Allegiant Travel Co. Files Q2 2024 10-Q
Ticker: ALGT · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1362468
Sentiment: neutral
Topics: 10-Q, earnings, airline, financials
Related Tickers: AAL, UAL, LUV, DAL
TL;DR
ALGT's Q2 2024 10-Q is in. Check financials for latest performance.
AI Summary
Allegiant Travel Company (ALGT) filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company's operations. Specific financial figures and operational metrics for the quarter and year-to-date are detailed within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Allegiant Travel, crucial for understanding the company's current health and future prospects in the airline industry.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the airline industry is subject to volatility, making the information within potentially impactful.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the specific quarter the financial data pertains to.)
- 1231 — Fiscal Year End (Specifies the end date of Allegiant's fiscal year.)
Key Players & Entities
- Allegiant Travel CO (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240806 (date) — Filing date
- LAS VEGAS (location) — Company headquarters city
- NV (location) — Company headquarters state
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024, covering the second quarter of 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 6, 2024.
What is Allegiant Travel Company's state of incorporation?
Allegiant Travel Company is incorporated in Nevada (NV).
What is the company's primary business address?
The company's business address is 1201 N. Town Center Drive, Las Vegas, NV 89144.
What is the SIC code for Allegiant Travel Company?
The Standard Industrial Classification (SIC) code for Allegiant Travel Company is 4512, which corresponds to AIR TRANSPORTATION, SCHEDULED.
Filing Stats: 4,709 words · 19 min read · ~16 pages · Grade level 15.2 · Accepted 2024-08-06 16:01:37
Key Financial Figures
- $0.001 — ich registered Common stock, par value $0.001 ALGT NASDAQ Global Select Market Indi
Filing Documents
- algt-20240630.htm (10-Q) — 1275KB
- a101separationagrwilson061.htm (EX-10.1) — 68KB
- a102micahrichinsea.htm (EX-10.2) — 107KB
- a3112024q2rule13a-14a15dx1.htm (EX-31.1) — 10KB
- a3122024q2rule13a-14a15dx1.htm (EX-31.2) — 10KB
- a322024q2section135certifi.htm (EX-32) — 7KB
- algt-20240630_g1.jpg (GRAPHIC) — 82KB
- 0001362468-24-000043.txt ( ) — 6480KB
- algt-20240630.xsd (EX-101.SCH) — 35KB
- algt-20240630_cal.xml (EX-101.CAL) — 60KB
- algt-20240630_def.xml (EX-101.DEF) — 104KB
- algt-20240630_lab.xml (EX-101.LAB) — 450KB
- algt-20240630_pre.xml (EX-101.PRE) — 289KB
- algt-20240630_htm.xml (XML) — 1105KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Consolidated Financial Statements
ITEM 1. Consolidated Financial Statements 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 29
Controls and Procedures
ITEM 4. Controls and Procedures 29
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 30
Risk Factors
ITEM 1A. Risk Factors 30
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 30
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 30
Other Information
ITEM 5. Other Information 30
Exhibits
ITEM 6. Exhibits 31
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Consolidated Financial Statements
Item 1. Consolidated Financial Statements ALLEGIANT TRAVEL COMPANY CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2024 December 31, 2023 (unaudited) CURRENT ASSETS Cash and cash equivalents $ 215,799 $ 143,259 Restricted cash 16,338 16,325 Short-term investments 576,115 671,414 Accounts receivable 76,475 70,743 Expendable parts, supplies and fuel, net 35,347 36,335 Prepaid expenses and other current assets 60,381 63,054 TOTAL CURRENT ASSETS 980,455 1,001,130 Property and equipment, net 3,493,396 3,447,111 Long-term investments 59,154 56,004 Deferred major maintenance, net 174,732 165,767 Operating lease right-of-use assets, net 91,971 100,707 Deposits and other assets 103,904 98,691 TOTAL ASSETS: $ 4,903,612 $ 4,869,410 CURRENT LIABILITIES Accounts payable 71,937 54,484 Accrued liabilities 311,419 305,078 Current operating lease liabilities 22,225 20,873 Air traffic liability 389,956 353,488 Current loyalty program liability 40,837 38,447 Current maturities of long-term debt and finance lease obligations, net of related costs 485,641 439,937 TOTAL CURRENT LIABILITIES 1,322,015 1,212,307 Long-term debt and finance lease obligations, net of current maturities and related costs 1,733,248 1,819,717 Deferred income taxes 387,974 384,602 Noncurrent operating lease liabilities 71,852 82,410 Noncurrent loyalty program liability 33,574 32,366 Other noncurrent liabilities 21,914 9,448 TOTAL LIABILITIES: $ 3,570,577 $ 3,540,850 SHAREHOLDERS' EQUITY Common stock, par value $ 0.001 26 26 Treasury shares ( 680,041 ) ( 681,932 ) Additional paid in capital 754,255 741,055 Accumulated other comprehensive income, net 2,529 3,991 Retained earnings 1,256,266 1,265,420 TOTAL EQUITY: 1,333,035 $ 1,328,560 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,903,612 $ 4,869,410 The accompanying notes are an integral part of these consolidated financial statements. 3 ALLEGIANT TRAVEL COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the "Company") and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The Company has reclassified certain prior period amounts to conform to the current period presentation. Note