Three Months Ended March 31, |
||||||||
Unaudited | 2018 | 2017 | Change | |||||
Total operating revenue (millions) | $ | 425.4 | $ | 380.0 | 12.0 | % | ||
Operating income (millions) | 80.0 | 73.7 | 8.5 | |||||
Net income (millions) | 55.2 | 42.2 | 30.9 | |||||
Diluted earnings per share | $ | 3.42 | $ | 2.53 | 35.2 |
"We are proud to announce our 61st consecutive profitable quarter," stated
“In addition, we are seeing a very positive impact from the transition to our new revenue management system. The year-over-year scheduled service load factor in March rose for the first time since 2011 without a sacrifice in March yields. Last but absolutely not least, we have continued to see a material improvement in our operations. According to the latest DOT statistics, in January our cancellation rate was the second lowest in the industry, which demonstrates our operational integrity and commitment to safety and reliability. This is directly correlated with the hard work of team members and the strong safety culture embedded throughout our system."
Shareholder returns
- 2018 shareholder returns -
$11 million in the first quarter through dividends- Will pay dividends of
$0.70 per share onJune 1, 2018 to shareholders of record as ofMay 18, 2018 - Current share repurchase authority of
$100 million as ofApril 25, 2018
- Will pay dividends of
Balance sheet update
- Amended senior secured revolving credit facility to increase borrowing limit to
$81 million , in the first quarter- The revolver is currently undrawn
- 24 Airbus aircraft are unencumbered as of
April 25, 2018
Changes to Accounting Standards
- On
January 1 , Allegiant adopted several new accounting standards, including the new revenue recognition standard - The prior periods presented here have been recast to reflect adoption of these new standards. In particular, Allegiant is no longer disaggregating passenger revenue by scheduled service and air-related ancillary revenue
- Including all adjustments related to the New Revenue Standard, TRASM increased 1.4 percent
- Excluding these items, TRASM would have increased 2.5 percent over the same period last year
2018 outlook
- Second quarter TRASM impact - Earlier Easter in the quarter is expected to decrease TRASM by two percentage points as part of Easter travel was in the first quarter of this year
- Second quarter scheduled and system ASMs are expected to grow between ten and fourteen percent vs last year
- 2018 fuel cost is expected to be
$2.20 per gallon - 2018 tax rate - 2018 effective tax rate is expected to decline to between 21 and 22 percent impacted by:
- Adjustment of deferred tax balances due to the dissolution of foreign subsidiaries which are special purpose entities that were set up for the 12 aircraft on lease to a European carrier
Guidance, subject to revision | |||||
Full year 2018 guidance | Previous* | Current | |||
Fuel cost per gallon | $2.17 | $2.20 | |||
Available seat miles (ASMs) / gallon | 77.5 to 79.5 | 77.5 to 79.5 | |||
Interest expense (millions) | $50 to $60 | $50 to $60 | |||
Tax rate | 24 to 25% | 21 to 22% | |||
Share count (millions) | 15.9 | 15.9 | |||
Earnings per share | $10 to $12 | $10 to $12 | |||
System ASMs - year over year change | 11 to 15% | 11 to 15% | |||
Scheduled service ASMs - year over year change | 11 to 15% | 11 to 15% | |||
Depreciation expense / aircraft / month (thousands) | $120 to $130 | $120 to $130 | |||
Maintenance expense / aircraft / month (thousands) | $95 to $105 | $95 to $105 | |||
Full year 2018 CAPEX guidance | |||||
Capital expenditures (millions) ** | $290 | $300 | |||
Capitalized Airbus deferred heavy maintenance (millions) *** | $45 | $45 |
* - Previous guidance as of
** -
*** - Not included in capital expenditure total
Aircraft fleet plan by end of period | |||||||||
Aircraft - (seats per AC) | 1Q18 | 2Q18 | 3Q18 | YE18 | |||||
MD-80 (166 seats) | 32 | 27 | 19 | — | |||||
A319 (156 seats) | 26 | 31 | 31 | 32 | |||||
A320 (177/186 seats) | 30 | 41 | 45 | 50 | |||||
Total | 88 | 99 | 95 | 82 |
Aircraft listed in table above include only in-service aircraft, planned retirements and future aircraft under contract (subject to change)
Allegiant.®
Media Inquiries: mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future expenses, ASM growth, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate", “project”, “hope” or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the
Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
Detailed financial information follows:
Allegiant Travel Company Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited) |
||||||||||||
Three Months Ended March 31, | Percent | |||||||||||
2018 |
2017 |
change | ||||||||||
OPERATING REVENUE: | ||||||||||||
Passenger revenue (1) | $ | 396,771 | $ | 347,836 | 14.1 | |||||||
Third party products | 10,325 | 12,742 | (19.0 | ) | ||||||||
Fixed fee contract revenue | 10,556 | 11,259 | (6.2 | ) | ||||||||
Other revenue | 7,792 | 8,174 | (4.7 | ) | ||||||||
Total operating revenue | 425,444 | 380,011 | 12.0 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Aircraft fuel | 106,027 | 84,662 | 25.2 | |||||||||
Salary and benefits | 112,963 | 96,298 | 17.3 | |||||||||
Station operations | 37,584 | 31,832 | 18.1 | |||||||||
Maintenance and repairs | 19,270 | 30,095 | (36.0 | ) | ||||||||
Depreciation and amortization | 28,149 | 30,549 | (7.9 | ) | ||||||||
Sales and marketing | 19,078 | 13,331 | 43.1 | |||||||||
Aircraft lease rentals | 21 | 164 | (87.2 | ) | ||||||||
Other | 22,384 | 19,351 | 15.7 | |||||||||
Total operating expense | 345,476 | 306,282 | 12.8 | |||||||||
OPERATING INCOME | 79,968 | 73,729 | 8.5 | |||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest expense | 12,724 | 8,401 | 51.5 | |||||||||
Interest income | (1,907 | ) | (1,264 | ) | 50.9 | |||||||
Other, net | (240 | ) | (360 | ) | (33.3 | ) | ||||||
Total other (income) expense | 10,577 | 6,777 | 56.1 | |||||||||
INCOME BEFORE INCOME TAXES | 69,391 | 66,952 | 3.6 | |||||||||
PROVISION FOR INCOME TAXES | 14,198 | 24,785 | (42.7 | ) | ||||||||
NET INCOME | $ | 55,193 | $ | 42,167 | 30.9 | |||||||
Earnings per share to common shareholders (2): | ||||||||||||
Basic | $ | 3.43 | $ | 2.53 | 35.6 | |||||||
Diluted | $ | 3.42 | $ | 2.53 | 35.2 | |||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (2): | ||||||||||||
Basic | 15,889 | 16,382 | (3.0 | ) | ||||||||
Diluted | 15,898 | 16,405 | (3.1 | ) |
*NM - Not meaningful
(1) Passenger revenue previously reported as Scheduled service revenue.
(2) The Company's 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 calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.
Allegiant Travel Company Operating Statistics (Unaudited) |
||||||||||
Three Months Ended March 31, | Percent | |||||||||
2018 | 2017 | change (1) | ||||||||
OPERATING STATISTICS | ||||||||||
Total system statistics: | ||||||||||
Passengers | 3,302,951 | 2,881,248 | 14.6 | |||||||
Revenue passenger miles (RPMs) (thousands) | 3,094,805 | 2,708,498 | 14.3 | |||||||
Available seat miles (ASMs) (thousands) | 3,728,563 | 3,376,837 | 10.4 | |||||||
Load factor | 83.0 | % | 80.2 | % | 2.8 | |||||
Operating expense per ASM (CASM) (cents) | 9.27 | 9.07 | 2.2 | |||||||
Fuel expense per ASM (cents) | 2.84 | 2.51 | 13.1 | |||||||
Operating CASM, excluding fuel (cents) | 6.43 | 6.56 | (2.0 | ) | ||||||
ASMs per gallon of fuel | 76.7 | 72.1 | 6.4 | |||||||
Departures | 24,248 | 22,295 | 8.8 | |||||||
Block hours | 57,803 | 53,193 | 8.7 | |||||||
Average stage length (miles) | 910 | 903 | 0.8 | |||||||
Average number of operating aircraft during period | 90.7 | 84.7 | 7.1 | |||||||
Average block hours per aircraft per day | 7.1 | 7.0 | 1.4 | |||||||
Full-time equivalent employees at end of period | 3,776 | 3,536 | 6.8 | |||||||
Fuel gallons consumed (thousands) | 48,640 | 46,850 | 3.8 | |||||||
Average fuel cost per gallon | $ | 2.18 | $ | 1.81 | 20.4 | |||||
Scheduled service statistics: | ||||||||||
Passengers | 3,279,368 | 2,845,480 | 15.2 | |||||||
Revenue passenger miles (RPMs) (thousands) | 3,064,619 | 2,661,934 | 15.1 | |||||||
Available seat miles (ASMs) (thousands) | 3,602,015 | 3,237,164 | 11.3 | |||||||
Load factor | 85.1 | % | 82.2 | % | 2.9 | |||||
Departures | 23,264 | 21,248 | 9.5 | |||||||
Block hours | 55,689 | 50,876 | 9.5 | |||||||
Total passenger revenue per ASM (TRASM) (cents) (2) | 11.30 | 11.14 | 1.4 | |||||||
Average fare - scheduled service (3) | $ | 73.81 | $ | 75.24 | (1.9 | ) | ||||
Average fare - air-related charges (3) | $ | 47.18 | $ | 47.00 | 0.4 | |||||
Average fare - third party products | $ | 3.15 | $ | 4.48 | (29.7 | ) | ||||
Average fare - total | $ | 124.14 | $ | 126.72 | (2.0 | ) | ||||
Average stage length (miles) | 916 | 908 | 0.9 | |||||||
Fuel gallons consumed (thousands) | 46,872 | 44,892 | 4.4 | |||||||
Average fuel cost per gallon | $ | 2.17 | $ | 1.80 | 20.6 | |||||
Percent of sales through website during period | 93.8 | % | 95.1 | % | (1.3 | ) |
(1) Except load factor and percent of sales through website, which is percentage point change.
(2) Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis. The 2017 figure reflected has been adjusted from previously reported as a result of recast.
(3) Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
Summary Balance Sheet
(millions) | 3/31/2018 | 12/31/2017 | Change | |||||||
(unaudited) | ||||||||||
Unrestricted cash | ||||||||||
Cash and cash equivalents | $ | 50.8 | $ | 59.4 | (14.5 | )% | ||||
Short-term investments | 341.3 | 352.7 | (3.2 | ) | ||||||
Long-term investments | 85.6 | 78.6 | 8.9 | |||||||
Total unrestricted cash and investments | 477.7 | 490.7 | (2.6 | ) | ||||||
Debt | ||||||||||
Current maturities of long-term debt, net of related costs | 150.5 | 214.8 | (29.9 | ) | ||||||
Long-term debt, net of current maturities and related costs | 912.3 | 950.1 | (4.0 | ) | ||||||
Total debt | 1,062.8 | 1,164.9 | (8.8 | ) | ||||||
Total Allegiant Travel Company shareholders’ equity | $ | 598.3 | $ | 551.8 | 8.4 | % |
Summary Cash Flow
Three Months Ended March 31, | ||||||||||
Unaudited (millions) | 2018 | 2017 | Change | |||||||
Cash provided by operating activities | $ | 176.3 | $ | 146.6 | 20.3 | % | ||||
Purchase of property and equipment, including capitalized interest* | 72.5 | 58.5 | 23.9 | |||||||
Repurchase of common stock | 2.2 | 4.9 | (55.1 | ) | ||||||
Cash dividends paid to shareholders | 11.3 | 11.7 | (3.4 | ) | ||||||
Proceeds from the issuance of long-term debt | — | 22.0 | (100.0 | ) | ||||||
Principal payments on long-term debt & capital lease obligations | $ | 102.9 | $ | 26.4 | 289.8 | % |
* Includes aircraft pre-delivery deposits.
EPS Calculation
The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands):
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Basic: | |||||||
Net income | $ | 55,193 | $ | 42,167 | |||
Less net income allocated to participating securities | (768 | ) | (691 | ) | |||
Net income attributable to common stock | $ | 54,425 | $ | 41,476 | |||
Net income per share, basic | $ | 3.43 | $ | 2.53 | |||
Weighted-average shares outstanding | 15,889 | 16,382 | |||||
Diluted: | |||||||
Net income | $ | 55,193 | $ | 42,167 | |||
Less net income allocated to participating securities | (768 | ) | (690 | ) | |||
Net income attributable to common stock | $ | 54,425 | $ | 41,477 | |||
Net income per share, diluted | $ | 3.42 | $ | 2.53 | |||
Weighted-average shares outstanding | 15,889 | 16,382 | |||||
Dilutive effect of stock options and restricted stock | 46 | 91 | |||||
Adjusted weighted-average shares outstanding under treasury stock method | 15,935 | 16,473 | |||||
Participating securities excluded under two-class method | (37 | ) | (68 | ) | |||
Adjusted weighted-average shares outstanding under two-class method | 15,898 | 16,405 |
Appendix A
Consolidated Statements of Income
As Recast for Adoption of New Accounting Standard on
Twelve Months Ended
(in thousands, except per share amounts)
(Unaudited)
On
New Revenue Standard | ||||||||||||||||
As Reported | Deferred Revenue Method |
Reclassifications | As Recast | |||||||||||||
OPERATING REVENUE: | ||||||||||||||||
Passenger revenue* | $ | 818,136 | $ | 3,463 | $ | 550,440 | $ | 1,372,039 | ||||||||
Ancillary revenue: | ||||||||||||||||
Air-related charges | 546,476 | (546,476 | ) | — | ||||||||||||
Third party products | 52,707 | 52,707 | ||||||||||||||
Fixed fee contract revenue | 48,708 | 48,708 | ||||||||||||||
Other revenue | 37,751 | 37,751 | ||||||||||||||
Total operating revenue | 1,503,778 | 3,463 | 3,964 | 1,511,205 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Aircraft fuel | 343,333 | 343,333 | ||||||||||||||
Salary and benefits | 371,599 | 371,599 | ||||||||||||||
Station operations | 142,581 | 142,581 | ||||||||||||||
Maintenance and repairs | 113,481 | 113,481 | ||||||||||||||
Depreciation and amortization | 121,713 | 121,713 | ||||||||||||||
Sales and marketing | 52,711 | 3,964 | 56,675 | |||||||||||||
Aircraft lease rentals | 3,098 | 3,098 | ||||||||||||||
Other | 92,840 | 92,840 | ||||||||||||||
Special charge | 35,253 | 35,253 | ||||||||||||||
Total operating expense | 1,276,609 | — | 3,964 | 1,280,573 | ||||||||||||
OPERATING INCOME | 227,169 | 3,463 | — | 230,632 | ||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||
Interest expense | 38,990 | 38,990 | ||||||||||||||
Interest income | (5,808 | ) | (5,808 | ) | ||||||||||||
Other, net | (1,559 | ) | (1,559 | ) | ||||||||||||
Total other (income) expense | 31,623 | — | — | 31,623 | ||||||||||||
INCOME BEFORE INCOME TAXES | 195,546 | 3,463 | — | 199,009 | ||||||||||||
PROVISION FOR INCOME TAXES | 644 | 1,178 | 1,822 | |||||||||||||
NET INCOME | $ | 194,902 | $ | 2,285 | $ | — | $ | 197,187 | ||||||||
Earnings per share to common shareholders (1): | ||||||||||||||||
Basic | $ | 11.94 | $ | 12.08 | ||||||||||||
Diluted | $ | 11.93 | $ | 12.07 | ||||||||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (1): | ||||||||||||||||
Basic | 16,073 | 16,073 | ||||||||||||||
Diluted | 16,095 | 16,095 |
*Labeled as "Scheduled service revenue" in previous filings.
As Reported | As Recast | |||||
Operating Stats: | ||||||
Total System ASMs | 13,612,003 | 13,612,003 | ||||
Scheduled Service ASMs | 13,031,824 | 13,031,824 | ||||
TRASM (cents) | 10.88 | 10.93 | ||||
CASM (cents) | 9.38 | 9.41 |
Consolidated Statements of Income
As Recast for Adoption of New Accounting Standard on
(in thousands, except per share amounts)
(Unaudited)
As previously discussed, on
1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 | ||||||||||||||||
OPERATING REVENUE: | ||||||||||||||||||||
Passenger revenue* | $ | 347,836 | $ | 367,250 | $ | 315,308 | $ | 341,645 | $ | 1,372,039 | ||||||||||
Third party products | 12,742 | 14,304 | 12,348 | 13,313 | 52,707 | |||||||||||||||
Fixed fee contract revenue | 11,259 | 11,029 | 11,831 | 14,589 | 48,708 | |||||||||||||||
Other revenue | 8,174 | 9,261 | 10,708 | 9,608 | 37,751 | |||||||||||||||
Total operating revenue | 380,011 | 401,844 | 350,195 | 379,155 | 1,511,205 | |||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Aircraft fuel | 84,662 | 85,387 | 80,421 | 92,863 | 343,333 | |||||||||||||||
Salary and benefits | 96,298 | 92,221 | 88,788 | 94,292 | 371,599 | |||||||||||||||
Station operations | 31,832 | 38,998 | 37,148 | 34,603 | 142,581 | |||||||||||||||
Maintenance and repairs | 30,095 | 28,645 | 28,870 | 25,871 | 113,481 | |||||||||||||||
Depreciation and amortization | 30,549 | 30,129 | 31,894 | 29,141 | 121,713 | |||||||||||||||
Sales and marketing | 13,331 | 13,492 | 13,884 | 15,968 | 56,675 | |||||||||||||||
Aircraft lease rentals | 164 | 2,400 | 533 | 1 | 3,098 | |||||||||||||||
Other | 19,351 | 24,777 | 24,315 | 24,397 | 92,840 | |||||||||||||||
Special charge | — | — | — | 35,253 | 35,253 | |||||||||||||||
Total operating expense | 306,282 | 316,049 | 305,853 | 352,389 | 1,280,573 | |||||||||||||||
OPERATING INCOME | 73,729 | 85,795 | 44,342 | 26,766 | 230,632 | |||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest income | (1,264 | ) | (1,475 | ) | (1,454 | ) | (1,615 | ) | (5,808 | ) | ||||||||||
Interest expense | 8,401 | 8,889 | 10,041 | 11,659 | 38,990 | |||||||||||||||
Other, net | (360 | ) | (493 | ) | (400 | ) | (306 | ) | (1,559 | ) | ||||||||||
Total other (income) expense | 6,777 | 6,921 | 8,187 | 9,738 | 31,623 | |||||||||||||||
INCOME BEFORE INCOME TAXES | 66,952 | 78,874 | 36,155 | 17,028 | 199,009 | |||||||||||||||
PROVISION FOR INCOME TAXES | 24,785 | 30,018 | 12,955 | (65,936 | ) | 1,822 | ||||||||||||||
NET INCOME | $ | 42,167 | $ | 48,856 | $ | 23,200 | $ | 82,964 | $ | 197,187 | ||||||||||
Earnings per share to common shareholders (1): | ||||||||||||||||||||
Basic | $ | 2.53 | $ | 2.97 | $ | 1.44 | $ | 5.16 | $ | 12.08 | ||||||||||
Diluted | $ | 2.53 | $ | 2.96 | $ | 1.44 | $ | 5.16 | $ | 12.07 | ||||||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (1): | ||||||||||||||||||||
Basic | 16,382 | 16,198 | 15,852 | 15,868 | 16,073 | |||||||||||||||
Diluted | 16,404 | 16,220 | 15,862 | 15,879 | 16,095 |
*Labeled as "Scheduled service revenue" in previous filings.
1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 | |||||||||||
Operating Stats: | |||||||||||||||
Total System ASMs | 3,376,837 | 3,584,209 | 3,220,246 | 3,430,711 | 13,612,003 | ||||||||||
Scheduled Service ASMs | 3,237,164 | 3,436,872 | 3,073,360 | 3,284,429 | 13,031,824 | ||||||||||
TRASM (cents) | 11.14 | 11.10 | 10.66 | 10.81 | 10.93 | ||||||||||
CASM (cents) | 9.07 | 8.82 | 9.50 | 10.27 | 9.41 |
2017 Quarterly Adjustments to Statements of Income
Resulting From Adoption of New Accounting Standard on
(in thousands)
(Unaudited)
As previously discussed, on
FY17 As Reported |
1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 As Recast |
|||||||||||||||||||
Passenger revenue | $ | 1,364,612 | $ | 4,174 | $ | 1,230 | $ | 1,426 | $ | 597 | $ | 1,372,039 | ||||||||||||
Sales and marketing | 52,711 | 3,333 | 631 | — | — | 56,675 | ||||||||||||||||||
Provision for income taxes | 644 | 306 | 218 | 519 | 135 | 1,822 |
Consolidated Balance Sheets
As Recast for Adoption of New Accounting Standard on
(in thousands)
(Unaudited)
As previously discussed, on
As Reported | New Revenue Standard |
As Recast | ||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 59,449 | $ | — | $ | 59,449 | ||||||
Restricted cash | 11,190 | — | 11,190 | |||||||||
Short-term investments | 352,681 | — | 352,681 | |||||||||
Accounts receivable | 71,057 | — | 71,057 | |||||||||
Expendable parts, supplies and fuel, net | 17,647 | — | 17,647 | |||||||||
Prepaid expenses | 23,931 | — | 23,931 | |||||||||
Other current assets | 5,320 | — | 5,320 | |||||||||
TOTAL CURRENT ASSETS | 541,275 | — | 541,275 | |||||||||
Property and equipment, net | 1,512,415 | — | 1,512,415 | |||||||||
Long-term investments | 78,570 | — | 78,570 | |||||||||
Deferred major maintenance, net | 31,326 | — | 31,326 | |||||||||
Deposits and other assets | 16,571 | — | 16,571 | |||||||||
TOTAL ASSETS | $ | 2,180,157 | $ | — | $ | 2,180,157 | ||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 20,108 | $ | — | $ | 20,108 | ||||||
Accrued liabilities | 105,127 | — | 105,127 | |||||||||
Air traffic liability | 210,184 | (5,885 | ) | 204,299 | ||||||||
Current maturities of notes payable, net of related costs | 214,761 | — | 214,761 | |||||||||
TOTAL CURRENT LIABILITIES | 550,180 | (5,885 | ) | 544,295 | ||||||||
Long-term debt, net of current maturities and related costs | 950,131 | — | 950,131 | |||||||||
Deferred income taxes | 118,492 | 2,064 | 120,556 | |||||||||
Other noncurrent liabilities | 13,407 | — | 13,407 | |||||||||
TOTAL LIABILITIES: | 1,632,210 | (3,821 | ) | 1,628,389 | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||||||
Common stock, par value $.001 | 23 | — | 23 | |||||||||
Treasury stock | (605,655 | ) | — | (605,655 | ) | |||||||
Additional paid in capital | 253,840 | — | 253,840 | |||||||||
Accumulated other comprehensive loss, net | (2,840 | ) | — | (2,840 | ) | |||||||
Retained earnings | 902,579 | 3,821 | 906,400 | |||||||||
TOTAL EQUITY | 547,947 | 3,821 | 551,768 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,180,157 | $ | — | $ | 2,180,157 |
Source: Allegiant Travel Company