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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-2.31 | -4.07% | 54.43 | 54.40 | 54.45 | 56.02 | 54.43 | 56.01 | 180,841 | 20:05:20 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended
|
June 30, 2020
|
|
|
|
|
OR
|
||
☐
|
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)
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common stock, par value $.001
|
|
ALGT
|
|
NASDAQ Stock Market
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
|
|
|
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
|
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
|
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 3.
|
||
|
|
|
ITEM 4.
|
||
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 1A.
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 3.
|
||
|
|
|
ITEM 4.
|
||
|
|
|
ITEM 5.
|
||
|
|
|
ITEM 6.
|
||
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
|
(unaudited)
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
272,210
|
|
|
$
|
121,888
|
|
Restricted cash
|
15,432
|
|
|
14,897
|
|
||
Short-term investments
|
390,864
|
|
|
335,928
|
|
||
Accounts receivable
|
208,573
|
|
|
25,516
|
|
||
Expendable parts, supplies and fuel, net
|
25,856
|
|
|
28,375
|
|
||
Prepaid expenses and other current assets
|
24,552
|
|
|
35,617
|
|
||
TOTAL CURRENT ASSETS
|
937,487
|
|
|
562,221
|
|
||
Property and equipment, net
|
2,076,448
|
|
|
2,236,808
|
|
||
Long-term investments
|
—
|
|
|
15,542
|
|
||
Deferred major maintenance, net
|
131,141
|
|
|
129,654
|
|
||
Operating lease right-of-use assets, net
|
99,819
|
|
|
22,081
|
|
||
Deposits and other assets
|
28,074
|
|
|
44,497
|
|
||
TOTAL ASSETS:
|
$
|
3,272,969
|
|
|
$
|
3,010,803
|
|
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
51,286
|
|
|
$
|
27,667
|
|
Accrued liabilities
|
225,284
|
|
|
161,693
|
|
||
Air traffic liability
|
354,735
|
|
|
249,950
|
|
||
Current maturities of long-term debt and finance lease obligations, net of related costs
|
227,732
|
|
|
173,274
|
|
||
TOTAL CURRENT LIABILITIES
|
859,037
|
|
|
612,584
|
|
||
Long-term debt and finance lease obligations, net of current maturities and related costs
|
1,273,439
|
|
|
1,248,579
|
|
||
Deferred income taxes
|
292,728
|
|
|
232,520
|
|
||
Other noncurrent liabilities
|
111,205
|
|
|
33,569
|
|
||
TOTAL LIABILITIES:
|
2,536,409
|
|
|
2,127,252
|
|
||
SHAREHOLDERS' EQUITY
|
|
|
|
||||
Common stock, par value $.001
|
23
|
|
|
23
|
|
||
Treasury shares
|
(648,118
|
)
|
|
(617,579
|
)
|
||
Additional paid in capital
|
310,628
|
|
|
289,933
|
|
||
Accumulated other comprehensive income, net
|
425
|
|
|
98
|
|
||
Retained earnings
|
1,073,602
|
|
|
1,211,076
|
|
||
TOTAL EQUITY:
|
736,560
|
|
|
883,551
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY:
|
$
|
3,272,969
|
|
|
$
|
3,010,803
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
OPERATING REVENUES:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
116,520
|
|
|
$
|
454,779
|
|
|
$
|
495,431
|
|
|
$
|
874,755
|
|
Third party products
|
8,443
|
|
|
18,208
|
|
|
24,419
|
|
|
35,350
|
|
||||
Fixed fee contracts
|
3,237
|
|
|
12,487
|
|
|
12,156
|
|
|
23,061
|
|
||||
Other
|
5,147
|
|
|
6,285
|
|
|
10,522
|
|
|
10,215
|
|
||||
Total operating revenues
|
133,347
|
|
|
491,759
|
|
|
542,528
|
|
|
943,381
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Salary and benefits
|
94,790
|
|
|
113,592
|
|
|
207,436
|
|
|
233,003
|
|
||||
Aircraft fuel
|
27,358
|
|
|
119,987
|
|
|
116,171
|
|
|
219,670
|
|
||||
Station operations
|
27,405
|
|
|
45,870
|
|
|
68,405
|
|
|
84,835
|
|
||||
Depreciation and amortization
|
43,296
|
|
|
38,494
|
|
|
86,995
|
|
|
74,676
|
|
||||
Maintenance and repairs
|
13,032
|
|
|
20,877
|
|
|
34,827
|
|
|
43,701
|
|
||||
Sales and marketing
|
8,909
|
|
|
20,540
|
|
|
27,364
|
|
|
41,466
|
|
||||
Aircraft lease rental
|
1,427
|
|
|
—
|
|
|
2,389
|
|
|
—
|
|
||||
Other
|
23,752
|
|
|
24,294
|
|
|
50,468
|
|
|
46,849
|
|
||||
CARES Act grant recognition
|
(74,539
|
)
|
|
—
|
|
|
(74,539
|
)
|
|
—
|
|
||||
Special charges
|
81,169
|
|
|
—
|
|
|
247,267
|
|
|
—
|
|
||||
Total operating expenses
|
246,599
|
|
|
383,654
|
|
|
766,783
|
|
|
744,200
|
|
||||
OPERATING INCOME (LOSS)
|
(113,252
|
)
|
|
108,105
|
|
|
(224,255
|
)
|
|
199,181
|
|
||||
OTHER (INCOME) EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
14,053
|
|
|
20,942
|
|
|
32,206
|
|
|
39,025
|
|
||||
Capitalized interest
|
—
|
|
|
(1,038
|
)
|
|
(4,067
|
)
|
|
(2,541
|
)
|
||||
Interest income
|
(1,417
|
)
|
|
(3,502
|
)
|
|
(3,728
|
)
|
|
(6,703
|
)
|
||||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
1,222
|
|
|
3,677
|
|
||||
Special charges
|
19,830
|
|
|
—
|
|
|
26,632
|
|
|
—
|
|
||||
Other, net
|
698
|
|
|
(86
|
)
|
|
623
|
|
|
15
|
|
||||
Total other expenses
|
33,164
|
|
|
16,316
|
|
|
52,888
|
|
|
33,473
|
|
||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(146,416
|
)
|
|
91,789
|
|
|
(277,143
|
)
|
|
165,708
|
|
||||
INCOME TAX PROVISION (BENEFIT)
|
(53,313
|
)
|
|
21,246
|
|
|
(151,030
|
)
|
|
38,041
|
|
||||
NET INCOME (LOSS)
|
$
|
(93,103
|
)
|
|
$
|
70,543
|
|
|
$
|
(126,113
|
)
|
|
$
|
127,667
|
|
Earnings (loss) per share to common shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(5.85
|
)
|
|
$
|
4.33
|
|
|
$
|
(7.93
|
)
|
|
$
|
7.85
|
|
Diluted
|
$
|
(5.85
|
)
|
|
$
|
4.33
|
|
|
$
|
(7.93
|
)
|
|
$
|
7.84
|
|
Shares used for computation:
|
|
|
|
|
|
|
|
||||||||
Basic
|
15,902
|
|
|
16,063
|
|
|
15,927
|
|
|
16,037
|
|
||||
Diluted
|
15,902
|
|
|
16,069
|
|
|
15,927
|
|
|
16,050
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share:
|
$
|
—
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
$
|
1.40
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
NET INCOME (LOSS)
|
$
|
(93,103
|
)
|
|
$
|
70,543
|
|
|
$
|
(126,113
|
)
|
|
$
|
127,667
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Change in available for sale securities, net of tax
|
1,057
|
|
|
177
|
|
|
324
|
|
|
654
|
|
||||
Foreign currency translation adjustments
|
(8
|
)
|
|
9
|
|
|
3
|
|
|
3
|
|
||||
Total other comprehensive income
|
1,049
|
|
|
186
|
|
|
327
|
|
|
657
|
|
||||
TOTAL COMPREHENSIVE INCOME (LOSS)
|
$
|
(92,054
|
)
|
|
$
|
70,729
|
|
|
$
|
(125,786
|
)
|
|
$
|
128,324
|
|
|
Three Months Ended June 30, 2020
|
|||||||||||||||||||||||||
|
Common stock outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Retained earnings
|
|
Treasury shares
|
|
Total shareholders' equity
|
|||||||||||||
Balance at March 31, 2020
|
16,199
|
|
|
$
|
23
|
|
|
$
|
295,267
|
|
|
$
|
(624
|
)
|
|
$
|
1,166,588
|
|
|
$
|
(651,352
|
)
|
|
$
|
809,902
|
|
Share-based compensation
|
—
|
|
|
—
|
|
|
14,409
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,409
|
|
||||||
Stocks issued under employee stock purchase plan
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,234
|
|
|
3,234
|
|
||||||
Cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
117
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|
—
|
|
|
1,049
|
|
||||||
CARES Act warrant issuance
|
—
|
|
|
—
|
|
|
952
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
952
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93,103
|
)
|
|
—
|
|
|
(93,103
|
)
|
||||||
Balance at June 30, 2020
|
16,240
|
|
|
$
|
23
|
|
|
$
|
310,628
|
|
|
$
|
425
|
|
|
$
|
1,073,602
|
|
|
$
|
(648,118
|
)
|
|
$
|
736,560
|
|
|
Six Months Ended June 30, 2020
|
|||||||||||||||||||||||||
|
Common stock outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income
|
|
Retained earnings
|
|
Treasury shares
|
|
Total shareholders' equity
|
|||||||||||||
Balance at December 31, 2019
|
16,303
|
|
|
$
|
23
|
|
|
$
|
289,933
|
|
|
$
|
98
|
|
|
$
|
1,211,076
|
|
|
$
|
(617,579
|
)
|
|
$
|
883,551
|
|
Share-based compensation
|
113
|
|
|
—
|
|
|
19,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,743
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(217
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,773
|
)
|
|
(33,773
|
)
|
||||||
Stocks issued under employee stock purchase plan
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,234
|
|
|
3,234
|
|
||||||
Cash dividends declared, $0.70 per share for the year
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,361
|
)
|
|
—
|
|
|
(11,361
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
—
|
|
|
—
|
|
|
327
|
|
||||||
CARES Act warrant issuance
|
—
|
|
|
—
|
|
|
952
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
952
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126,113
|
)
|
|
—
|
|
|
(126,113
|
)
|
||||||
Balance at June 30, 2020
|
16,240
|
|
|
$
|
23
|
|
|
$
|
310,628
|
|
|
$
|
425
|
|
|
$
|
1,073,602
|
|
|
$
|
(648,118
|
)
|
|
$
|
736,560
|
|
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||||||||
|
Common stock outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Retained earnings
|
|
Treasury shares
|
|
Total shareholders' equity
|
|||||||||||||
Balance at March 31, 2019
|
16,284
|
|
|
$
|
23
|
|
|
$
|
276,247
|
|
|
$
|
(190
|
)
|
|
$
|
1,069,690
|
|
|
$
|
(607,316
|
)
|
|
$
|
738,454
|
|
Share-based compensation
|
6
|
|
|
—
|
|
|
4,536
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,536
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(730
|
)
|
|
(730
|
)
|
||||||
Stock issued under employee stock purchase plan
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,931
|
|
|
2,931
|
|
||||||
Cash dividends declared, $0.70 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,411
|
)
|
|
—
|
|
|
(11,411
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
|
—
|
|
|
186
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,543
|
|
|
—
|
|
|
70,543
|
|
||||||
Balance at June 30, 2019
|
16,305
|
|
|
$
|
23
|
|
|
$
|
280,783
|
|
|
$
|
(4
|
)
|
|
$
|
1,128,822
|
|
|
$
|
(605,115
|
)
|
|
$
|
804,509
|
|
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||||||
|
Common stock outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Retained earnings
|
|
Treasury shares
|
|
Total shareholders' equity
|
|||||||||||||
Balance at December 31, 2018
|
16,183
|
|
|
$
|
23
|
|
|
$
|
270,935
|
|
|
$
|
(661
|
)
|
|
$
|
1,025,061
|
|
|
$
|
(605,037
|
)
|
|
$
|
690,321
|
|
Share-based compensation
|
124
|
|
|
—
|
|
|
9,848
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,848
|
|
||||||
Shares repurchased by the Company and held as treasury shares
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,009
|
)
|
|
(3,009
|
)
|
||||||
Stock issued under employee stock purchase plan
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,931
|
|
|
2,931
|
|
||||||
Cash dividends, $1.40 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,805
|
)
|
|
—
|
|
|
(22,805
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
657
|
|
|
(551
|
)
|
|
—
|
|
|
106
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127,667
|
|
|
—
|
|
|
127,667
|
|
||||||
Cumulative effect of the New Lease Standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(550
|
)
|
|
—
|
|
|
(550
|
)
|
||||||
Balance at June 30, 2019
|
16,305
|
|
|
$
|
23
|
|
|
$
|
280,783
|
|
|
$
|
(4
|
)
|
|
$
|
1,128,822
|
|
|
$
|
(605,115
|
)
|
|
$
|
804,509
|
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(126,113
|
)
|
|
$
|
127,667
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
86,995
|
|
|
74,676
|
|
||
Special charges
|
263,497
|
|
|
—
|
|
||
Other adjustments
|
81,630
|
|
|
41,667
|
|
||
Changes in certain assets and liabilities:
|
|
|
|
||||
Air traffic liability
|
104,785
|
|
|
54,820
|
|
||
Deferred CARES Act grant recognition
|
62,814
|
|
|
—
|
|
||
Other - net
|
(196,942
|
)
|
|
(21,318
|
)
|
||
Net cash provided by operating activities
|
276,666
|
|
|
277,512
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of investment securities
|
(296,979
|
)
|
|
(130,627
|
)
|
||
Proceeds from maturities of investment securities
|
258,751
|
|
|
258,076
|
|
||
Purchase of property and equipment
|
(170,673
|
)
|
|
(234,469
|
)
|
||
Proceeds from sale-leaseback transactions
|
48,000
|
|
|
—
|
|
||
Other investing activities
|
2,303
|
|
|
10,201
|
|
||
Net cash used in investing activities
|
(158,598
|
)
|
|
(96,819
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Cash dividends paid to shareholders
|
(11,361
|
)
|
|
(22,805
|
)
|
||
Proceeds from the issuance of debt
|
175,712
|
|
|
770,435
|
|
||
Repurchase of common stock
|
(33,773
|
)
|
|
—
|
|
||
Principal payments on debt and finance lease obligations
|
(98,171
|
)
|
|
(522,616
|
)
|
||
Debt issuance costs
|
(2,852
|
)
|
|
(30,759
|
)
|
||
Other financing activities
|
3,234
|
|
|
(2,689
|
)
|
||
Net cash provided by financing activities
|
32,789
|
|
|
191,566
|
|
||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
150,857
|
|
|
372,259
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
136,785
|
|
|
95,911
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
$
|
287,642
|
|
|
$
|
468,170
|
|
|
|
|
|
||||
CASH PAYMENTS (RECEIPTS) FOR:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
$
|
26,065
|
|
|
$
|
36,886
|
|
Income tax refunds
|
(45,321
|
)
|
|
(3,340
|
)
|
||
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
|
|
|
|
||||
Right-of-use (ROU) assets acquired
|
$
|
86,012
|
|
|
$
|
23,320
|
|
Purchases of property and equipment in accrued liabilities
|
22,106
|
|
|
6,043
|
|
(in thousands)
|
|
Airline
|
|
Sunseeker Resort(1)
|
|
Other
non-airline
|
|
Total
|
||||||||
Three Months Ended June 30, 2020
|
|
|
|
|
|
|
|
|
||||||||
Operating
|
|
$
|
75,902
|
|
|
$
|
5,452
|
|
|
$
|
(185
|
)
|
|
$
|
81,169
|
|
Non-operating
|
|
—
|
|
|
19,830
|
|
|
—
|
|
|
19,830
|
|
||||
Total special charges
|
|
$
|
75,902
|
|
|
$
|
25,282
|
|
|
$
|
(185
|
)
|
|
$
|
100,999
|
|
Six Months Ended June 30, 2020
|
|
|
|
|
|
|
|
|
||||||||
Operating
|
|
$
|
85,442
|
|
|
$
|
135,443
|
|
|
$
|
26,382
|
|
|
$
|
247,267
|
|
Non-operating
|
|
—
|
|
|
26,632
|
|
|
—
|
|
|
26,632
|
|
||||
Total special charges
|
|
$
|
85,442
|
|
|
$
|
162,075
|
|
|
$
|
26,382
|
|
|
$
|
273,899
|
|
•
|
$168.4 million in impairment charges
|
◦
|
Includes Airline - $5.0 million; Sunseeker Resort - $136.8 million; Other non-airline - $26.6 million
|
•
|
$58.6 million adjustment resulting from the accelerated retirements of seven airframes and five engines, loss on sale leaseback transaction of four aircraft, and write-offs of other aircraft related assets
|
•
|
$19.7 million adjustment for additional salary and benefits expense in relation to the elimination of positions as well as other non-recurring compensation expense associated with the acceleration of certain existing stock awards
|
◦
|
Includes Airline - $19.3 million; Sunseeker Resort - $0.4 million
|
•
|
$19.8 million accrual on the expectation to terminate the loan agreement with Sixth Street Partners (formerly TSSP) intended to finance the development of Sunseeker Resorts Charlotte Harbor, expected to be paid in the second half of 2020
|
•
|
$5.0 million related to suspension of construction at Sunseeker
|
•
|
$2.4 million write-down on various non-aircraft assets and other various expenses
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Scheduled service
|
$
|
48,680
|
|
|
$
|
237,685
|
|
|
$
|
245,941
|
|
|
$
|
472,456
|
|
Ancillary air-related charges
|
65,294
|
|
|
213,527
|
|
|
242,258
|
|
|
395,227
|
|
||||
Co-brand redemptions
|
2,546
|
|
|
3,567
|
|
|
7,232
|
|
|
7,072
|
|
||||
Total passenger revenue
|
$
|
116,520
|
|
|
$
|
454,779
|
|
|
$
|
495,431
|
|
|
$
|
874,755
|
|
|
Six Months Ended June 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Balance at January 1
|
$
|
15,613
|
|
|
$
|
10,708
|
|
Points awarded (deferral of revenue)
|
10,962
|
|
|
8,827
|
|
||
Points redeemed (recognition of revenue)
|
(7,232
|
)
|
|
(7,072
|
)
|
||
Balance at June 30
|
$
|
19,343
|
|
|
$
|
12,463
|
|
(in thousands)
|
June 30, 2020
|
|
December 31, 2019
|
||||
Flight equipment, including pre-delivery deposits
|
$
|
2,312,146
|
|
|
$
|
2,289,157
|
|
Computer hardware and software
|
147,688
|
|
|
171,516
|
|
||
Land and buildings/leasehold improvements
|
82,071
|
|
|
98,885
|
|
||
Other property and equipment
|
81,571
|
|
|
161,760
|
|
||
Total property and equipment
|
2,623,476
|
|
|
2,721,318
|
|
||
Less accumulated depreciation and amortization
|
(547,028
|
)
|
|
(484,510
|
)
|
||
Property and equipment, net
|
$
|
2,076,448
|
|
|
$
|
2,236,808
|
|
(in thousands)
|
June 30, 2020
|
|
December 31, 2019
|
||||
Fixed-rate debt and finance lease obligations due through 2029
|
$
|
273,157
|
|
|
$
|
235,071
|
|
Variable-rate debt due through 2029
|
1,228,014
|
|
|
1,186,782
|
|
||
Total long-term debt and finance lease obligations, net of related costs
|
1,501,171
|
|
|
1,421,853
|
|
||
Less current maturities, net of related costs
|
227,732
|
|
|
173,274
|
|
||
Long-term debt and finance lease obligations, net of current maturities and related costs
|
$
|
1,273,439
|
|
|
$
|
1,248,579
|
|
|
|
|
|
||||
Weighted average fixed-interest rate on debt
|
3.2
|
%
|
|
3.7
|
%
|
||
Weighted average variable-interest rate on debt
|
2.6
|
%
|
|
4.5
|
%
|
(in thousands)
|
Classification on the Balance Sheet
|
June 30, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
||||
Operating lease assets(1)
|
Operating lease right-of-use assets
|
$
|
99,819
|
|
|
$
|
22,081
|
|
Finance lease assets(2)
|
Property and equipment, net
|
108,407
|
|
|
111,665
|
|
||
Total lease assets
|
|
$
|
208,226
|
|
|
$
|
133,746
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Current
|
|
|
|
|
||||
Operating(1)
|
Accrued liabilities
|
$
|
11,171
|
|
|
$
|
2,662
|
|
Finance(2)
|
Current maturities of long-term debt and finance lease obligations
|
7,836
|
|
|
7,666
|
|
||
Noncurrent
|
|
|
|
|
||||
Operating(1)
|
Other noncurrent liabilities
|
90,257
|
|
|
21,290
|
|
||
Finance(2)
|
Long-term debt and finance lease obligations
|
103,969
|
|
|
107,930
|
|
||
Total lease liabilities
|
|
$
|
213,233
|
|
|
$
|
139,548
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
$
|
107,066
|
|
|
$
|
107,066
|
|
|
$
|
—
|
|
|
$
|
42,653
|
|
|
$
|
42,653
|
|
|
$
|
—
|
|
Municipal debt securities
|
32,575
|
|
|
—
|
|
|
32,575
|
|
|
1,202
|
|
|
—
|
|
|
1,202
|
|
||||||
Commercial paper
|
30,351
|
|
|
—
|
|
|
30,351
|
|
|
5,807
|
|
|
—
|
|
|
5,807
|
|
||||||
Federal agency debt securities
|
7,909
|
|
|
—
|
|
|
7,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total cash equivalents
|
177,901
|
|
|
107,066
|
|
|
70,835
|
|
|
49,662
|
|
|
42,653
|
|
|
7,009
|
|
||||||
Short-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial paper
|
208,194
|
|
|
—
|
|
|
208,194
|
|
|
161,286
|
|
|
—
|
|
|
161,286
|
|
||||||
Corporate debt securities
|
128,344
|
|
|
—
|
|
|
128,344
|
|
|
145,975
|
|
|
—
|
|
|
145,975
|
|
||||||
Municipal debt securities
|
36,892
|
|
|
—
|
|
|
36,892
|
|
|
12,237
|
|
|
—
|
|
|
12,237
|
|
||||||
Federal agency debt securities
|
14,375
|
|
|
—
|
|
|
14,375
|
|
|
13,515
|
|
|
—
|
|
|
13,515
|
|
||||||
US Treasury bonds
|
3,059
|
|
|
—
|
|
|
3,059
|
|
|
2,915
|
|
|
—
|
|
|
2,915
|
|
||||||
Total short-term
|
390,864
|
|
|
—
|
|
|
390,864
|
|
|
335,928
|
|
|
—
|
|
|
335,928
|
|
||||||
Long-term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
15,396
|
|
|
—
|
|
|
15,396
|
|
||||||
US Treasury bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
146
|
|
||||||
Total long-term
|
—
|
|
|
—
|
|
|
—
|
|
|
15,542
|
|
|
—
|
|
|
15,542
|
|
||||||
Total financial instruments
|
$
|
568,765
|
|
|
$
|
107,066
|
|
|
$
|
461,699
|
|
|
$
|
401,132
|
|
|
$
|
42,653
|
|
|
$
|
358,479
|
|
|
June 30, 2020
|
|
December 31, 2019
|
|
|
||||||||||||
(in thousands)
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Hierarchy Level
|
||||||||
Non-publicly held debt
|
$
|
1,411,188
|
|
|
$
|
1,294,748
|
|
|
$
|
1,329,882
|
|
|
$
|
1,140,232
|
|
|
3
|
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 June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(93,103
|
)
|
|
$
|
70,543
|
|
|
$
|
(126,113
|
)
|
|
$
|
127,667
|
|
Less income allocated to participating securities
|
—
|
|
|
(997
|
)
|
|
(236
|
)
|
|
(1,791
|
)
|
||||
Net income (loss) attributable to common stock
|
$
|
(93,103
|
)
|
|
$
|
69,546
|
|
|
$
|
(126,349
|
)
|
|
$
|
125,876
|
|
Earnings (loss) per share, basic
|
$
|
(5.85
|
)
|
|
$
|
4.33
|
|
|
$
|
(7.93
|
)
|
|
$
|
7.85
|
|
Weighted-average shares outstanding
|
15,902
|
|
|
16,063
|
|
|
15,927
|
|
|
16,037
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss)
|
$
|
(93,103
|
)
|
|
$
|
70,543
|
|
|
$
|
(126,113
|
)
|
|
$
|
127,667
|
|
Less income allocated to participating securities
|
—
|
|
|
(996
|
)
|
|
(236
|
)
|
|
(1,790
|
)
|
||||
Net income (loss) attributable to common stock
|
$
|
(93,103
|
)
|
|
$
|
69,547
|
|
|
$
|
(126,349
|
)
|
|
$
|
125,877
|
|
Earnings (loss) per share, diluted
|
$
|
(5.85
|
)
|
|
$
|
4.33
|
|
|
$
|
(7.93
|
)
|
|
$
|
7.84
|
|
Weighted-average shares outstanding
|
15,902
|
|
|
16,063
|
|
|
15,927
|
|
|
16,037
|
|
||||
Dilutive effect of stock options and restricted stock
|
26
|
|
|
39
|
|
|
56
|
|
|
39
|
|
||||
Adjusted weighted-average shares outstanding under treasury stock method
|
15,928
|
|
|
16,102
|
|
|
15,983
|
|
|
16,076
|
|
||||
Participating securities excluded under two-class method
|
(26
|
)
|
|
(33
|
)
|
|
(56
|
)
|
|
(26
|
)
|
||||
Adjusted weighted-average shares outstanding under two-class method
|
15,902
|
|
|
16,069
|
|
|
15,927
|
|
|
16,050
|
|
(in thousands)
|
June 30, 2020
|
||
Remaining in 2020
|
$
|
126,141
|
|
2021
|
37,900
|
|
|
2022
|
21,000
|
|
|
Total commitments
|
$
|
185,041
|
|
(in thousands)
|
Airline
|
|
Sunseeker Resort
|
|
Other non- airline
|
|
Consolidated
|
||||||||
Three Months Ended June 30, 2020
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
116,520
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116,520
|
|
Third party products
|
8,443
|
|
|
—
|
|
|
—
|
|
|
8,443
|
|
||||
Fixed fee contract
|
3,237
|
|
|
—
|
|
|
—
|
|
|
3,237
|
|
||||
Other
|
809
|
|
|
32
|
|
|
4,306
|
|
|
5,147
|
|
||||
Operating income (loss) (1)
|
(105,389
|
)
|
|
(7,689
|
)
|
|
(174
|
)
|
|
(113,252
|
)
|
||||
Interest expense, net
|
12,651
|
|
|
(15
|
)
|
|
—
|
|
|
12,636
|
|
||||
Depreciation and amortization
|
43,240
|
|
|
56
|
|
|
—
|
|
|
43,296
|
|
||||
Capital expenditures
|
11,845
|
|
|
—
|
|
|
—
|
|
|
11,845
|
|
||||
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
454,779
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
454,779
|
|
Third party products
|
18,208
|
|
|
—
|
|
|
—
|
|
|
18,208
|
|
||||
Fixed fee contract
|
12,487
|
|
|
—
|
|
|
—
|
|
|
12,487
|
|
||||
Other
|
1,299
|
|
|
373
|
|
|
4,613
|
|
|
6,285
|
|
||||
Operating income (loss)
|
115,546
|
|
|
(1,695
|
)
|
|
(5,746
|
)
|
|
108,105
|
|
||||
Interest expense, net
|
15,924
|
|
|
478
|
|
|
—
|
|
|
16,402
|
|
||||
Depreciation and amortization
|
36,890
|
|
|
326
|
|
|
1,278
|
|
|
38,494
|
|
||||
Capital expenditures
|
98,128
|
|
|
11,296
|
|
|
2,494
|
|
|
111,918
|
|
||||
|
|
|
|
|
|
|
|
||||||||
(in thousands)
|
Airline
|
|
Sunseeker Resort
|
|
Other non- airline
|
|
Consolidated
|
||||||||
Six Months Ended June 30, 2020
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
495,431
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
495,431
|
|
Third party products
|
24,419
|
|
|
—
|
|
|
—
|
|
|
24,419
|
|
||||
Fixed fee contract
|
12,156
|
|
|
—
|
|
|
—
|
|
|
12,156
|
|
||||
Other
|
1,685
|
|
|
653
|
|
|
8,184
|
|
|
10,522
|
|
||||
Operating income (loss) (2)
|
(54,269
|
)
|
|
(140,122
|
)
|
|
(29,864
|
)
|
|
(224,255
|
)
|
||||
Interest expense, net
|
23,850
|
|
|
561
|
|
|
—
|
|
|
24,411
|
|
||||
Depreciation and amortization
|
85,691
|
|
|
532
|
|
|
772
|
|
|
86,995
|
|
||||
Capital expenditures
|
130,744
|
|
|
45,160
|
|
|
442
|
|
|
176,346
|
|
||||
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
Operating revenue:
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
874,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
874,755
|
|
Third party products
|
35,350
|
|
|
—
|
|
|
—
|
|
|
35,350
|
|
||||
Fixed fee contract
|
23,061
|
|
|
—
|
|
|
—
|
|
|
23,061
|
|
||||
Other
|
1,930
|
|
|
1,275
|
|
|
7,010
|
|
|
10,215
|
|
||||
Operating income (loss)
|
214,035
|
|
|
(2,917
|
)
|
|
(11,937
|
)
|
|
199,181
|
|
||||
Interest expense, net
|
29,145
|
|
|
636
|
|
|
—
|
|
|
29,781
|
|
||||
Depreciation and amortization
|
72,119
|
|
|
482
|
|
|
2,075
|
|
|
74,676
|
|
||||
Capital expenditures
|
207,048
|
|
|
16,571
|
|
|
10,850
|
|
|
234,469
|
|
(in thousands)
|
June 30, 2020
|
|
December 31, 2019
|
||||
Airline
|
$
|
3,221,917
|
|
|
$
|
2,830,236
|
|
Sunseeker Resort
|
35,159
|
|
|
133,362
|
|
||
Other non-airline
|
15,893
|
|
|
47,205
|
|
||
Consolidated
|
$
|
3,272,969
|
|
|
$
|
3,010,803
|
|
•
|
Reduced second quarter capacity by 50.1 percent
|
•
|
Continually evaluating forward schedules to adjust capacity according to demand trends
|
•
|
Waived change and cancellation fees for all customers
|
•
|
Extended expiry on credit vouchers to two years
|
•
|
Offered opt-in option in the booking path for customers to receive notification that their flight has reached 65.0 percent capacity with option to re-book on another flight with no fee or receive a refund
|
•
|
Suspended all stock buybacks and dividends
|
•
|
Executives temporarily reduced salaries by 50 percent and Board members are foregoing cash compensation
|
•
|
Enacted a hiring freeze and offered voluntary leaves
|
•
|
Reduced management and support teams by 220 positions (employees will be paid through September 30, 2020, in compliance with the CARES Act)
|
•
|
Suspended nearly all contractor positions, subscriptions, non-essential training and travel
|
•
|
Suspended all non-essential capital expenditures including, but not limited to, Sunseeker Resorts, Teesnap and Allegiant Nonstop family entertainment centers
|
•
|
Implemented immediate and meaningful cash burn reductions
|
•
|
Closed financing of $31.0 million in April 2020, secured by two aircraft
|
•
|
Received proceeds of $48.0 million in June through a sale-leaseback transaction on four aircraft
|
•
|
As of July 31, 2020, we had 24 unencumbered aircraft and 10 unencumbered spare engines
|
•
|
In April 2020, signed payroll support program agreement ("PSPA") with the Treasury to total $171.9 million comprised of direct grants, a $21.6 million low-interest 10-year loan, and warrants to purchase 25,889 shares of the Company's common stock
|
–
|
Received $154.7 million under the PSPA during the second quarter 2020 - includes direct grants, a $16.4 million loan, and warrants to purchase 19,700 shares of the Company's common stock
|
–
|
The remaining $17.2 million of funds were received in July 2020 - includes direct grants, a $5.2 million addition to the loan, and warrants to purchase 6,189 shares of the Company's common stock
|
•
|
Received $45.6 million of tax refunds in May 2020 related to 2018 and 2019 net operating loss carrybacks due to the change in loss carryback period under the CARES Act
|
–
|
Additional $48.7 million of tax refunds received during July
|
–
|
Expect a sizable federal income tax refund related to 2020 net operating losses
|
•
|
Eligible to access up to $276.0 million through a loan under the Loan Program of the CARES Act by the end of September 2020
|
•
|
Deferring payment of the employer portion of Social Security taxes, as permitted under the CARES Act, to provide additional liquidity - $4.3 million in Social Security taxes deferred as of June 30, 2020 (half to be paid by December 31, 2021 and the other half to be paid by December 31, 2022)
|
•
|
Maintain a comprehensive cleaning program for all aircraft that includes a regular schedule of standard and deep-clean procedures that exceed both CDC and Airbus guidance
|
•
|
Aircraft receive regular treatment with an advanced antimicrobial protectant that kills viruses, germs and bacteria on contact for 14 days
|
•
|
Utilize VOC (volatile organic compound) filters on board every aircraft, which remove additional organic compounds and ensure that cabin air is changed, on average, every three minutes, exceeding HEPA standards
|
•
|
Effective July 2, 2020, require customers to wear face coverings through all phases of travel, including at the ticket counter, in the gate area and during flight
|
•
|
Complimentary health and safety kits, which include a single-use face mask, a pair of non-latex disposable gloves and cleaning wipes, provided to all of our customers
|
•
|
Crew members required to wear face masks on board and during any interaction with customers
|
•
|
Social distancing principles at check-in, boarding and on-board, including limiting adjacent row seating and allowing only customers on the same itinerary to utilize middle seats as practicable
|
•
|
Treat hard surfaces in all office areas, including airport station offices, maintenance facilities, headquarters/administrative offices, with antimicrobial disinfectant/protectant, and utilize wall-mounted and handheld thermometers for employee and crew member temperature checks
|
•
|
Partner with Quest Diagnostics to provide at home COVID-19 test kits to employees in the event local testing is not immediately available
|
|
Three Months Ended June 30,
|
|
Percent
|
|||||
Airline only unitized costs (in cents)
|
2020
|
|
2019
|
|
Change
|
|||
Salary and benefits
|
4.16
|
|
|
2.46
|
|
|
69.1
|
%
|
Station operations
|
1.23
|
|
|
1.03
|
|
|
19.4
|
|
Depreciation and amortization
|
1.95
|
|
|
0.83
|
|
|
134.9
|
|
Maintenance and repairs
|
0.59
|
|
|
0.47
|
|
|
25.5
|
|
Sales and marketing
|
0.40
|
|
|
0.45
|
|
|
(11.1
|
)
|
Aircraft lease rentals
|
0.06
|
|
|
—
|
|
|
NM
|
|
Other
|
0.87
|
|
|
0.41
|
|
|
112.2
|
|
CARES Act grant recognition
|
(3.36
|
)
|
|
—
|
|
|
NM
|
|
Operating Special charges
|
3.42
|
|
|
—
|
|
|
NM
|
|
Airline CASM, excluding fuel(1)
|
9.32
|
|
|
5.65
|
|
|
65.0
|
|
Aircraft fuel
|
1.23
|
|
|
2.70
|
|
|
(54.4
|
)
|
Airline CASM
|
10.55
|
|
|
8.35
|
|
|
26.3
|
|
|
Six Months Ended June 30,
|
|
Percent
|
|||||
Airline only unitized costs (in cents)
|
2020
|
|
2019
|
|
Change
|
|||
Salary and benefits
|
3.19
|
|
|
2.69
|
|
|
18.6
|
%
|
Station operations
|
1.09
|
|
|
1.02
|
|
|
6.9
|
|
Depreciation and amortization
|
1.36
|
|
|
0.86
|
|
|
58.1
|
|
Maintenance and repairs
|
0.55
|
|
|
0.52
|
|
|
5.8
|
|
Sales and marketing
|
0.43
|
|
|
0.49
|
|
|
(12.2
|
)
|
Aircraft lease rentals
|
0.04
|
|
|
—
|
|
|
NM
|
|
Other
|
0.67
|
|
|
0.42
|
|
|
59.5
|
|
CARES Act grant recognition
|
(1.19
|
)
|
|
—
|
|
|
NM
|
|
Operating Special charges
|
1.36
|
|
|
—
|
|
|
NM
|
|
Airline CASM, excluding fuel(1)
|
7.50
|
|
|
6.00
|
|
|
25.0
|
|
Aircraft fuel
|
1.84
|
|
|
2.63
|
|
|
(30.0
|
)
|
Airline CASM
|
9.34
|
|
|
8.63
|
|
|
8.2
|
|
|
Three Months Ended June 30,
|
|
Percent
|
|||||||
|
2020
|
|
2019
|
|
Change(1)
|
|||||
Operating statistics (unaudited):
|
|
|
|
|
|
|||||
Total system statistics:
|
|
|
|
|
|
|||||
Passengers
|
1,273,258
|
|
|
4,169,536
|
|
|
(69.5
|
)
|
||
Available seat miles (ASMs) (thousands)
|
2,220,755
|
|
|
4,447,066
|
|
|
(50.1
|
)
|
||
Airline operating expense per ASM (CASM) (cents)
|
10.55
|
|
|
8.35
|
|
|
26.3
|
|
||
Fuel expense per ASM (cents)
|
1.23
|
|
|
2.70
|
|
|
(54.4
|
)
|
||
Airline operating CASM, excluding fuel (cents)
|
9.32
|
|
|
5.65
|
|
|
65.0
|
|
||
ASMs per gallon of fuel
|
90.0
|
|
|
82.3
|
|
|
9.4
|
|
||
Departures
|
15,089
|
|
|
30,547
|
|
|
(50.6
|
)
|
||
Block hours
|
32,989
|
|
|
68,332
|
|
|
(51.7
|
)
|
||
Average stage length (miles)
|
850
|
|
|
853
|
|
|
(0.4
|
)
|
||
Average number of operating aircraft during period
|
90.7
|
|
|
85.0
|
|
|
6.7
|
|
||
Average block hours per aircraft per day
|
3.8
|
|
|
8.8
|
|
|
(56.8
|
)
|
||
Full-time equivalent employees at end of period
|
4,349
|
|
|
4,179
|
|
|
4.1
|
|
||
Fuel gallons consumed (thousands)
|
24,664
|
|
|
54,064
|
|
|
(54.4
|
)
|
||
Average fuel cost per gallon
|
$
|
1.11
|
|
|
$
|
2.22
|
|
|
(50.0
|
)
|
Scheduled service statistics:
|
|
|
|
|
|
|||||
Passengers
|
1,266,077
|
|
|
4,131,855
|
|
|
(69.4
|
)
|
||
Revenue passenger miles (RPMs) (thousands)
|
1,107,534
|
|
|
3,603,076
|
|
|
(69.3
|
)
|
||
Available seat miles (ASMs) (thousands)
|
2,174,683
|
|
|
4,311,182
|
|
|
(49.6
|
)
|
||
Load factor
|
50.9
|
%
|
|
83.6
|
%
|
|
(32.7
|
)
|
||
Departures
|
14,683
|
|
|
29,567
|
|
|
(50.3
|
)
|
||
Block hours
|
32,248
|
|
|
66,135
|
|
|
(51.2
|
)
|
||
Total passenger revenue per ASM (TRASM) (cents)(2)
|
5.75
|
|
|
10.97
|
|
|
(47.6
|
)
|
||
Average fare - scheduled service(3)
|
$
|
40.46
|
|
|
$
|
58.39
|
|
|
(30.7
|
)
|
Average fare - air-related charges(3)
|
$
|
51.57
|
|
|
$
|
51.68
|
|
|
(0.2
|
)
|
Average fare - third party products
|
$
|
6.67
|
|
|
$
|
4.40
|
|
|
51.6
|
|
Average fare - total
|
$
|
98.70
|
|
|
$
|
114.47
|
|
|
(13.8
|
)
|
Average stage length (miles)
|
855
|
|
|
853
|
|
|
0.2
|
|
||
Fuel gallons consumed (thousands)
|
24,124
|
|
|
52,327
|
|
|
(53.9
|
)
|
||
Average fuel cost per gallon
|
$
|
1.08
|
|
|
$
|
2.22
|
|
|
(51.4
|
)
|
Rental car days sold
|
135,536
|
|
|
540,960
|
|
|
(74.9
|
)
|
||
Hotel room nights sold
|
12,772
|
|
|
114,191
|
|
|
(88.8
|
)
|
||
Percent of sales through website during period
|
93.8
|
%
|
|
93.5
|
%
|
|
0.3
|
|
|
Six Months Ended June 30,
|
|
Percent
|
|||||||
|
2020
|
|
2019
|
|
Change(1)
|
|||||
Operating statistics (unaudited):
|
|
|
|
|
|
|||||
Total system statistics:
|
|
|
|
|
|
|||||
Passengers
|
4,448,708
|
|
|
7,619,814
|
|
|
(41.6
|
)
|
||
Available seat miles (ASMs) (thousands)
|
6,288,427
|
|
|
8,357,304
|
|
|
(24.8
|
)
|
||
Airline operating expense per ASM (CASM) (cents)
|
9.35
|
|
|
8.63
|
|
|
8.3
|
|
||
Fuel expense per ASM (cents)
|
1.85
|
|
|
2.63
|
|
|
(29.7
|
)
|
||
Airline operating CASM, excluding fuel (cents)
|
7.50
|
|
|
6.00
|
|
|
25.0
|
|
||
ASMs per gallon of fuel
|
87.2
|
|
|
83.1
|
|
|
4.9
|
|
||
Departures
|
41,401
|
|
|
55,747
|
|
|
(25.7
|
)
|
||
Block hours
|
95,112
|
|
|
128,151
|
|
|
(25.8
|
)
|
||
Average stage length (miles)
|
879
|
|
|
876
|
|
|
0.3
|
|
||
Average number of operating aircraft during period
|
92.1
|
|
|
82.3
|
|
|
11.9
|
|
||
Average block hours per aircraft per day
|
5.5
|
|
|
8.6
|
|
|
(36.0
|
)
|
||
Full-time equivalent employees at end of period
|
4,349
|
|
|
4,179
|
|
|
4.1
|
|
||
Fuel gallons consumed (thousands)
|
72,143
|
|
|
100,537
|
|
|
(28.2
|
)
|
||
Average fuel cost per gallon
|
$
|
1.61
|
|
|
$
|
2.18
|
|
|
(26.1
|
)
|
Scheduled service statistics:
|
|
|
|
|
|
|||||
Passengers
|
4,420,683
|
|
|
7,553,393
|
|
|
(41.5
|
)
|
||
Revenue passenger miles (RPMs) (thousands)
|
4,033,017
|
|
|
6,794,122
|
|
|
(40.6
|
)
|
||
Available seat miles (ASMs) (thousands)
|
6,138,692
|
|
|
8,113,315
|
|
|
(24.3
|
)
|
||
Load factor
|
65.7
|
%
|
|
83.7
|
%
|
|
(18.0
|
)
|
||
Departures
|
40,167
|
|
|
53,911
|
|
|
(25.5
|
)
|
||
Block hours
|
92,594
|
|
|
124,098
|
|
|
(25.4
|
)
|
||
Total passenger revenue per ASM (TRASM) (cents)(2)
|
8.47
|
|
|
11.22
|
|
|
(24.5
|
)
|
||
Average fare - scheduled service(3)
|
$
|
57.27
|
|
|
$
|
63.49
|
|
|
(9.8
|
)
|
Average fare - air-related charges(3)
|
$
|
54.80
|
|
|
$
|
52.32
|
|
|
4.7
|
|
Average fare - third party products
|
$
|
5.52
|
|
|
$
|
4.68
|
|
|
17.9
|
|
Average fare - total
|
$
|
117.59
|
|
|
$
|
120.49
|
|
|
(2.4
|
)
|
Average stage length (miles)
|
883
|
|
|
878
|
|
|
0.6
|
|
||
Fuel gallons consumed (thousands)
|
70,229
|
|
|
97,395
|
|
|
(27.9
|
)
|
||
Average fuel cost per gallon
|
$
|
1.60
|
|
|
$
|
2.18
|
|
|
(26.6
|
)
|
Rental car days sold
|
616,582
|
|
|
1,012,558
|
|
|
(39.1
|
)
|
||
Hotel room nights sold
|
104,776
|
|
|
219,206
|
|
|
(52.2
|
)
|
||
Percent of sales through website during period
|
93.7
|
%
|
|
93.5
|
%
|
|
0.2
|
|
Promissory Note dated April 20, 2020 from Allegiant Air, LLC to U.S. Department of the Treasury. (3)
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
ALLEGIANT TRAVEL COMPANY
|
|
|
|
|
|
|
|
|
|
Date:
|
August 4, 2020
|
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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