|
—
|
|
|
57,124
|
|
||||||
Cumulative effect of the New Lease Standard (see Note 5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(550
|
)
|
|
—
|
|
|
(550
|
)
|
||||||
Balance at March 31, 2019
|
16,284
|
|
|
$
|
23
|
|
|
$
|
276,247
|
|
|
$
|
(190
|
)
|
|
$
|
1,069,690
|
|
|
$
|
(607,316
|
)
|
|
$
|
738,454
|
|
|
|
|
|
|
|
|
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, 2017
|
16,066
|
|
|
$
|
23
|
|
|
$
|
253,840
|
|
|
$
|
(2,840
|
)
|
|
$
|
907,943
|
|
|
$
|
(605,655
|
)
|
|
$
|
553,311
|
|
Share-based compensation
|
98
|
|
|
—
|
|
|
5,385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,385
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,233
|
)
|
|
(2,233
|
)
|
||||||
Cash dividends declared, $0.70 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,295
|
)
|
|
—
|
|
|
(11,295
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,119
|
)
|
|
562
|
|
|
—
|
|
|
(557
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,193
|
|
|
—
|
|
|
55,193
|
|
||||||
Balance at March 31, 2018
|
16,151
|
|
|
$
|
23
|
|
|
$
|
259,225
|
|
|
$
|
(3,959
|
)
|
|
$
|
952,403
|
|
|
$
|
(607,888
|
)
|
|
$
|
599,804
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
57,124
|
|
|
$
|
55,193
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
36,182
|
|
|
28,149
|
|
||
Gain on aircraft and other equipment disposals
|
(6,696
|
)
|
|
(132
|
)
|
||
Share-based compensation expense
|
4,538
|
|
|
3,796
|
|
||
Deferred income taxes
|
16,103
|
|
|
12,735
|
|
||
Other adjustments
|
4,971
|
|
|
1,080
|
|
||
Changes in certain assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
1,805
|
|
|
6,713
|
|
||
Prepaid expenses
|
(5,988
|
)
|
|
(4,439
|
)
|
||
Accounts payable
|
(368
|
)
|
|
9,959
|
|
||
Accrued liabilities
|
7,877
|
|
|
14,267
|
|
||
Air traffic liability
|
64,011
|
|
|
52,474
|
|
||
Deferred major maintenance
|
(18,376
|
)
|
|
(4,476
|
)
|
||
Other assets/liabilities
|
(1,086
|
)
|
|
(2,392
|
)
|
||
Net cash provided by operating activities
|
160,097
|
|
|
172,927
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of investment securities
|
(68,447
|
)
|
|
(93,933
|
)
|
||
Proceeds from maturities of investment securities
|
124,472
|
|
|
97,224
|
|
||
Purchase of property and equipment, including capitalized interest
|
(122,551
|
)
|
|
(69,167
|
)
|
||
Other investing activities
|
6,973
|
|
|
521
|
|
||
Net cash used in investing activities
|
(59,553
|
)
|
|
(65,355
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Cash dividends paid to shareholders
|
(11,394
|
)
|
|
(11,295
|
)
|
||
Proceeds from the issuance of debt
|
494,000
|
|
|
—
|
|
||
Principal payments on debt and finance lease obligations
|
(386,329
|
)
|
|
(102,914
|
)
|
||
Debt issuance costs
|
(30,060
|
)
|
|
(176
|
)
|
||
Other financing activities
|
(4,894
|
)
|
|
(679
|
)
|
||
Net cash provided by (used in) financing activities
|
61,323
|
|
|
(115,064
|
)
|
||
Net change in cash, cash equivalents, and restricted cash
|
161,867
|
|
|
(7,492
|
)
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
95,911
|
|
|
70,639
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
$
|
257,778
|
|
|
$
|
63,147
|
|
|
|
|
|
||||
CASH PAYMENTS (RECEIPTS) FOR:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
$
|
20,924
|
|
|
$
|
17,902
|
|
Income tax (refunds)/payments
|
$
|
(4,490
|
)
|
|
$
|
37
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
|
|
|
|
||||
Property capitalized under operating leases
|
$
|
23,320
|
|
|
$
|
—
|
|
Flight equipment acquired under finance leases
|
$
|
—
|
|
|
$
|
77,162
|
|
|
Three Months Ended March,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Scheduled service
|
$
|
234,772
|
|
|
$
|
238,520
|
|
Ancillary air-related charges
|
181,700
|
|
|
154,717
|
|
||
Co-brand redemptions
|
3,505
|
|
|
3,534
|
|
||
Total passenger revenue
|
$
|
419,977
|
|
|
$
|
396,771
|
|
|
Three Months Ended March,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Balance at January 1
|
$
|
10,708
|
|
|
$
|
8,903
|
|
Points awarded (deferral of revenue)
|
4,164
|
|
|
3,233
|
|
||
Points redeemed (recognition of revenue)
|
(3,505
|
)
|
|
(3,534
|
)
|
||
Balance at March 31
|
$
|
11,367
|
|
|
$
|
8,602
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||
Flight equipment, including pre-delivery deposits
|
$
|
2,002,777
|
|
|
$
|
1,905,157
|
|
Computer hardware and software
|
143,369
|
|
|
140,385
|
|
||
Land and buildings/leasehold improvements
|
85,925
|
|
|
85,925
|
|
||
Other property and equipment
|
106,159
|
|
|
89,778
|
|
||
Total property and equipment
|
2,338,230
|
|
|
2,221,245
|
|
||
Less accumulated depreciation and amortization
|
(397,750
|
)
|
|
(373,977
|
)
|
||
Property and equipment, net
|
$
|
1,940,480
|
|
|
$
|
1,847,268
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||
Fixed-rate debt and finance lease obligations due through 2030
(1) (2)
|
$
|
325,353
|
|
|
$
|
640,806
|
|
Variable-rate debt due through 2028
|
1,032,383
|
|
|
630,927
|
|
||
Total long-term debt and finance lease obligations, net of related costs
|
1,357,736
|
|
|
1,271,733
|
|
||
Less current maturities, net of related costs
(1)
|
154,027
|
|
|
152,287
|
|
||
Long-term debt and finance lease obligations, net of current maturities and related costs
|
$
|
1,203,709
|
|
|
$
|
1,119,446
|
|
|
|
|
|
||||
Weighted average fixed-interest rate on debt
|
3.9
|
%
|
|
5.3
|
%
|
||
Weighted average variable-interest rate on debt
|
5.5
|
%
|
|
4.2
|
%
|
|
|
Three Months Ended
|
||
(in thousands)
|
Classification on the Statements of Income
|
March 31, 2019
|
||
Finance lease costs:
|
|
|
||
Amortization of assets
|
Depreciation and amortization
|
$
|
1,629
|
|
Interest on lease liabilities
|
Interest expense
|
1,346
|
|
|
Operating lease cost
|
Station operations; Maintenance and repairs; Other operating expense
|
775
|
|
|
Variable lease cost
|
Station operations; Maintenance and repairs; Other operating expense
|
3,092
|
|
|
Total lease cost
|
|
$
|
6,842
|
|
(in thousands)
|
Classification on the Balance Sheet
|
As of March 31, 2019
|
||
Assets
|
|
|
||
Operating lease assets
|
Operating lease right-of-use assets, net
|
$
|
22,788
|
|
Finance lease assets
|
Property and equipment, net
|
116,553
|
|
|
Total lease assets
|
|
$
|
139,341
|
|
|
|
|
||
Liabilities
|
|
|
||
Current
|
|
|
||
Operating
|
Accrued liabilities
|
$
|
2,101
|
|
Finance
|
Current maturities of long-term debt and finance lease obligations
|
7,417
|
|
|
Noncurrent
|
|
|
||
Operating
|
Other noncurrent liabilities
|
22,049
|
|
|
Finance
|
Long-term debt and finance lease obligations
|
113,710
|
|
|
Total lease liabilities
|
|
$
|
145,277
|
|
|
|
|
||
Weighted-average remaining lease term
|
|
|
||
Operating leases
|
|
9.5 years
|
|
|
Finance leases
|
|
10.6 years
|
|
|
Weighted-average discount rate
|
|
|
||
Operating leases
|
|
4.2
|
%
|
|
Finance leases
|
|
4.4
|
%
|
|
Three Months Ended
|
||
(in thousands)
|
March 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
||
Operating cash flows for operating leases
|
$
|
629
|
|
Operating cash flows for finance leases
|
1,346
|
|
|
Financing cash flows for finance leases
|
1,804
|
|
(in thousands)
|
Operating Leases
|
|
Finance Leases
|
||||
Remaining in 2019
|
$
|
2,269
|
|
|
$
|
9,450
|
|
2020
|
3,206
|
|
|
12,600
|
|
||
2021
|
3,249
|
|
|
12,600
|
|
||
2022
|
3,295
|
|
|
11,095
|
|
||
2023
|
3,147
|
|
|
10,500
|
|
||
Thereafter
|
14,325
|
|
|
103,458
|
|
||
Total lease payments
|
29,491
|
|
|
159,703
|
|
||
Less imputed interest
|
(5,341
|
)
|
|
(38,576
|
)
|
||
Total lease obligations
|
24,150
|
|
|
121,127
|
|
||
Less current obligations
|
(2,101
|
)
|
|
(7,417
|
)
|
||
Long-term lease obligations
|
$
|
22,049
|
|
|
$
|
113,710
|
|
(in thousands)
|
Operating Leases
|
|
Capital Leases
|
||||
2019
|
$
|
8,102
|
|
|
$
|
12,600
|
|
2020
|
6,031
|
|
|
12,600
|
|
||
2021
|
3,643
|
|
|
12,600
|
|
||
2022
|
1,630
|
|
|
11,095
|
|
||
2023
|
1,626
|
|
|
10,500
|
|
||
Thereafter
|
8,297
|
|
|
103,458
|
|
||
Total lease payments
|
$
|
29,329
|
|
|
162,853
|
|
|
Less imputed interest
|
|
|
(39,922
|
)
|
|||
Total lease obligations
|
|
|
122,931
|
|
|||
Less current obligations
|
|
|
(7,336
|
)
|
|||
Long-term lease obligations
|
|
|
$
|
115,595
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
$
|
125,394
|
|
|
$
|
125,394
|
|
|
$
|
—
|
|
|
$
|
43,281
|
|
|
$
|
43,281
|
|
|
$
|
—
|
|
Commercial paper
|
80,760
|
|
|
—
|
|
|
80,760
|
|
|
29,138
|
|
|
—
|
|
|
29,138
|
|
||||||
Municipal debt securities
|
3,792
|
|
|
—
|
|
|
3,792
|
|
|
—
|
|
|
—
|
|
|
|
|
||||||
US Treasury Bonds
|
880
|
|
|
—
|
|
|
880
|
|
|
1,415
|
|
|
—
|
|
|
1,415
|
|
||||||
Total cash equivalents
|
210,826
|
|
|
125,394
|
|
|
85,432
|
|
|
73,834
|
|
|
43,281
|
|
|
30,553
|
|
||||||
Short-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial paper
|
182,608
|
|
|
—
|
|
|
182,608
|
|
|
180,846
|
|
|
—
|
|
|
180,846
|
|
||||||
Corporate debt securities
|
74,331
|
|
|
—
|
|
|
74,331
|
|
|
101,489
|
|
|
—
|
|
|
101,489
|
|
||||||
Municipal debt securities
|
13,927
|
|
|
—
|
|
|
13,927
|
|
|
14,252
|
|
|
—
|
|
|
14,252
|
|
||||||
Federal agency debt securities
|
11,367
|
|
|
—
|
|
|
11,367
|
|
|
11,887
|
|
|
—
|
|
|
11,887
|
|
||||||
US Treasury Bonds
|
4,722
|
|
|
—
|
|
|
4,722
|
|
|
5,990
|
|
|
—
|
|
|
5,990
|
|
||||||
Total short-term
|
286,955
|
|
|
—
|
|
|
286,955
|
|
|
314,464
|
|
|
—
|
|
|
314,464
|
|
||||||
Long-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate debt securities
|
20,300
|
|
|
—
|
|
|
20,300
|
|
|
37,334
|
|
|
—
|
|
|
37,334
|
|
||||||
US Treasury Bonds
|
3,050
|
|
|
—
|
|
|
3,050
|
|
|
2,901
|
|
|
—
|
|
|
2,901
|
|
||||||
Federal agency debt securities
|
1,255
|
|
|
—
|
|
|
1,255
|
|
|
11,291
|
|
|
—
|
|
|
11,291
|
|
||||||
Total long-term
|
24,605
|
|
|
—
|
|
|
24,605
|
|
|
51,526
|
|
|
—
|
|
|
51,526
|
|
||||||
Total financial instruments
|
$
|
522,386
|
|
|
$
|
125,394
|
|
|
$
|
396,992
|
|
|
$
|
439,824
|
|
|
$
|
43,281
|
|
|
$
|
396,543
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
|
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Hierarchy Level
|
||||||||
Publicly held debt
|
$
|
102,133
|
|
|
$
|
102,389
|
|
|
$
|
450,463
|
|
|
$
|
451,026
|
|
|
2
|
Non-publicly held debt
|
1,160,772
|
|
|
937,134
|
|
|
703,372
|
|
|
619,379
|
|
|
3
|
||||
Total long-term debt
|
$
|
1,262,905
|
|
|
$
|
1,039,523
|
|
|
$
|
1,153,835
|
|
|
$
|
1,070,405
|
|
|
|
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.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Basic:
|
|
|
|
||||
Net income
|
$
|
57,124
|
|
|
$
|
55,193
|
|
Less net income allocated to participating securities
|
(799
|
)
|
|
(768
|
)
|
||
Net income attributable to common stock
|
$
|
56,325
|
|
|
$
|
54,425
|
|
Earnings per share, basic
|
$
|
3.52
|
|
|
$
|
3.43
|
|
Weighted-average shares outstanding
|
16,011
|
|
|
15,889
|
|
||
Diluted:
|
|
|
|
|
|
||
Net income
|
$
|
57,124
|
|
|
$
|
55,193
|
|
Less net income allocated to participating securities
|
(798
|
)
|
|
(768
|
)
|
||
Net income attributable to common stock
|
$
|
56,326
|
|
|
$
|
54,425
|
|
Earnings per share, diluted
|
$
|
3.52
|
|
|
$
|
3.42
|
|
Weighted-average shares outstanding
|
16,011
|
|
|
15,889
|
|
||
Dilutive effect of stock options and restricted stock
|
31
|
|
|
46
|
|
||
Adjusted weighted-average shares outstanding under treasury stock method
|
16,042
|
|
|
15,935
|
|
||
Participating securities excluded under two-class method
|
(29
|
)
|
|
(37
|
)
|
||
Adjusted weighted-average shares outstanding under two-class method
|
16,013
|
|
|
15,898
|
|
|
As of March 31, 2019
|
||
Remaining in 2019
|
$
|
198,110
|
|
2020
|
33,800
|
|
|
2021
|
500
|
|
|
2022
|
18,000
|
|
|
Total commitments
|
$
|
250,410
|
|
|
Airline
|
|
Sunseeker Resort
|
|
Other non- airline
|
|
Consolidated
|
||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
419,977
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
419,977
|
|
Third party products
|
17,141
|
|
|
—
|
|
|
—
|
|
|
17,141
|
|
||||
Fixed fee contract
|
10,575
|
|
|
—
|
|
|
—
|
|
|
10,575
|
|
||||
Other
|
631
|
|
|
902
|
|
|
2,396
|
|
|
3,929
|
|
||||
Operating income (loss)
|
98,490
|
|
|
(1,222
|
)
|
|
(6,190
|
)
|
|
91,078
|
|
||||
Interest expense, net of capitalized interest and interest income
|
13,221
|
|
|
158
|
|
|
—
|
|
|
13,379
|
|
||||
Depreciation and amortization
|
35,229
|
|
|
156
|
|
|
797
|
|
|
36,182
|
|
||||
Total assets, end of period
|
2,640,003
|
|
|
68,742
|
|
|
41,732
|
|
|
2,750,477
|
|
||||
Capital expenditures
|
108,920
|
|
|
5,275
|
|
|
8,356
|
|
|
122,551
|
|
||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
396,771
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
396,771
|
|
Third party products
|
10,325
|
|
|
—
|
|
|
—
|
|
|
10,325
|
|
||||
Fixed fee contract
|
10,556
|
|
|
—
|
|
|
—
|
|
|
10,556
|
|
||||
Other
|
6,666
|
|
|
—
|
|
|
1,126
|
|
|
7,792
|
|
||||
Operating income (loss)
|
81,950
|
|
|
(145
|
)
|
|
(1,837
|
)
|
|
79,968
|
|
||||
Interest expense, net
|
10,817
|
|
|
—
|
|
|
—
|
|
|
10,817
|
|
||||
Depreciation and amortization
|
27,766
|
|
|
7
|
|
|
376
|
|
|
28,149
|
|
||||
Total assets, end of period
|
2,248,340
|
|
|
33,910
|
|
|
6,715
|
|
|
2,288,965
|
|
||||
Capital expenditures
|
59,574
|
|
|
8,140
|
|
|
1,453
|
|
|
69,167
|
|
–
|
Achieved 22 percent airline operating margin;
|
–
|
recognized record ancillary air-related revenue per passenger of
$53.10
, which represents an increase of
12.5 percent
compared to 2018;
|
–
|
added eight aircraft into service and expect an additional nine to be added throughout 2019;
|
–
|
announced 35 new routes, including inaugural service into Anchorage, AK; and
|
–
|
broke ground on Sunseeker Resort - Charlotte Harbor.
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
|||
MD-80
|
—
|
|
|
—
|
|
|
32
|
|
A319
|
37
|
|
|
32
|
|
|
26
|
|
A320
(1)
|
47
|
|
|
44
|
|
|
30
|
|
Total
|
84
|
|
|
76
|
|
|
88
|
|
|
As of June 30, 2019
|
|
As of September 30, 2019
|
|
As of December 31, 2019
|
|||
A319
|
37
|
|
|
38
|
|
|
38
|
|
A320
|
51
|
|
|
53
|
|
|
55
|
|
Total
|
88
|
|
|
91
|
|
|
93
|
|
|
Three Months Ended March 31,
|
|
Percent
|
|||||||
|
2019
|
|
2018
|
|
Change
|
|||||
Salary and benefits
|
|
3.05
|
¢
|
|
|
3.03
|
¢
|
|
0.7
|
%
|
Aircraft fuel
|
2.55
|
|
|
2.84
|
|
|
(10.2
|
)
|
||
Station operations
|
1.00
|
|
|
1.01
|
|
|
(1.0
|
)
|
||
Maintenance and repairs
|
0.58
|
|
|
0.52
|
|
|
11.5
|
|
||
Depreciation and amortization
|
0.93
|
|
|
0.75
|
|
|
24.0
|
|
||
Sales and marketing
|
0.54
|
|
|
0.51
|
|
|
5.9
|
|
||
Other
|
0.57
|
|
|
0.61
|
|
|
(6.6
|
)
|
||
CASM
|
|
9.22
|
¢
|
|
|
9.27
|
¢
|
|
(0.5
|
)%
|
Operating CASM, excluding fuel
|
6.67
|
|
|
6.43
|
|
|
3.7
|
|
||
Non-airline operating CASM*
|
0.27
|
|
|
0.08
|
|
|
NM
|
|
||
Operating CASM, excluding fuel and non-airline activity
|
|
6.40
|
¢
|
|
|
6.35
|
¢
|
|
0.8
|
%
|
|
Three Months Ended March 31,
|
|
Percent
|
|||||||
|
2019
|
|
2018
|
|
Change (1)
|
|||||
Operating statistics (unaudited):
|
|
|
|
|
|
|||||
Total system statistics:
|
|
|
|
|
|
|||||
Passengers
|
3,450,278
|
|
|
3,302,951
|
|
|
4.5
|
|
||
Revenue passenger miles (RPMs) (thousands)
|
3,228,594
|
|
|
3,094,805
|
|
|
4.3
|
|
||
Available seat miles (ASMs) (thousands)
|
3,910,239
|
|
|
3,728,563
|
|
|
4.9
|
|
||
Load factor
|
82.6
|
%
|
|
83.0
|
%
|
|
(0.4
|
)
|
||
Airline operating expense per ASM (CASM) (cents)
|
8.95
|
|
|
9.19
|
|
|
(2.6
|
)
|
||
Fuel expense per ASM (cents)
|
2.55
|
|
|
2.84
|
|
|
(10.2
|
)
|
||
Airline operating CASM, excluding fuel (cents)
|
6.40
|
|
|
6.35
|
|
|
0.8
|
|
||
ASMs per gallon of fuel
|
84.1
|
|
|
76.7
|
|
|
9.6
|
|
||
Departures
|
25,200
|
|
|
24,248
|
|
|
3.9
|
|
||
Block hours
|
59,819
|
|
|
57,803
|
|
|
3.5
|
|
||
Average stage length (miles)
|
904
|
|
|
910
|
|
|
(0.7
|
)
|
||
Average number of operating aircraft during period
|
79.6
|
|
|
90.7
|
|
|
(12.2
|
)
|
||
Average block hours per aircraft per day
|
8.3
|
|
|
7.1
|
|
|
16.9
|
|
||
Full-time equivalent employees at end of period
|
4,067
|
|
|
3,776
|
|
|
7.7
|
|
||
Fuel gallons consumed (thousands)
|
46,474
|
|
|
48,640
|
|
|
(4.5
|
)
|
||
Average fuel cost per gallon
|
$
|
2.14
|
|
|
$
|
2.18
|
|
|
(1.8
|
)
|
Scheduled service statistics:
|
|
|
|
|
|
|||||
Passengers
|
3,421,538
|
|
|
3,279,368
|
|
|
4.3
|
|
||
Revenue passenger miles (RPMs) (thousands)
|
3,191,045
|
|
|
3,064,619
|
|
|
4.1
|
|
||
Available seat miles (ASMs) (thousands)
|
3,802,132
|
|
|
3,602,015
|
|
|
5.6
|
|
||
Load factor
|
83.9
|
%
|
|
85.1
|
%
|
|
(1.2
|
)
|
||
Departures
|
24,344
|
|
|
23,264
|
|
|
4.6
|
|
||
Block hours
|
57,963
|
|
|
55,689
|
|
|
4.1
|
|
||
Total passenger revenue per ASM (TRASM) (cents) (2)
|
11.50
|
|
|
11.30
|
|
|
1.8
|
|
||
Average fare - scheduled service (3)
|
$
|
69.64
|
|
|
$
|
73.81
|
|
|
(5.6
|
)
|
Average fare - air-related charges (3)
|
$
|
53.10
|
|
|
$
|
47.18
|
|
|
12.5
|
|
Average fare - third party products
|
$
|
5.01
|
|
|
$
|
3.15
|
|
|
59.0
|
|
Average fare - total
|
$
|
127.75
|
|
|
$
|
124.14
|
|
|
2.9
|
|
Average stage length (miles)
|
908
|
|
|
916
|
|
|
(0.9
|
)
|
||
Fuel gallons consumed (thousands)
|
45,068
|
|
|
46,872
|
|
|
(3.8
|
)
|
||
Average fuel cost per gallon
|
$
|
2.13
|
|
|
$
|
2.17
|
|
|
(1.8
|
)
|
Rental car days sold
|
471,598
|
|
|
398,587
|
|
|
18.3
|
|
||
Hotel room nights sold
|
105,015
|
|
|
108,984
|
|
|
(3.6
|
)
|
||
Percent of sales through website during period
|
93.6
|
%
|
|
93.8
|
%
|
|
(0.2
|
)
|
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) |
|||||
January
|
|
459
|
|
|
$
|
123.09
|
|
|
None
|
|
|
||
February
|
|
12,921
|
|
|
136.87
|
|
|
None
|
|
|
|||
March
|
|
3,565
|
|
|
126.82
|
|
|
None
|
|
|
|||
Total
|
|
16,945
|
|
|
$
|
134.38
|
|
|
|
|
$
|
100,000
|
|
|
|
ALLEGIANT TRAVEL COMPANY
|
|
|
|
|
|
|
|
|
|
Date:
|
May 7, 2019
|
By:
|
/s/ Gregory Anderson
|
|
|
Gregory Anderson, as duly authorized officer of the Company (Chief Financial Officer) and as Principal Financial Officer
|
1 Year Allegiant Travel Chart |
1 Month Allegiant Travel Chart |
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