--12-31 FALSE 0001362468 June 30, 2025 2025 Q2 0.001 0.001 P7Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares algt:Aircraft xbrli:pure algt:segment 0001362468 2025-01-01 2025-06-30 0001362468 2025-07-25 0001362468 2025-06-30 0001362468 2024-12-31 0001362468 2025-04-01 2025-06-30 0001362468 2024-04-01 2024-06-30 0001362468 2024-01-01 2024-06-30 0001362468 us-gaap:CommonStockMember 2025-03-31 0001362468 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001362468 us-gaap:RetainedEarningsMember 2025-03-31 0001362468 us-gaap:TreasuryStockCommonMember 2025-03-31 0001362468 2025-03-31 0001362468 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2025-04-01 2025-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0001362468 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0001362468 us-gaap:CommonStockMember 2025-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001362468 us-gaap:RetainedEarningsMember 2025-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2025-06-30 0001362468 us-gaap:CommonStockMember 2024-12-31 0001362468 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001362468 us-gaap:RetainedEarningsMember 2024-12-31 0001362468 us-gaap:TreasuryStockCommonMember 2024-12-31 0001362468 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001362468 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001362468 us-gaap:CommonStockMember 2024-03-31 0001362468 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001362468 us-gaap:RetainedEarningsMember 2024-03-31 0001362468 us-gaap:TreasuryStockCommonMember 2024-03-31 0001362468 2024-03-31 0001362468 us-gaap:CommonStockMember 2024-04-01 2024-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0001362468 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0001362468 us-gaap:CommonStockMember 2024-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001362468 us-gaap:RetainedEarningsMember 2024-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2024-06-30 0001362468 2024-06-30 0001362468 us-gaap:CommonStockMember 2023-12-31 0001362468 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001362468 us-gaap:RetainedEarningsMember 2023-12-31 0001362468 us-gaap:TreasuryStockCommonMember 2023-12-31 0001362468 2023-12-31 0001362468 us-gaap:CommonStockMember 2024-01-01 2024-06-30 0001362468 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-06-30 0001362468 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-06-30 0001362468 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0001362468 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0001362468 algt:FacilitySaleMember algt:SunseekerResortsMember 2025-04-01 2025-06-30 0001362468 algt:WriteDownChargeMember algt:SunseekerResortsMember 2025-04-01 2025-06-30 0001362468 us-gaap:EmployeeSeveranceMember algt:SunseekerResortsMember 2025-04-01 2025-06-30 0001362468 algt:OrganizationalRestructuringMember 2025-04-01 2025-06-30 0001362468 algt:OrganizationalRestructuringMember 2024-04-01 2024-06-30 0001362468 algt:OrganizationalRestructuringMember 2025-01-01 2025-06-30 0001362468 algt:OrganizationalRestructuringMember 2024-01-01 2024-06-30 0001362468 algt:AirlineMember 2025-04-01 2025-06-30 0001362468 algt:AirlineMember 2024-04-01 2024-06-30 0001362468 algt:AirlineMember 2025-01-01 2025-06-30 0001362468 algt:AirlineMember 2024-01-01 2024-06-30 0001362468 algt:SunseekerResortsMember 2025-04-01 2025-06-30 0001362468 algt:SunseekerResortsMember 2024-04-01 2024-06-30 0001362468 algt:SunseekerResortsMember 2025-01-01 2025-06-30 0001362468 algt:SunseekerResortsMember 2024-01-01 2024-06-30 0001362468 2025-01-01 2025-03-31 0001362468 2024-01-01 2024-03-31 0001362468 algt:ScheduledServiceRevenueMember algt:PassengerRevenueMember 2025-04-01 2025-06-30 0001362468 algt:ScheduledServiceRevenueMember algt:PassengerRevenueMember 2024-04-01 2024-06-30 0001362468 algt:ScheduledServiceRevenueMember 2025-01-01 2025-06-30 0001362468 algt:ScheduledServiceRevenueMember 2024-01-01 2024-06-30 0001362468 algt:AirrelatedrevenueMember algt:PassengerRevenueMember 2025-04-01 2025-06-30 0001362468 algt:AirrelatedrevenueMember algt:PassengerRevenueMember 2024-04-01 2024-06-30 0001362468 algt:AirrelatedrevenueMember 2025-01-01 2025-06-30 0001362468 algt:AirrelatedrevenueMember 2024-01-01 2024-06-30 0001362468 algt:CobrandRevenueMember algt:PassengerRevenueMember 2025-04-01 2025-06-30 0001362468 algt:CobrandRevenueMember algt:PassengerRevenueMember 2024-04-01 2024-06-30 0001362468 algt:CobrandRevenueMember 2025-01-01 2025-06-30 0001362468 algt:CobrandRevenueMember 2024-01-01 2024-06-30 0001362468 algt:PassengerRevenueMember 2025-04-01 2025-06-30 0001362468 algt:PassengerRevenueMember 2024-04-01 2024-06-30 0001362468 2024-01-01 2024-12-31 0001362468 algt:RoomsMember algt:ResortRevenueMember 2025-04-01 2025-06-30 0001362468 algt:RoomsMember algt:ResortRevenueMember 2024-04-01 2024-06-30 0001362468 algt:RoomsMember algt:ResortRevenueMember 2025-01-01 2025-06-30 0001362468 algt:RoomsMember algt:ResortRevenueMember 2024-01-01 2024-06-30 0001362468 us-gaap:FoodAndBeverageMember algt:ResortRevenueMember 2025-04-01 2025-06-30 0001362468 us-gaap:FoodAndBeverageMember algt:ResortRevenueMember 2024-04-01 2024-06-30 0001362468 us-gaap:FoodAndBeverageMember algt:ResortRevenueMember 2025-01-01 2025-06-30 0001362468 us-gaap:FoodAndBeverageMember algt:ResortRevenueMember 2024-01-01 2024-06-30 0001362468 us-gaap:ProductAndServiceOtherMember algt:ResortRevenueMember 2025-04-01 2025-06-30 0001362468 us-gaap:ProductAndServiceOtherMember algt:ResortRevenueMember 2024-04-01 2024-06-30 0001362468 us-gaap:ProductAndServiceOtherMember algt:ResortRevenueMember 2025-01-01 2025-06-30 0001362468 us-gaap:ProductAndServiceOtherMember algt:ResortRevenueMember 2024-01-01 2024-06-30 0001362468 algt:ResortRevenueMember 2025-04-01 2025-06-30 0001362468 algt:ResortRevenueMember 2024-04-01 2024-06-30 0001362468 algt:ResortRevenueMember 2025-01-01 2025-06-30 0001362468 algt:ResortRevenueMember 2024-01-01 2024-06-30 0001362468 algt:AirlineMember 2025-06-30 0001362468 algt:AirlineMember 2024-12-31 0001362468 algt:SunseekerResortsMember 2025-06-30 0001362468 algt:SunseekerResortsMember 2024-12-31 0001362468 algt:FixedRateMember 2025-06-30 0001362468 algt:FixedRateMember 2024-12-31 0001362468 algt:VariableRateMember 2025-06-30 0001362468 algt:VariableRateMember 2024-12-31 0001362468 algt:SeniorSecuredNotesDue2027Member srt:MaximumMember us-gaap:SeniorNotesMember 2025-06-30 0001362468 algt:SeniorSecuredNotesDue2027Member us-gaap:SeniorNotesMember 2025-06-30 0001362468 algt:SeniorSecuredNotesDue2027Member us-gaap:SeniorNotesMember 2024-12-31 0001362468 algt:ConsolidatedVariableInterestEntitiesDue2029Member srt:MinimumMember 2025-06-30 0001362468 algt:ConsolidatedVariableInterestEntitiesDue2029Member srt:MaximumMember 2025-06-30 0001362468 algt:ConsolidatedVariableInterestEntitiesDue2029Member 2025-06-30 0001362468 algt:ConsolidatedVariableInterestEntitiesDue2029Member 2024-12-31 0001362468 algt:RevolvingCreditFacilitiesDue2027Member us-gaap:RevolvingCreditFacilityMember 2025-06-30 0001362468 algt:RevolvingCreditFacilitiesDue2027Member us-gaap:RevolvingCreditFacilityMember 2024-12-31 0001362468 algt:SecuredDebtByAircraftEnginesOtherEquipmentAndRealEstateMember srt:MinimumMember us-gaap:SecuredDebtMember 2025-06-30 0001362468 algt:SecuredDebtByAircraftEnginesOtherEquipmentAndRealEstateMember srt:MaximumMember us-gaap:SecuredDebtMember 2025-06-30 0001362468 algt:SecuredDebtByAircraftEnginesOtherEquipmentAndRealEstateMember us-gaap:SecuredDebtMember 2025-06-30 0001362468 algt:SecuredDebtByAircraftEnginesOtherEquipmentAndRealEstateMember us-gaap:SecuredDebtMember 2024-12-31 0001362468 srt:MinimumMember 2025-06-30 0001362468 srt:MaximumMember 2025-06-30 0001362468 algt:ConstructionLoanAgreementDue2032Member 2025-06-30 0001362468 algt:ConstructionLoanAgreementDue2032Member 2024-12-31 0001362468 us-gaap:UnsecuredDebtMember 2025-06-30 0001362468 us-gaap:UnsecuredDebtMember 2024-12-31 0001362468 us-gaap:LongTermDebtMember us-gaap:UnsecuredDebtMember 2025-06-30 0001362468 us-gaap:LongTermDebtMember us-gaap:UnsecuredDebtMember 2024-12-31 0001362468 us-gaap:RevolvingCreditFacilityMember 2024-03-31 0001362468 us-gaap:RevolvingCreditFacilityMember 2025-06-30 0001362468 us-gaap:RevolvingCreditFacilityMember 2025-01-01 2025-06-30 0001362468 us-gaap:SecuredDebtMember 2025-04-30 0001362468 us-gaap:SecuredDebtMember 2025-04-01 2025-06-30 0001362468 us-gaap:SecuredDebtMember 2025-06-30 0001362468 us-gaap:SecuredDebtMember srt:MinimumMember 2025-04-01 2025-06-30 0001362468 us-gaap:SecuredDebtMember srt:MaximumMember 2025-04-01 2025-06-30 0001362468 algt:FinancingAgreementMember 2025-06-30 0001362468 algt:FinancingAgreementMember 2025-01-01 2025-06-30 0001362468 us-gaap:RevolvingCreditFacilityMember algt:OtherSecuredDebtMember 2023-11-30 0001362468 us-gaap:RevolvingCreditFacilityMember algt:OtherSecuredDebtMember 2025-01-01 2025-06-30 0001362468 us-gaap:RevolvingCreditFacilityMember algt:OtherSecuredDebtMember 2025-06-30 0001362468 algt:DelayedDrawConstructionLoanMember algt:SunseekerResortsMember 2021-10-31 0001362468 algt:DelayedDrawConstructionLoanMember algt:SunseekerResortsMember 2024-01-01 2024-12-31 0001362468 algt:DelayedDrawConstructionLoanMember algt:SunseekerResortsMember 2025-02-28 0001362468 us-gaap:RevolvingCreditFacilityMember 2021-03-31 0001362468 algt:UnsecuredCreditFacilityMember 2024-12-01 2024-12-31 0001362468 algt:UnsecuredCreditFacilityMember 2025-04-01 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USTreasuryBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 algt:LongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001362468 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001362468 algt:NonPubliclyHeldDebtMember 2025-06-30 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member algt:NonPubliclyHeldDebtMember 2025-06-30 0001362468 algt:NonPubliclyHeldDebtMember 2024-12-31 0001362468 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member algt:NonPubliclyHeldDebtMember 2024-12-31 0001362468 algt:AllegiantAirMember 2025-04-01 2025-06-30 0001362468 algt:AllegiantAirMember 2024-04-01 2024-06-30 0001362468 algt:AllegiantAirMember 2025-01-01 2025-06-30 0001362468 algt:AllegiantAirMember 2024-01-01 2024-06-30 0001362468 algt:AllegiantAirMember 2025-06-30 0001362468 algt:AllegiantAirMember 2024-12-31 0001362468 algt:SunseekerResortsMember 2025-06-30 0001362468 algt:SunseekerResortsMember 2024-12-31 0001362468 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember algt:SunseekerResortsMember us-gaap:SubsequentEventMember 2025-09-30 0001362468 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember algt:SunseekerResortsMember 2025-04-01 2025-06-30 0001362468 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember algt:SunseekerResortsMember 2025-06-30 0001362468 us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2025-07-31 0001362468 us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2025-07-01 2025-07-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to_______
Commission File Number 001-33166
Allegiant Travel Company
(Exact Name of Registrant as Specified in Its Charter)

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)

Registrant’s Telephone Number, Including Area Code: (702) 851-7300
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Common stock, par value $0.001 |  | ALGT |  | NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 25, 2025, the registrant had 18,350,182 shares of common stock, $0.001 par value per share, outstanding.

ALLEGIANT TRAVEL COMPANY
FORM 10-Q
TABLE OF CONTENTS

PART I. | FINANCIAL INFORMATION |
ITEM 1. | Consolidated Financial Statements | 3
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk | 34
ITEM 4. | Controls and Procedures | 34
PART II. | OTHER INFORMATION |
ITEM 1. | Legal Proceedings | 35
ITEM 1A. | Risk Factors | 35
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 35
ITEM 3. | Defaults Upon Senior Securities | 35
ITEM 4. | Mine Safety Disclosures | 35
ITEM 5. | Other Information | 35
ITEM 6. | Exhibits | 36
| Signatures | 37

2

PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
ALLEGIANT TRAVEL COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands)

| June 30, 2025 |  | December 31, 2024 |
| (unaudited) |  |  |
CURRENT ASSETS |  |  |  |
Cash and cash equivalents | $ | 209,873 |  |  | $ | 285,892 |  |
Restricted cash | 18,028 |  |  | 16,427 |  |
Short-term investments | 632,946 |  |  | 495,234 |  |
Accounts receivable | 74,919 |  |  | 90,407 |  |
Expendable parts, supplies and fuel, net | 33,758 |  |  | 36,070 |  |
Assets held for sale | 194,650 |  |  | — |  |
Prepaid expenses and other current assets | 42,576 |  |  | 67,575 |  |
TOTAL CURRENT ASSETS | 1,206,750 |  |  | 991,605 |  |
Property and equipment, net | 2,892,648 |  |  | 3,069,949 |  |
Long-term investments | 9,931 |  |  | 51,725 |  |
Deferred major maintenance, net | 160,634 |  |  | 173,892 |  |
Operating lease right-of-use assets, net | 70,165 |  |  | 81,218 |  |
Deposits and other assets | 49,013 |  |  | 61,464 |  |
TOTAL ASSETS: | $ | 4,389,141 |  |  | $ | 4,429,853 |  |
CURRENT LIABILITIES |  |  |  |
Accounts payable | 69,355 |  |  | 62,092 |  |
Accrued liabilities | 416,216 |  |  | 327,404 |  |
Current operating lease liabilities | 15,235 |  |  | 20,714 |  |
Air traffic liability | 363,514 |  |  | 370,915 |  |
Current loyalty program liability | 38,958 |  |  | 41,510 |  |
Liabilities held for sale | 7,315 |  |  | — |  |
Current maturities of long-term debt and finance lease obligations, net of related costs | 183,063 |  |  | 454,769 |  |
TOTAL CURRENT LIABILITIES | 1,093,656 |  |  | 1,277,404 |  |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,778,855 |  |  | 1,611,735 |  |
Deferred income taxes | 301,851 |  |  | 315,593 |  |
Noncurrent operating lease liabilities | 56,617 |  |  | 62,392 |  |
Noncurrent loyalty program liability | 43,112 |  |  | 39,201 |  |
Other noncurrent liabilities | 59,129 |  |  | 34,136 |  |
TOTAL LIABILITIES: | $ | 3,333,220 |  |  | $ | 3,340,461 |  |
SHAREHOLDERS' EQUITY |  |  |  |
Common stock, par value $0.001 | 26 |  |  | 26 |  |
Treasury shares | (684,635) |  |  | (678,431) |  |
Additional paid in capital | 766,902 |  |  | 760,600 |  |
Accumulated other comprehensive income, net | 3,444 |  |  | 3,949 |  |
Retained earnings | 970,184 |  |  | 1,003,248 |  |
TOTAL EQUITY: | 1,055,921 |  |  | $ | 1,089,392 |  |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ | 4,389,141 |  |  | $ | 4,429,853 |  |

The accompanying notes are an integral part of these consolidated financial statements.
3

ALLEGIANT TRAVEL COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
OPERATING REVENUES: |  |  |  |  |  |  |
Passenger | $ | 617,908 |  |  | $ | 594,499 |  |  | $ | 1,234,658 |  |  | $ | 1,174,434 |
Third party products | 33,649 |  |  | 37,102 |  |  | 68,852 |  |  | 70,501 |
Fixed fee contracts | 17,019 |  |  | 17,699 |  |  | 33,271 |  |  | 36,560 |
Resort and other | 20,808 |  |  | 16,983 |  |  | 51,677 |  |  | 41,193 |
Total operating revenues | 689,384 |  |  | 666,283 |  |  | 1,388,458 |  |  | 1,322,688 |
OPERATING EXPENSES: |  |  |  |  |  |  |
Salaries and benefits | 214,102 |  |  | 209,942 |  |  | 445,541 |  |  | 423,269 |
Aircraft fuel | 165,752 |  |  | 170,060 |  |  | 332,085 |  |  | 340,147 |
Station operations | 75,248 |  |  | 69,798 |  |  | 148,753 |  |  | 136,266 |
Depreciation and amortization | 68,519 |  |  | 65,361 |  |  | 131,830 |  |  | 129,205 |
Maintenance and repairs | 36,379 |  |  | 30,730 |  |  | 71,233 |  |  | 61,008 |
Sales and marketing | 26,837 |  |  | 27,498 |  |  | 51,933 |  |  | 58,398 |
Aircraft lease rentals | 11,023 |  |  | 5,749 |  |  | 16,942 |  |  | 11,734 |
Other | 41,089 |  |  | 34,134 |  |  | 76,259 |  |  | 81,105 |
Special charges, net of recoveries | 117,924 |  |  | 18,114 |  |  | 116,369 |  |  | 31,212 |
Total operating expenses | 756,873 |  |  | 631,386 |  |  | 1,390,945 |  |  | 1,272,344 |
OPERATING INCOME (LOSS) | (67,489) |  |  | 34,897 |  |  | (2,487) |  |  | 50,344 |
OTHER (INCOME) EXPENSES: |  |  |  |  |  |  |
Interest income | (10,359) |  |  | (11,130) |  |  | (22,294) |  |  | (23,371) |
Interest expense | 35,756 |  |  | 39,544 |  |  | 76,540 |  |  | 79,704 |
Capitalized interest | (4,562) |  |  | (11,609) |  |  | (11,050) |  |  | (22,794) |
Other, net | 240 |  |  | 67 |  |  | 941 |  |  | 117 |
Total other expenses | 21,075 |  |  | 16,872 |  |  | 44,137 |  |  | 33,656 |
INCOME (LOSS) BEFORE INCOME TAXES | (88,564) |  |  | 18,025 |  |  | (46,624) |  |  | 16,688 |
INCOME TAX PROVISION (BENEFIT) | (23,398) |  |  | 4,326 |  |  | (13,560) |  |  | 3,908 |
NET INCOME (LOSS) | $ | (65,166) |  |  | $ | 13,699 |  |  | $ | (33,064) |  |  | $ | 12,780 |
Earnings (loss) per share to common shareholders: |  |  |  |  |  |  |
Basic | $ | (3.62) |  |  | $ | 0.75 |  |  | $ | (1.84) |  |  | $ | 0.69 |
Diluted | $ | (3.62) |  |  | $ | 0.75 |  |  | $ | (1.84) |  |  | $ | 0.68 |
Shares used for computation: |  |  |  |  |  |  |
Basic | 17,995 |  |  | 17,828 |  |  | 17,989 |  |  | 17,746 |
Diluted | 17,995 |  |  | 17,869 |  |  | 17,989 |  |  | 17,836 |
Cash dividends declared per share: | $ | — |  |  | $ | 0.60 |  |  | $ | — |  |  | $ | 1.20 |

The accompanying notes are an integral part of these consolidated financial statements.
4

ALLEGIANT TRAVEL COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
NET INCOME (LOSS) | $ | (65,166) |  |  | $ | 13,699 |  |  | $ | (33,064) |  |  | $ | 12,780 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Change in available for sale securities, net of tax | 305 |  |  | (254) |  |  | (505) |  |  | (1,462) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (64,861) |  |  | $ | 13,445 |  |  | $ | (33,569) |  |  | $ | 11,318 |

The accompanying notes are an integral part of these consolidated financial statements.
5

ALLEGIANT TRAVEL COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
(unaudited)

| Three Months Ended June 30, 2025
| Common stock outstanding |  | Par value |  | Additional paid-in capital |  | Accumulated other comprehensive income |  | Retained earnings |  | Treasury shares |  | Total shareholders' equity
Balance at March 31, 2025 | 18,261 |  |  | $ | 26 |  |  | $ | 763,767 |  |  | $ | 3,139 |  |  | $ | 1,035,350 |  |  | $ | (689,551) |  |  | $ | 1,112,731 |
Share-based compensation | (15) |  |  | — |  |  | 3,135 |  |  | — |  |  | — |  |  | — |  |  | 3,135 |
Shares repurchased by the Company and held as treasury shares | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (350) |  |  | (350) |
Stock issued under employee stock purchase plan | 112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,266 |  |  | 5,266 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 305 |  |  | — |  |  | — |  |  | 305 |
Net loss | — |  |  | — |  |  | — |  |  | — |  |  | (65,166) |  |  | — |  |  | (65,166) |
Balance at June 30, 2025 | 18,351 |  |  | $ | 26 |  |  | $ | 766,902 |  |  | $ | 3,444 |  |  | $ | 970,184 |  |  | $ | (684,635) |  |  | $ | 1,055,921 |

| Six Months Ended June 30, 2025
| Common stock outstanding |  | Par value |  | Additional paid-in capital |  | Accumulated other comprehensive income |  | Retained earnings |  | Treasury shares |  | Total shareholders' equity
Balance at December 31, 2024 | 18,408 |  |  | $ | 26 |  |  | $ | 760,600 |  |  | $ | 3,949 |  |  | $ | 1,003,248 |  |  | $ | (678,431) |  |  | $ | 1,089,392 |
Share-based compensation | (15) |  |  | — |  |  | 6,302 |  |  | — |  |  | — |  |  | — |  |  | 6,302 |
Shares repurchased by the Company and held as treasury shares | (154) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,470) |  |  | (11,470) |
Stock issued under employee stock purchase plan | 112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,266 |  |  | 5,266 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (505) |  |  | — |  |  | — |  |  | (505) |
Net loss | — |  |  | — |  |  | — |  |  | — |  |  | (33,064) |  |  | — |  |  | (33,064) |
Balance at June 30, 2025 | 18,351 |  |  | $ | 26 |  |  | $ | 766,902 |  |  | $ | 3,444 |  |  | $ | 970,184 |  |  | $ | (684,635) |  |  | $ | 1,055,921 |

| Three Months Ended June 30, 2024
| Common stock outstanding |  | Par value |  | Additional paid-in capital |  | Accumulated other comprehensive income |  | Retained earnings |  | Treasury shares |  | Total shareholders' equity
Balance at March 31, 2024 | 18,282 |  |  | $ | 26 |  |  | $ | 747,873 |  |  | $ | 2,783 |  |  | $ | 1,253,549 |  |  | $ | (682,075) |  |  | $ | 1,322,156 |
Share-based compensation | (10) |  |  | — |  |  | 6,382 |  |  | — |  |  | — |  |  | — |  |  | 6,382 |
Shares repurchased by the Company and held as treasury shares | (44) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,880) |  |  | (2,880) |
Stock issued under employee stock purchase plan | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,914 |  |  | 4,914 |
Cash dividends, $0.60 per share | — |  |  | — |  |  | — |  |  | — |  |  | (10,982) |  |  | — |  |  | (10,982) |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (254) |  |  | — |  |  | — |  |  | (254) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 13,699 |  |  | — |  |  | 13,699 |
Balance at June 30, 2024 | 18,318 |  |  | $ | 26 |  |  | $ | 754,255 |  |  | $ | 2,529 |  |  | $ | 1,256,266 |  |  | $ | (680,041) |  |  | $ | 1,333,035 |

6

| Six Months Ended June 30, 2024
| Common stock outstanding |  | Par value |  | Additional paid-in capital |  | Accumulated other comprehensive income |  | Retained earnings |  | Treasury shares |  | Total shareholders' equity
Balance at December 31, 2023 | 18,269 |  |  | $ | 26 |  |  | $ | 741,055 |  |  | $ | 3,991 |  |  | $ | 1,265,420 |  |  | $ | (681,932) |  |  | $ | 1,328,560 |
Share-based compensation | 5 |  |  | — |  |  | 13,200 |  |  | — |  |  | — |  |  | — |  |  | 13,200 |
Shares repurchased by the Company and held as treasury shares | (46) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,023) |  |  | (3,023) |
Stock issued under employee stock purchase plan | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,914 |  |  | 4,914 |
Cash dividends, $1.20 per share | — |  |  | — |  |  | — |  |  | — |  |  | (21,934) |  |  | — |  |  | (21,934) |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (1,462) |  |  | — |  |  | — |  |  | (1,462) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 12,780 |  |  | — |  |  | 12,780 |
Balance at June 30, 2024 | 18,318 |  |  | $ | 26 |  |  | $ | 754,255 |  |  | $ | 2,529 |  |  | $ | 1,256,266 |  |  | $ | (680,041) |  |  | $ | 1,333,035 |

7

ALLEGIANT TRAVEL COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

| Six Months Ended June 30,
| 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income (loss) | $ | (33,064) |  |  | $ | 12,780 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
Depreciation and amortization | 131,830 |  |  | 129,205 |
Special charges, net of recoveries | 113,701 |  |  | 20,093 |
Other adjustments | (20,839) |  |  | 606 |
Changes in certain assets and liabilities: |  |  |
Accrued liabilities | 70,102 |  |  | 52,750 |
Air traffic liability | (7,401) |  |  | 36,468 |
Other - net | 29,318 |  |  | (15,165) |
Net cash provided by operating activities | 283,647 |  |  | 236,737 |
Cash flows from investing activities: |  |  |
Purchase of investment securities | (477,669) |  |  | (351,939) |
Proceeds from maturities of investment securities | 387,660 |  |  | 451,573 |
Aircraft pre-delivery deposits | (9,680) |  |  | (35,053) |
Purchase of property and equipment, including capitalized interest | (177,222) |  |  | (193,764) |
Other investing activities | 35,069 |  |  | 19,431 |
Net cash used in investing activities | (241,842) |  |  | (109,752) |
Cash flows from financing activities: |  |  |
Cash dividends paid to shareholders | — |  |  | (21,934) |
Proceeds from the issuance of debt and finance lease obligations | 323,781 |  |  | 18,755 |
Repurchase of common stock | (11,470) |  |  | (3,023) |
Principal payments on debt and finance lease obligations | (432,629) |  |  | (63,223) |
Debt issuance costs | (3,171) |  |  | — |
Other financing activities | 7,266 |  |  | 14,993 |
Net cash used in financing activities | (116,223) |  |  | (54,432) |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (74,418) |  |  | 72,553 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 302,319 |  |  | 159,584 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 227,901 |  |  | $ | 232,137 |
CASH PAYMENTS FOR: |  |  |
Interest paid, net of amount capitalized | $ | 57,969 |  |  | $ | 53,807 |
Income tax payments (received) | (14,954) |  |  | 155 |
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS: |  |  |
Right-of-use (ROU) assets acquired | $ | — |  |  | $ | 1,379 |
Purchases of property and equipment in accrued liabilities and other | 53,324 |  |  | 22,116 |

The accompanying notes are an integral part of these consolidated financial statements.
8

ALLEGIANT TRAVEL COMPANY
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, 2024 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 2 — Special Charges
Sunseeker Resort
In second quarter 2025, the Company recorded special charges of $102.2 million related to the pending sale of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") and the associated Aileron Golf Course, consisting of a write-down charge of $100.4 million and $1.8 million for accrual of retention pay for certain key employees. For more detailed discussion regarding the sale, see Note 11.
Sunseeker Resort was damaged by weather events occurring between 2022 and 2024. The Company considers these events unusual and has accounted for their costs and related insurance recoveries as special charges. Estimated losses are recorded as special charges at the time of the event and offset by insurance recoveries once approved for payment.
Airline
The Company has identified airframes for early retirement to coincide with 737 MAX aircraft deliveries as scheduled under an amendment to the Company's agreement with The Boeing Company signed in September 2023. To date, the Company has retired a total of 13 airframes under this plan. The remaining airframes are to be retired between August 2025 and December 2026. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge in the three and six months ended June 30, 2025 and 2024.
In April 2024, the Company and the Transport Workers Union of America, representing the Company's flight attendants, ratified a new five-year collective bargaining agreement. The ratification bonus related to the new collective bargaining agreement is included within special charges in 2024.
In second quarter 2025, the Company recorded $12.1 million of special charges related to corporate restructuring efforts taken in response to softness in air travel demand due to heightened macroeconomic uncertainty. These efforts included voluntary separation packages offered to corporate and operational personnel, termination of certain marketing agreements and abandonment of certain IT assets no longer being used.
Special Charges
The table below summarizes special charges recorded during the three and six months ended June 30, 2025, and 2024.
9

|  |  |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Accelerated depreciation on airframes identified for early retirement |  |  |  |  |  | $ | 2,501 |  |  | $ | 9,251 |  |  | $ | 3,892 |  |  | $ | 24,166 |
Flight attendant ratification bonus |  |  |  |  |  | — |  |  | 10,821 |  |  | — |  |  | 10,821 |
Organizational restructuring |  |  |  |  |  | 12,095 |  |  | — |  |  | 12,095 |  |  | — |
Airline special charges |  |  |  |  |  | 14,596 |  |  | 20,072 |  |  | 15,987 |  |  | 34,987 |
Sunseeker special charges, net of insurance recoveries(1) |  |  |  |  |  | 103,328 |  |  | $ | (1,958) |  |  | 100,382 |  |  | $ | (3,775) |
Total special charges |  |  |  |  |  | $ | 117,924 |  |  | $ | 18,114 |  |  | 116,369 |  |  | $ | 31,212 |

(1) Includes $3.7 million and $0.7 million of business interruption insurance proceeds received during the three months ended March 31, 2025 and 2024, respectively. There were no business interruption insurance proceeds received during the three months ended June 30, 2025 and 2024.
Note 3 — Revenue Recognition
Passenger Revenue
Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:

| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Scheduled service | $ | 247,208 |  |  | $ | 272,715 |  |  | $ | 530,576 |  |  | $ | 562,594 |
Ancillary air-related charges | 352,873 |  |  | 307,390 |  |  | 668,152 |  |  | 582,183 |
Loyalty redemptions | 17,827 |  |  | 14,394 |  |  | 35,930 |  |  | 29,657 |
Total passenger revenue | $ | 617,908 |  |  | $ | 594,499 |  |  | $ | 1,234,658 |  |  | $ | 1,174,434 |

Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided. As of June 30, 2025, the air traffic liability balance was $363.5 million, of which approximately $322.9 million was related to forward bookings, with the remaining $40.6 million related to credit vouchers for future travel.
The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $370.9 million that was recorded in the air traffic liability balance as of December 31, 2024, approximately 89.3 percent was recognized into passenger revenue during the six months ended June 30, 2025.
The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete.
Resort Revenue
The Company's resort revenues for the three and six months ended June 30, 2025 are set forth in the table below:

| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Rooms | $ | 8,732 |  |  | $ | 6,653 |  |  | $ | 24,163 |  |  | $ | 16,610 |
Food and beverage | 7,766 |  |  | 7,643 |  |  | 17,728 |  |  | 18,415 |
Other | 4,136 |  |  | 2,515 |  |  | 9,431 |  |  | 5,673 |
Total resort revenue | $ | 20,634 |  |  | $ | 16,811 |  |  | $ | 51,322 |  |  | $ | 40,698 |

Revenue from banquets, golf, retail and spa services is included in other resort revenue. Resort revenue is recognized as the underlying services or goods have been provided. There is typically little to no lag between when the services are performed and when payment is remitted. Large group reservations, conventions, and other event bookings require advance deposits which are recorded as accrued liabilities in the Company's balance sheet until the related services and goods are provided. Guest receivables are recorded in accounts receivable on the Company's balance sheet for room nights stayed prior to payment at checkout. The amounts of advance deposit liabilities and guest ledger receivables were not material as of June 30, 2025 or December 31, 2024.
10

Loyalty redemptions
In relation to the travel component of the Allways Rewards® co-brand credit card contract, the Company has a performance obligation to cardholders with future travel award redemptions at the airline and resort. Therefore, consideration received related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue or resort revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards loyalty program, points earned through the program are deferred based on the stand-alone selling price and recognized into passenger or resort revenue when the points are redeemed and the underlying service is provided.
The following table presents the activity of the co-branded credit card and the loyalty program as of the dates indicated:

| Six Months Ended June 30,
(in thousands) | 2025 |  | 2024
Balance at January 1 | $ | 80,711 |  |  | $ | 70,813 |
Points awarded (deferral of revenue) | 37,306 |  |  | 33,272 |
Points redeemed (recognition of revenue)(1) | (35,947) |  |  | (29,674) |
Balance at June 30(2) | $ | 82,070 |  |  | $ | 74,411 |

(1) Points are combined in one homogenous pool and are not separately identifiable. Revenue from points redeemed includes both points that were part of the loyalty program liability at the beginning of the period, as well as points that were issued during the period.
(2) The current portion of the loyalty program liability represents the estimate of revenue to be recognized in the next 12 months based on historical trends, with the remaining balance reflected in noncurrent liabilities expected to be recognized into revenue in periods thereafter.
Note 4 — Property and Equipment
The following table summarizes the Company's property and equipment as of the dates indicated:

(in thousands) | June 30, 2025 |  | December 31, 2024
Airline |  |  |
Flight equipment | $ | 3,487,636 |  |  | $ | 3,345,458 |
Computer hardware and software | 332,096 |  |  | 320,432 |
Land and buildings/leasehold improvements | 76,013 |  |  | 66,115 |
Other property and equipment | 117,637 |  |  | 115,043 |
Sunseeker Resort (1) |  |  |
Land and buildings/leasehold improvements | — |  |  | 255,201 |
Other property and equipment | — |  |  | 34,894 |
Total property and equipment | 4,013,382 |  |  | 4,137,143 |
Less accumulated depreciation and amortization | (1,120,734) |  |  | (1,067,194) |
Property and equipment, net | $ | 2,892,648 |  |  | $ | 3,069,949 |

(1) The Company has entered into a purchase agreement for the sale of Sunseeker Resort and related Aileron Golf Course. At June 30, 2025, the Resort met the criteria for held-for-sale presentation under Accounting Standards Codification (ASC) 360 and as such, all assets related to Sunseeker Resort and Aileron Golf Course are now presented in assets and liabilities held for sale on the balance sheet. For more information, please see Note 11.
As of June 30, 2025, the Company had firm commitments to purchase 37 aircraft.
Accrued capital expenditures, which primarily relate to the airline, as of June 30, 2025 and December 31, 2024 were $53.3 million and $8.9 million, respectively.
11

Note 5 — Long-Term Debt
The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:

(in thousands) | June 30, 2025 |  | December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032 | $ | 1,336,800 |  |  | $ | 1,481,186 |
Variable-rate debt due through 2037 | 625,118 |  |  | 585,318 |
Total long-term debt and finance lease obligations, net of related costs | 1,961,918 |  |  | 2,066,504 |
Less current maturities, net of related costs | 183,063 |  |  | 454,769 |
Long-term debt and finance lease obligations, net of current maturities and related costs | $ | 1,778,855 |  |  | $ | 1,611,735 |
Weighted average fixed-interest rate on debt | 6.6% |  | 6.5%
Weighted average variable-interest rate on debt | 6.6% |  | 6.8%

|  |  |  |  | Interest Rate(s) Per Annum at |  | Balance as of
(dollars in thousands) | Maturity Dates |  | June 30, 2025 |  | June 30, 2025 |  | December 31, 2024
Senior secured notes | 2027 |  | 7.25% |  | $ | 550,000 |  |  | $ | 550,000 |
Consolidated variable interest entities | 2028 | - | 2029 |  | 2.92% | - | 5.19% |  | 101,593 |  |  | 107,959 |
Revolving credit facilities | 2025 | - | 2028 |  | N/A |  | — |  |  | — |
Debt secured by aircraft, engines, other equipment and real estate | 2025 | - | 2037 |  | 1.87% | - | 8.38% |  | 906,523 |  |  | 765,278 |
Finance leases | 2028 | - | 2032 |  | 4.44% | - | 7.02% |  | 416,669 |  |  | 429,896 |
Sunseeker construction loan | 2025 |  | N/A |  | — |  |  | 100,000 |
Unsecured debt | 2025 |  | N/A |  | — |  |  | 130,500 |
Total debt |  |  |  |  | $ | 1,974,785 |  |  | $ | 2,083,633 |
Related costs |  |  |  |  |  |  |  |  | (12,867) |  |  | (17,129) |
Total debt net of related costs |  |  |  |  |  |  |  |  | $ | 1,961,918 |  |  | $ | 2,066,504 |

Maturities of long term debt as of June 30, 2025, for the next five years and thereafter, in the aggregate, are:

(in thousands) | As of June 30, 2025
Remaining in 2025 | $ | 85,405 |
2026 | 213,244 |
2027 | 693,453 |
2028 | 171,682 |
2029 | 182,434 |
2030 | 156,668 |
Thereafter | 459,032 |
Total debt and finance lease obligations, net of related costs | $ | 1,961,918 |

Debt Secured by Aircraft
In March 2024, the Company entered into credit agreements under which it was entitled to borrow up to $218.5 million, and which was to be collateralized by new aircraft upon delivery. During the six months ended June 30, 2025, the Company borrowed the entirety of the $218.5 million available under these agreements, resulting in the facilities being fully drawn. The loans bear interest at a variable rate based on three-month SOFR, and are payable in quarterly installments over a term of 12 years.
In April 2025, the Company entered into a credit agreement with a borrowing capacity of up to $221.3 million to be secured by new aircraft upon delivery. During the three months ended June 30, 2025, the Company drew down $55.3 million under the
12

facility and $166.0 million remains undrawn as of June 30, 2025. The borrowing carries a variable interest rate based on three-month SOFR and consists of two tranches maturing in seven and twelve years.
In June 2025, the Company entered into a financing agreement providing for borrowings of up to $149.2 million secured by new aircraft upon delivery. The loan will bear interest at a variable rate based on three-month SOFR and matures twelve years from the drawing date. As of June 30, 2025, this commitment remains undrawn.
Other Secured Debt
In November 2023, the Company entered into a pre-delivery deposit financing facility to borrow up to $158.0 million, secured by the Company's purchase rights for certain Boeing 737 MAX aircraft. The facility bears a floating interest rate based on SOFR and was originally due upon delivery of each aircraft or no later than June 30, 2025. In April 2025, the Company entered into an amendment to extend the maturity date of the agreement to no later than March 2027. During the six months ended June 30, 2025, the Company repaid $78.8 million of the outstanding principal balances. As of June 30, 2025, the facility had an outstanding principal balance of $53.9 million. The facility had undrawn borrowing capacity of $25.1 million as of June 30, 2025.
Construction Loan Agreement
In October 2021, the Company, through a wholly-owned subsidiary, entered into a credit agreement and borrowed $350.0 million to fund the initial phases of Sunseeker Resort construction. The Company prepaid $250.0 million of the loan's principal balance during 2024, and in February 2025, prepaid the remaining $100.0 million principal balance resulting in full repayment of the loan.
Revolving Credit Facility
In March 2021, the Company entered into a revolving credit facility, which, as amended to date, entitled it to borrow up to $100.0 million. In April 2025, the agreement was further amended to extend the maturity date to April 2028. The borrowing ability under the facility is based on the value of the aircraft and engines placed into the collateral pool. Amounts drawn under the facility will bear interest at a floating rate based on SOFR. As of June 30, 2025, no assets have been placed in the collateral pool and the facility remained undrawn.
Unsecured Debt
In December 2024, the Company entered into an unsecured credit facility and received proceeds of $130.5 million. The loan matured upon delivery of certain aircraft and was to be repaid using the proceeds from financing associated with those aircraft. During the six months ended June 30, 2025, the Company repaid the entirety of the $130.5 million outstanding under the facility as the associated aircraft delivered.
Undrawn Revolving Credit and Other Facilities
In aggregate, at June 30, 2025, the Company had $275.0 million available under its revolving credit facilities and $335.0 million available in undrawn aircraft and pre-delivery deposit financing commitments. These amounts include undrawn amounts referenced above.
Note 6 — Income Taxes
The Company recorded a $23.4 million income tax benefit at a 26.4 percent effective tax rate and a $4.3 million income tax expense at a 24.0 percent effective tax rate for the three months ended June 30, 2025 and 2024, respectively. The effective tax rate for the three months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down.
The Company recorded a $13.6 million income tax benefit at an effective tax rate of 29.1 percent and a $3.9 million income tax expense at a 23.4 percent effective tax rate for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down. The Company's estimated annual effective tax rate for 2025, excluding discrete items, is 17.0 percent.
Note 7 — Fair Value Measurements
The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2025.
13

Financial instruments measured at fair value on a recurring basis:

| As of June 30, 2025 |  | As of December 31, 2024
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 45,979 |  |  | $ | 45,979 |  |  | $ | — |  |  | $ | 41,494 |  |  | $ | 41,494 |  |  | $ | — |
Commercial paper | 18,527 |  |  | — |  |  | 18,527 |  |  | 22,689 |  |  | — |  |  | 22,689 |
US Government and agency obligations | 17,992 |  |  | — |  |  | 17,992 |  |  | 81,535 |  |  | — |  |  | 81,535 |
Municipal debt securities | 11,103 |  |  | — |  |  | 11,103 |  |  | 10,299 |  |  | — |  |  | 10,299 |
Corporate debt securities | 411 |  |  | — |  |  | 411 |  |  | 4,133 |  |  | — |  |  | 4,133 |
Total cash equivalents | 94,012 |  |  | 45,979 |  |  | 48,033 |  |  | 160,150 |  |  | 41,494 |  |  | 118,656 |
Short-term |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 304,380 |  |  | — |  |  | 304,380 |  |  | 242,313 |  |  | — |  |  | 242,313 |
Commercial paper | 217,224 |  |  | — |  |  | 217,224 |  |  | 149,807 |  |  | — |  |  | 149,807 |
US Government and agency obligations | 99,939 |  |  | — |  |  | 99,939 |  |  | 94,295 |  |  | — |  |  | 94,295 |
Certificates of deposit | 7,380 |  |  | — |  |  | 7,380 |  |  | 7,239 |  |  | — |  |  | 7,239 |
Municipal debt securities | 4,023 |  |  | — |  |  | 4,023 |  |  | 1,580 |  |  | — |  |  | 1,580 |
Total short-term | 632,946 |  |  | — |  |  | 632,946 |  |  | 495,234 |  |  | — |  |  | 495,234 |
Long-term |  |  |  |  |  |  |  |  |  |  |
US Government and agency obligations | 5,257 |  |  | — |  |  | 5,257 |  |  | 10,452 |  |  | — |  |  | 10,452 |
Corporate debt securities | 4,674 |  |  | — |  |  | 4,674 |  |  | 39,931 |  |  | — |  |  | 39,931 |
Municipal debt securities | — |  |  | — |  |  | — |  |  | 1,342 |  |  | — |  |  | 1,342 |
Total long-term | 9,931 |  |  | — |  |  | 9,931 |  |  | 51,725 |  |  | — |  |  | 51,725 |
Total financial instruments | $ | 736,889 |  |  | $ | 45,979 |  |  | $ | 690,910 |  |  | $ | 707,109 |  |  | $ | 41,494 |  |  | $ | 665,615 |

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.
Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:

| As of June 30, 2025 |  | As of December 31, 2024 |  |
(in thousands) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |  | Fair Value Level
Non-publicly held debt | $ | 1,558,116 |  |  | $ | 1,548,851 |  |  | $ | 1,653,737 |  |  | $ | 1,667,275 |  |  | 3

Due to the short-term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.
Note 8 — Earnings per Share
Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock.
Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs:
1. Assume vesting of restricted stock using the treasury stock method.
14

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.
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 the table are in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic: |  |  |  |  |  |  |
Net income (loss) | $ | (65,166) |  |  | $ | 13,699 |  |  | $ | (33,064) |  |  | $ | 12,780 |
Less income allocated to participating securities | — |  |  | (333) |  |  | — |  |  | (618) |
Net income (loss) attributable to common stock | $ | (65,166) |  |  | $ | 13,366 |  |  | $ | (33,064) |  |  | $ | 12,162 |
Earnings (loss) per share, basic | $ | (3.62) |  |  | $ | 0.75 |  |  | $ | (1.84) |  |  | $ | 0.69 |
Weighted-average shares outstanding | 17,995 |  |  | 17,828 |  |  | 17,989 |  |  | 17,746 |
Diluted: |  |  |  |  |  |  |
Net income (loss) | $ | (65,166) |  |  | $ | 13,699 |  |  | $ | (33,064) |  |  | $ | 12,780 |
Less income allocated to participating securities | — |  |  | (333) |  |  | — |  |  | (618) |
Net income (loss) attributable to common stock | $ | (65,166) |  |  | $ | 13,366 |  |  | $ | (33,064) |  |  | $ | 12,162 |
Earnings (loss) per share, diluted | $ | (3.62) |  |  | $ | 0.75 |  |  | $ | (1.84) |  |  | $ | 0.68 |
Weighted-average shares outstanding | 17,995 |  |  | 17,828 |  |  | 17,989 |  |  | 17,746 |
Dilutive effect of restricted stock | — |  |  | 78 |  |  | — |  |  | 195 |
Adjusted weighted-average shares outstanding under treasury stock method | 17,995 |  |  | 17,906 |  |  | 17,989 |  |  | 17,941 |
Participating securities excluded under two-class method | — |  |  | (37) |  |  | — |  |  | (105) |
Adjusted weighted-average shares outstanding under two-class method | 17,995 |  |  | 17,869 |  |  | 17,989 |  |  | 17,836 |

Note 9 — Contingencies
The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.
Note 10 — Segments
Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM") and is used to allocate resources and analyze performance. The Company's CODM is the President and CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income. The CODM reviews separate financial information and makes resource allocation decisions for the Company's two operating segments: Airline and Sunseeker Resort.
Airline Segment
The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics and production processes (check-in, baggage handling and flight services) which target the same class of customers and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services.
Sunseeker Resort Segment
The Sunseeker Resort segment operates as a single business unit and includes hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, Aileron Golf Course and other Resort amenities.
15

Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:

| Three Months Ended June 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 668,750 |  |  | $ | 20,634 |  |  | $ | 689,384 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 203,485 |  |  | 10,617 |  |  | 214,102 |
Aircraft fuel | 165,752 |  |  | — |  |  | 165,752 |
Station operations | 75,248 |  |  | — |  |  | 75,248 |
Depreciation and amortization | 64,961 |  |  | 3,558 |  |  | 68,519 |
Maintenance and repairs | 36,379 |  |  | — |  |  | 36,379 |
Sales and marketing | 25,119 |  |  | 1,718 |  |  | 26,837 |
Aircraft lease rentals | 11,023 |  |  | — |  |  | 11,023 |
Other operating expense(1) | 29,031 |  |  | 12,058 |  |  | 41,089 |
Special charges, net of recoveries | 14,595 |  |  | 103,329 |  |  | 117,924 |
Total operating expenses | 625,593 |  |  | 131,280 |  |  | 756,873 |
OPERATING INCOME (LOSS) | 43,157 |  |  | (110,646) |  |  | (67,489) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (10,359) |  |  | — |  |  | (10,359) |
Interest expense | 28,121 |  |  | 7,635 |  |  | 35,756 |
Capitalized interest | (4,562) |  |  | — |  |  | (4,562) |
Other non-operating expense | 240 |  |  | — |  |  | 240 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 29,717 |  |  | $ | (118,281) |  |  | $ | (88,564) |
Capital expenditures | $ | 137,717 |  |  | $ | 1,036 |  |  | $ | 138,753 |

| Three Months Ended June 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 649,472 |  |  | $ | 16,811 |  |  | $ | 666,283 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 197,417 |  |  | 12,525 |  |  | 209,942 |
Aircraft fuel | 170,060 |  |  | — |  |  | 170,060 |
Station operations | 69,798 |  |  | — |  |  | 69,798 |
Depreciation and amortization | 59,345 |  |  | 6,016 |  |  | 65,361 |
Maintenance and repairs | 30,730 |  |  | — |  |  | 30,730 |
Sales and marketing | 25,918 |  |  | 1,580 |  |  | 27,498 |
Aircraft lease rentals | 5,749 |  |  | — |  |  | 5,749 |
Other operating expense(1) | 23,426 |  |  | 10,708 |  |  | 34,134 |
Special charges, net of recoveries | 20,073 |  |  | (1,959) |  |  | 18,114 |
Total operating expenses | 602,516 |  |  | 28,870 |  |  | 631,386 |
OPERATING INCOME (LOSS) | 46,956 |  |  | (12,059) |  |  | 34,897 |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (11,130) |  |  | — |  |  | (11,130) |
Interest expense | 34,121 |  |  | 5,423 |  |  | 39,544 |
Capitalized interest | (11,609) |  |  | — |  |  | (11,609) |
Other non-operating expense | 67 |  |  | — |  |  | 67 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 35,507 |  |  | $ | (17,482) |  |  | $ | 18,025 |
Capital expenditures | $ | 39,044 |  |  | $ | 4,039 |  |  | $ | 43,083 |

16

| Six Months Ended June 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,337,136 |  |  | $ | 51,322 |  |  | $ | 1,388,458 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 423,859 |  |  | 21,682 |  |  | 445,541 |
Aircraft fuel | 332,085 |  |  | — |  |  | 332,085 |
Station operations | 148,753 |  |  | — |  |  | 148,753 |
Depreciation and amortization | 124,672 |  |  | 7,158 |  |  | 131,830 |
Maintenance and repairs | 71,233 |  |  | — |  |  | 71,233 |
Sales and marketing | 48,489 |  |  | 3,444 |  |  | 51,933 |
Aircraft lease rentals | 16,942 |  |  | — |  |  | 16,942 |
Other operating expense(1) | 51,107 |  |  | 25,152 |  |  | 76,259 |
Special charges, net of recoveries | 15,987 |  |  | 100,382 |  |  | 116,369 |
Total operating expenses | 1,233,127 |  |  | 157,818 |  |  | 1,390,945 |
OPERATING INCOME (LOSS) | 104,009 |  |  | (106,496) |  |  | (2,487) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (22,294) |  |  | — |  |  | (22,294) |
Interest expense | 57,070 |  |  | 19,470 |  |  | 76,540 |
Capitalized interest | (11,050) |  |  | — |  |  | (11,050) |
Other non-operating expense | 941 |  |  | — |  |  | 941 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 79,342 |  |  | $ | (125,966) |  |  | $ | (46,624) |
Capital expenditures | $ | 220,853 |  |  | $ | 1,442 |  |  | $ | 222,295 |

| Six Months Ended June 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,281,990 |  |  | $ | 40,698 |  |  | $ | 1,322,688 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 396,926 |  |  | 26,343 |  |  | 423,269 |
Aircraft fuel | 340,147 |  |  | — |  |  | 340,147 |
Station operations | 136,266 |  |  | — |  |  | 136,266 |
Depreciation and amortization | 117,212 |  |  | 11,993 |  |  | 129,205 |
Maintenance and repairs | 61,008 |  |  | — |  |  | 61,008 |
Sales and marketing | 54,796 |  |  | 3,602 |  |  | 58,398 |
Aircraft lease rentals | 11,734 |  |  | — |  |  | 11,734 |
Other operating expense(1) | 57,742 |  |  | 23,363 |  |  | 81,105 |
Special charges, net of recoveries | 34,987 |  |  | (3,775) |  |  | 31,212 |
Total operating expenses | 1,210,818 |  |  | 61,526 |  |  | 1,272,344 |
OPERATING INCOME (LOSS) | 71,172 |  |  | (20,828) |  |  | 50,344 |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (23,371) |  |  | — |  |  | (23,371) |
Interest expense | 68,858 |  |  | 10,846 |  |  | 79,704 |
Capitalized interest | (22,468) |  |  | (326) |  |  | (22,794) |
Other non-operating expense | 117 |  |  | — |  |  | 117 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 48,036 |  |  | $ | (31,348) |  |  | $ | 16,688 |
Capital expenditures | $ | 161,219 |  |  | $ | 18,043 |  |  | $ | 179,262 |

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expense.
17

Total assets were as follows as of the dates indicated:

(in thousands) | As of June 30, 2025 |  | As of December 31, 2024
Airline | $ | 4,191,346 |  |  | $ | 4,116,289 |
Sunseeker Resort | 197,795 |  |  | 313,564 |
Consolidated | $ | 4,389,141 |  |  | $ | 4,429,853 |

Note 11 — Sale of Sunseeker Resort
The Company classifies assets as held for sale when the asset or asset group meets all of the accounting requirements to be classified as held for sale. Assets held for sale and any related liabilities are presented as single asset and liability amounts on the balance sheet with a valuation allowance, if necessary, to reduce the carrying amount of the net assets to the lower of carrying amount or estimated fair value less costs to sell. Estimates are required to determine the fair value and the related disposal costs. The estimated fair value is generally based on solicited offers or a discounted cash flow model. In subsequent periods, the valuation allowance may be adjusted based on changes in management’s estimate of fair value less costs to sell. Depreciation and amortization of long-lived assets are not recorded during the period in which such assets are classified as held for sale.
In fourth quarter 2024, the Company began to explore a potential sale of Sunseeker Resort, including the associated Aileron Golf Course and related assets. Through a competitive bidding process, the Company received multiple offers for the sale of the Resort. In June 2025, the Company's board of directors approved a plan for the sale of the Resort and management determined that all of the held-for-sale accounting requirements were met at that time.
On July 3, 2025, the Company and its Sunseeker subsidiaries entered into an Agreement of Purchase and Sale with a third-party buyer for the sale of substantially all of the Resort's assets, including the Aileron golf course and related property, for aggregate consideration of approximately $200 million, subject to various adjustments. The sale is anticipated to close in September 2025, subject to the satisfaction of customary closing conditions.
The Resort disposal group was measured at the lower of its carrying value or fair value less costs to sell, resulting in a $100.4 million write down charge included in special charges during the three months ended June 30, 2025. The assets and liabilities comprising the disposal group were reclassified as assets and liabilities held for sale on the June 30, 2025 balance sheet. Upon classification as held for sale, the Company ceased recording depreciation and amortization expense for long-lived assets of the disposal group. The major classes of assets and liabilities reclassified as held for sale are set forth below:

(in thousands) | As of June 30, 2025
Assets |
Accounts receivable | $ | 2,552 |
Inventories, net | 1,372 |
Prepaid expenses and other current assets | 5,260 |
Property and equipment, net | 284,587 |
Deposits and other assets | 1,290 |
Valuation allowance | (100,411) |
Assets held for sale | $ | 194,650 |
Liabilities |
Accrued liabilities | $ | 5,355 |
Other noncurrent liabilities | 1,960 |
Liabilities held for sale | $ | 7,315 |

18

Note 12 — Subsequent Events
On July 3, 2025, the Company and its Sunseeker subsidiaries entered into an Agreement of Purchase and Sale with affiliates of Blackstone Real Estate Group for the sale of the Company's Sunseeker Resort Charlotte Harbor, Aileron Golf Course and related properties in Southwest Florida. Please see Note 11 for more information regarding this agreement.
In July 2025, the Company borrowed $210.1 million on previously reported but undrawn credit facilities. These loans are collateralized by the Company's aircraft assets, bear interest at a variable rate based on SOFR, and are payable in quarterly installments over a term of 12 years. The loan proceeds will be used to finance aircraft deliveries, prepay other outstanding debt during third quarter 2025, and for other corporate purposes.
19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis presents factors that had a material effect on our results of operations during the three and six months ended June 30, 2025 and 2024. Also discussed is our financial position as of June 30, 2025 and December 31, 2024. You should read this discussion in conjunction with our unaudited consolidated financial statements, including the notes thereto, appearing elsewhere in this Form 10-Q and our consolidated financial statements appearing in our annual report on Form 10-K for the year ended December 31, 2024. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled “Cautionary Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.
Second Quarter 2025 Review
Second quarter 2025 highlights include:
•Total consolidated operating revenue of $689.4 million, up 3.5 percent over the prior year, on capacity growth of 15.7 percent year-over-year
•Operating loss of $67.5 million primarily due to the Sunseeker write-down charge
◦Airline-only operating income of $43.2 million, yielding an airline only operating margin of 6.5 percent
•Loss before income tax of $88.6 million
◦Airline-only income before income tax of $29.7 million, yielding an airline only pre-tax margin of 4.4 percent
•Airline-only operating cost per available seat mile (CASM), excluding fuel and special charges of 7.68 ¢, down 6.7 percent year-over-year
•$33.3 million in total cobrand credit card remuneration received from Bank of America
•Ended the quarter with 20 million total active Allways Rewards members
•During the second quarter, expanded the network by announcing five new nonstop routes
◦In July announced seven new nonstop routes connecting 12 cities across the country
•In early July 2025, entered into a contract to sell Sunseeker Resort and related properties for $200.0 million (subject to adjustments)
◦The transaction is scheduled to close in September 2025
AIRCRAFT
The following table sets forth the aircraft in service and operated by us as of the dates indicated:

| June 30, 2025 |  | December 31, 2024
Airbus A320(1) | 85 |  |  | 87 |
Airbus A319(2) | 32 |  |  | 34 |
Boeing 737-8200(3) | 9 |  |  | 4 |
Total | 126 |  |  | 125 |

(1)Includes 23 aircraft under finance lease and 13 aircraft under operating lease as of June 30, 2025, and December 31, 2024.
(2)Includes four aircraft under operating lease as of June 30, 2025 and December 31, 2024.
(3)These numbers exclude four Boeing 737-8200 aircraft of which we have taken delivery but which have not been placed in service as of June 30, 2025.
As of June 30, 2025, we are party to forward purchase agreements for 37 aircraft with three of these deliveries expected in the second half of 2025 and the remainder between 2026 and 2028. The timing of these deliveries is based on management's best estimates.
Due to the heavy maintenance needs on certain aging Airbus airframes and capacity constraints at the maintenance, repair, and overhaul contractors, we identified aging airframes for early retirement to coincide with the delivery schedule for our 737 MAX aircraft provided in an amendment to our Boeing purchase agreement signed in September 2023. As of June 30, 2025, 13 airframes had been retired, with 11 additional retirements scheduled between August 2025 and December 2026. The accelerated depreciation resulting from the revised estimated useful life of these aircraft is being recorded as a special charge, including $2.5 million recognized in the second quarter of 2025. The engines from these aircraft will be retained for future overhaul cost mitigation.
20

NETWORK
As of June 30, 2025, we were selling 579 routes versus 550 as of the same date in 2024. Network growth in the future will continue to be affected by timing of aircraft deliveries, aircraft in heavy maintenance, airport construction and disruption, trends in domestic, leisure air travel demand and other factors. We have identified over 1,400 incremental domestic nonstop routes as opportunities for future network growth, of which over 75 percent currently have no non-stop service. Our total active number of origination cities and leisure destinations were 86 and 36, respectively, as of June 30, 2025.
Our unique model is predicated around expanding and contracting capacity to meet seasonal leisure travel demands.
TRENDS
Business and Macroeconomic Conditions
Consumer confidence has vacillated during the current year, which along with other macroeconomic and airline industry events, have contributed to a decline in consumer spending generally and, in particular, softened demand for domestic, leisure air travel. These factors have impacted our fares, load factors, and profitability. Our results of operations may continue to be impacted if these conditions persist. We continue to monitor how these factors could impact our business and take steps to mitigate their effect on our business.
Aircraft Fuel
The cost of fuel remains volatile, influenced by numerous economic and geopolitical factors beyond our control or prediction. Significant increases in fuel costs could materially impact our operating results and profitability. We have not used financial derivative products to hedge against fuel price volatility, nor do we have any plans to do so in the future.
Elevated fuel costs may continue to impact our overall cost structure and operating results.
Optimizing Utilization
We are continuing to focus on our "peak the peaks" initiative to increase our profitability by increasing our peak period aircraft utilization to 2019 (pre-pandemic) levels. By way of example, our aircraft utilization rate was 8.7 hours per aircraft in June 2025 compared to 9.7 hours per aircraft in June 2019 and 7.8 hours per aircraft in June 2024. We will continue to evaluate the benefits of utilization increases in the current economic environment. These efforts are subject to various risks, some of which may not be under our control.
Union Negotiations
The collective bargaining agreement with our pilots has been amendable since 2021. We and the International Brotherhood of Teamsters ("IBT”) jointly requested the mediation services of the National Mediation Board ("NMB") in January 2023 to assist with the negotiations. The mediation process with the NMB is continuing.
Separately from the ongoing collective bargaining agreement negotiations, to address retention and pilot pay issues and increase pilot staffing levels, effective in May 2023, we began accruing a retention bonus, with IBT's agreement, for pilots who continue employment with us until a new labor agreement is approved. The amount being accrued is 35 percent of current hourly pay rates, except for our first year first officers for whom the percentage is 82 percent, in each case, calculated at a minimum of 85 pay credit hours per month. Our implementation of the retention bonus has allowed us to effectively increase pay rates for our pilot team members (by way of the accrual of the retention bonus), add pilots through hiring and significantly slow attrition.
For the three months ended June 30, 2025, we recorded estimated pilot retention bonus accruals of $23.8 million bringing the total accrual to $192.6 million at June 30, 2025, including the related payroll taxes. The bonus will be paid to all pilots remaining employed with us after ratification of a new collective bargaining agreement.
Sunseeker Resort
In July 2025, we entered into an agreement to sell the Sunseeker Resort, including the Aileron Golf Course and related assets, to affiliates of Blackstone Real Estate Group for approximately $200 million (subject to certain adjustments) payable in cash at closing. The transaction is expected to close in September 2025, subject to customary closing conditions. The accounting impacts of the transaction are more fully described in Note 11 to our consolidated financial statements (unaudited) in this Form 10-Q.
VivaAerobus Alliance
In December 2021, we announced plans for a fully-integrated commercial alliance agreement with VivaAerobus, designed to expand options for nonstop leisure air travel between our markets in the United States and Mexico. We and VivaAerobus
21

continue to await U.S. government approval of our joint application to the Department of Transportation ("DOT" or "US DOT") requesting approval of, and antitrust immunity for, the alliance. The DOT process progressed substantially under the prior presidential administration, but review was suspended in 2023. In April 2025, we filed a motion with the DOT to resume the procedural schedule on the application for antitrust immunity. In July 2025 the US DOT announced a series of measures to force the Mexican Government to correct perceived violations of the air transport agreement between the two countries. We anticipate our application to remain suspended while the US DOT undertakes these actions.
22

RESULTS OF OPERATIONS
Comparison of three months ended June 30, 2025 to three months ended June 30, 2024
Operating Revenue

| Three Months Ended June 30, |  | Percent Change
Operating Revenues (in thousands) | 2025 |  | 2024 |  | YoY
Passenger | $ | 617,908 |  |  | $ | 594,499 |  |  | 3.9 | %
Third party products | 33,649 |  |  | 37,102 |  |  | (9.3)
Fixed fee contracts | 17,019 |  |  | 17,699 |  |  | (3.8)
Resort and other | 20,808 |  |  | 16,983 |  |  | 22.5
Total operating revenues | $ | 689,384 |  |  | $ | 666,283 |  |  | 3.5

Passenger revenue. Passenger revenue increased $23.4 million or 3.9 percent compared to second quarter 2024 driven by an 11.0 percent increase in scheduled service passengers on a 15.8 increase in scheduled service departures. The increase in scheduled service passengers was offset by a 7.1 percent decrease in scheduled service total fare which largely resulted from a 16.9 percent decline in average base fare offset by a 3.4 percent increase in average ancillary fare. The higher ancillary revenue was driven in part by sales of our Allegiant Extra product. Since June 30, 2024, we have configured an additional 50 aircraft with the extra legroom seating for our Allegiant Extra offering, bringing the total number to 76 aircraft as of June 30, 2025. The restoration of functionality around our third bundled product offering, which began in late 2024, also contributed to the increase in average ancillary fare.
Third party products revenue. Third party products revenue decreased $3.5 million or 9.3 percent compared to second quarter 2024. This decrease was primarily driven by a $4.8 million decrease in the marketing component of co-brand revenue as certain bonus compensation was phased out in late 2024. This decrease was partially offset by a $1.1 million increase in revenue from our travel insurance product, which was implemented during first quarter 2024.
Fixed fee contract revenue. Fixed fee contract revenue decreased $0.7 million or 3.8 percent compared to second quarter 2024. Although there was an increase in revenue from sports flying compared to the prior year quarter, this was slightly outpaced by a decrease in flying for the Department of Defense and a decrease in international flying for Apple Vacations.
Resort and other revenue. Resort revenues increased $3.8 million or 22.7 percent compared to second quarter 2024. Resort occupancy was 51.0 percent compared to 33.0 percent in second quarter 2024, which represented a significant improvement over the prior year quarter. Revenue driven by increased occupancy was partially offset by a decrease in average daily rate to $225 from $256 during second quarter 2024. A $1.0 million year-over-year increase in food and beverage revenue from banquets also contributed to the increase in Resort revenue.
Operating Expenses
The following table presents airline only operating unit costs on a per available seat mile (ASM) basis, defined as Operating CASM, for the indicated periods. Excluding fuel on a per ASM basis provides management and investors the ability to measure and monitor our cost performance absent fuel price volatility. Both the cost and availability of fuel are subject to many economic and political factors beyond our control. Excluding fuel costs and special charges allows management and investors to better compare our airline unit costs with those of other airlines.
23

| Three Months Ended June 30, |  | Percent Change
Airline Unitized costs (in cents) | 2025 |  | 2024 |  |  |  | YoY |  |
Salaries and benefits | 3.51 | ¢ |  | 3.94 | ¢ |  |  |  | (10.9) | % |  |
Aircraft fuel | 2.86 |  |  | 3.39 |  |  |  |  | (15.6) |  |  |
Station operations | 1.30 |  |  | 1.39 |  |  |  |  | (6.5) |  |  |
Depreciation and amortization | 1.12 |  |  | 1.18 |  |  |  |  | (5.1) |  |  |
Maintenance and repairs | 0.63 |  |  | 0.61 |  |  |  |  | 3.3 |  |  |
Sales and marketing | 0.43 |  |  | 0.52 |  |  |  |  | (17.3) |  |  |
Aircraft lease rentals | 0.19 |  |  | 0.11 |  |  |  |  | 72.7 |  |  |
Other | 0.50 |  |  | 0.48 |  |  |  |  | 4.2 |  |  |
Special charges | 0.25 |  |  | 0.40 |  |  |  |  | (37.5) |  |  |
Airline operating CASM | 10.79 | ¢ |  | 12.02 | ¢ |  |  |  | (10.2) |  |  |
Airline operating CASM, excluding fuel | 7.93 | ¢ |  | 8.63 | ¢ |  |  |  | (8.1) |  |  |
Airline operating CASM, excluding fuel and special charges | 7.68 | ¢ |  | 8.23 | ¢ |  |  |  | (6.7) |  |  |

Airline operating CASM, excluding fuel and airline special charges. Airline operating CASM, excluding fuel and airline special charges, decreased 6.7 percent to 7.68 ¢ from 8.23 ¢ in second quarter 2024. The primary driver of the CASM-ex decrease was a 15.7 percent increase in ASMs, as we grew into our existing infrastructure. In particular, we achieved the increased capacity with only a small increase in the average number of aircraft in service and without any increase in the number of full-time equivalent employees. A majority of expense line items were lower on a per ASM basis due in part to the increase in capacity.
Salaries and benefits expense. Airline salaries and benefits expense increased $6.1 million or 3.1 percent compared to second quarter 2024. The increase was primarily attributable to increased flight crew wages due to a 17.1 percent increase in total block hours flown compared to second quarter 2024.
Salaries and benefits expense at Sunseeker Resort decreased $1.9 million or 15.2 percent compared to second quarter 2024 due to a 28.9 percent decrease in average full-time equivalent employees as we adjusted staffing to better correspond with the needs of the Resort and outsourced certain functions.
Aircraft fuel expense. Aircraft fuel expense decreased $4.3 million or 2.5 percent compared to second quarter 2024. This was primarily driven by a 14.5 percent decrease in average fuel cost per gallon, offset by a 13.8 percent increase in fuel gallons consumed. The increased fuel consumption was driven by the 15.7 percent increase in ASMs offset by a 1.6 percent improvement in fuel efficiency.
Station operations expense. Station operations expense increased $5.5 million or 7.8 percent compared to second quarter 2024. The increase was primarily driven by a 15.7 percent year-over-year increase in total system departures that resulted in a corresponding rise in airport and landing fees, ground handling, and other stations-related expenses. The increase in costs was partially offset by a reduction in passenger compensation resulting from fewer irregular operations events compared to the prior year quarter.
Depreciation and amortization expense. Airline depreciation and amortization expense increased $5.6 million or 9.5 percent compared to second quarter 2024. This was primarily driven by an increase in flight equipment depreciation, including engines, and IT asset amortization, due to new aircraft and equipment placed into service, an increase in heavy maintenance amortization, and increased software amortization resulting from the airline's implementation of new enterprise resource planning ("ERP") systems throughout 2024.
Sunseeker Resort depreciation and amortization decreased $2.5 million or 40.9 percent compared to second quarter 2024, primarily as the result of an impairment charge recorded in fourth quarter 2024 which reduced the carrying amount of Resort assets. With Sunseeker Resort now being accounted for as assets held for sale, there will be no further depreciation recorded on these assets in the future.
Maintenance and repairs expense. Maintenance and repairs expense increased $5.6 million or 18.4 percent compared to second quarter 2024, primarily as the result of the 15.7 percent capacity increase. On a per ASM basis, maintenance expense increased 3.3 percent as the result of a slight increase in rotable removals, which contributed approximately $1.6 million to the increase.
Sales and marketing expense. Airline sales and marketing expense decreased $0.8 million or 3.1 percent compared to second quarter 2024, primarily due to a decrease in both sponsorship related expenses and certain online advertising. These decreases were mostly offset by an increase in credit card processing fees, in line with a 3.9 percent increase in passenger revenue.
24

Sunseeker Resort sales and marketing expense remained relatively flat, with a $0.1 million increase compared to second quarter 2024.
Aircraft lease rentals. Aircraft lease rental expense increased $5.3 million compared to second quarter 2024. During second quarter 2025, we began to accrue estimated lease return costs for certain aircraft on operating leases related to redeliveries in 2025 and future years.
Other operating expense. Airline other operating expenses increased by $5.6 million primarily as the result of a lower amount of gains on the sale of flight equipment compared to the prior year quarter (resulting in a smaller offset to other operating expense in second quarter 2025).
Sunseeker Resort other operating expense increased $1.4 million or 12.6 percent compared to second quarter 2024, primarily as the result of outsourcing certain functions, including housekeeping, which were performed by employees during the prior year quarter.
Special charges. In second quarter 2025, we recorded $117.9 million in special charges.
The Airline recorded $14.6 million in special charges, mostly related to corporate restructuring efforts taken in response to softness in air travel demand due to heightened macroeconomic uncertainty. These efforts included voluntary separations of corporate and operational personnel, termination of certain marketing agreements and abandonment of certain IT assets no longer being used.
Sunseeker Resort special charges consisted of a $100.4 million write down to fair value less costs to sell related to the pending sale of Sunseeker Resort to a third-party buyer, retention pay for certain key employees, and damages (net of insurance recoveries) from weather and related events. Refer to Note 2 and Note 11 of our consolidated financial statements (unaudited) in this Form 10-Q for additional details.
Interest Expense and Income
Interest expense, net of interest income and capitalized interest, increased $4.0 million or 24.0 percent, compared to second quarter 2024. The increase was driven by a $7.0 million decrease in capitalized interest as nine aircraft from our 737 MAX order have been placed in service since June 30, 2024. Additionally, interest income decreased by $0.8 million compared to second quarter 2024 as the result of lower yields on invested balances. These changes were offset by a decrease in interest expense of $3.8 million or 9.6 percent compared to the prior year quarter primarily due to an 11.6 percent decrease in the carrying amount of debt outstanding.
Income Tax Expense
We recorded a $23.4 million income tax benefit at an effective tax rate of 26.4 percent and a $4.3 million income tax expense at a 24.0 percent effective tax rate for the three months ended June 30, 2025 and 2024, respectively. The effective tax rate for the three months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down.
25

Comparison of six months ended June 30, 2025 to six months ended June 30, 2024
Operating Revenue

| Six Months Ended June 30, |  | Percent Change
Operating Revenues (in thousands) | 2025 |  | 2024 |  | YoY
Passenger | $ | 1,234,658 |  |  | $ | 1,174,434 |  |  | 5.1 | %
Third party products | 68,852 |  |  | 70,501 |  |  | (2.3)
Fixed fee contracts | 33,271 |  |  | 36,560 |  |  | (9.0)
Resort and other | 51,677 |  |  | 41,193 |  |  | 25.5
Total operating revenues | $ | 1,388,458 |  |  | $ | 1,322,688 |  |  | 5.0

Passenger revenue. Passenger revenue increased $60.2 million or 5.1 percent compared to the six months ended June 30, 2024, driven by a 9.9 percent increase in scheduled service passengers on a 15.0 percent increase in scheduled service departures. The increase in scheduled service passengers was offset by a 4.7 percent decrease in scheduled service total fare which largely resulted from a 13.0 percent decline in average base fare offset by a 4.4 percent increase in average ancillary fare. This higher ancillary revenue was driven in part by sales of our Allegiant Extra product. Since June 30, 2024, we have configured an additional 50 aircraft with the extra legroom seating for our Allegiant Extra offering, bringing the total number to 76 aircraft as of June 30, 2025. We expect our Allegiant Extra product to increase ancillary air revenue as it is deployed in more of our aircraft. The restoration of functionality around our third bundled product offering, which began in late 2024, also contributed to the increase in average ancillary fare.
Third party products revenue. Third party products revenue decreased $1.6 million or 2.3 percent compared to the six months ended June 30, 2024. The decrease is primarily the result of a $5.3 million decrease in the marketing component of co-brand revenue as certain bonus compensation was phased out in late 2024. This was partially offset by a $2.2 million increase in revenue from our travel insurance product, which was implemented during first quarter 2024 and by a $1.6 million increase in car rental revenue, on a 1.6 percent increase in rental car days sold.
Fixed fee contract revenue. Fixed fee contract revenue decreased $3.3 million or 9.0 percent compared to the six months ended June 30, 2024, on a 6.6 percent decrease in fixed fee departures. This was the result of an overall decrease in sports flying attributable to less aircraft time available to dedicate to fixed fee flying during March Madness compared to the prior year. Additionally, flying for the Department of Defense returned to more normal levels in the first half of 2025, as compared to particularly strong performance in the first half of 2024.
Resort and other revenue. Resort revenues increased $10.6 million or 26.1 percent compared to the six months ended June 30, 2024. Resort occupancy was 60.6 percent in the first half of 2025 compared to 36.1 percent in the first half of 2024, which represented a significant improvement year over year. Revenue driven by increased occupancy was partially offset by a decrease in average daily rate to $259 from $295 during the first half of 2024. A $2.1 million year-over-year increase in banquet revenue also contributed to the increase in Resort revenue.
Operating Expenses
The following table presents airline only operating unit costs on a per available seat mile (ASM) basis, defined as Operating CASM, for the indicated periods. Excluding fuel on a per ASM basis provides management and investors the ability to measure and monitor our cost performance absent fuel price volatility. Both the cost and availability of fuel are subject to many economic and political factors beyond our control. Excluding fuel costs and special charges allows management and investors to better compare our airline unit costs with those of other airlines.
26

| Six Months Ended June 30, |  | Percent Change
Airline Unitized costs (in cents) | 2025 |  | 2024 |  |  |  | YoY |  |
Salaries and benefits | 3.77 | ¢ |  | 4.06 | ¢ |  |  |  | (7.1) | % |  |
Aircraft fuel | 2.95 |  |  | 3.48 |  |  |  |  | (15.2) |  |  |
Station operations | 1.32 |  |  | 1.39 |  |  |  |  | (5.0) |  |  |
Depreciation and amortization | 1.11 |  |  | 1.20 |  |  |  |  | (7.5) |  |  |
Maintenance and repairs | 0.63 |  |  | 0.62 |  |  |  |  | 1.6 |  |  |
Sales and marketing | 0.43 |  |  | 0.56 |  |  |  |  | (23.2) |  |  |
Aircraft lease rentals | 0.15 |  |  | 0.12 |  |  |  |  | 25.0 |  |  |
Other | 0.46 |  |  | 0.58 |  |  |  |  | (20.7) |  |  |
Special charges | 0.14 |  |  | 0.36 |  |  |  |  | (61.1) |  |  |
Airline operating CASM | 10.96 | ¢ |  | 12.37 | ¢ |  |  |  | (11.4) |  |  |
Airline operating CASM, excluding fuel | 8.01 | ¢ |  | 8.90 | ¢ |  |  |  | (10.0) |  |  |
Airline operating CASM, excluding fuel and special charges | 7.87 | ¢ |  | 8.54 | ¢ |  |  |  | (7.8) |  |  |

Airline operating CASM, excluding fuel and airline special charges. Airline operating CASM, excluding fuel and airline special charges decreased by 7.8 percent to 7.87 ¢ for the six months ended June 30, 2025 compared to 8.54 ¢ for the same period in 2024. The primary driver of the CASM-ex decrease was a 15.0 percent increase in ASMs as we grew into our existing infrastructure. In particular, we achieved the increased capacity with only a small increase in the average number of aircraft in service and without any increase in the number of full-time equivalent employees. A majority of expense line items were lower on a per ASM basis due in part to the increase in capacity.
Salaries and benefits expense. Salaries and benefits expense increased $22.3 million, or 5.3 percent, compared to the six months ended June 30, 2024.
Airline salaries and benefits expense increased $26.9 million or 6.8 percent year over year. The increase was primarily attributable to the new collective bargaining agreement with our flight attendant group that took effect in April 2024, and to increased flight crew wages due to a 16.3 percent increase in total block hours flown.
Salaries and benefits expense at Sunseeker Resort decreased $4.7 million or 17.7 percent compared to the six months ended June 30, 2024, due to a 28.9 percent decrease in average full-time equivalent employees as we adjusted staffing to better correspond with the needs of the Resort and outsourced certain functions.
Aircraft fuel expense. Aircraft fuel expense decreased $8.1 million, or 2.4 percent, compared to the six months ended June 30, 2024. This was primarily driven by a 14.0 percent decrease in average fuel cost per gallon. The decrease in fuel cost was partially offset by a 13.5 percent increase in fuel gallons consumed on a 15.0 percent increase in total available seat miles. Fuel efficiency increased 1.3 percent year over year.
Station operations expense. Station operations expense increased $12.5 million or 9.2 percent compared to the six months ended June 30, 2024. The increase was primarily driven by a 14.8 percent year-over-year increase in total system departures that resulted in a corresponding rise in airport and landing fees, ground handling, and other stations-related expenses. The increase in costs was partially offset by a reduction in passenger compensation resulting from fewer irregular operations events compared to the same period in 2024.
Depreciation and amortization expense. Airline depreciation and amortization expense increased $7.5 million or 6.4 percent compared to the six months ended June 30, 2024. This was primarily driven by new flight equipment placed in service, an increase in heavy maintenance amortization, and increased software amortization resulting from the airline's implementation of new enterprise resource planning systems throughout 2024.
Sunseeker Resort depreciation and amortization decreased by $4.8 million or 40.3 percent compared to the six months ended June 30, 2024, primarily as the result of an impairment charge recorded in fourth quarter 2024 which reduced the carrying amount of Resort assets.
Maintenance and repairs expense. Maintenance and repairs expense increased $10.2 million or 16.8 percent compared to the six months ended June 30, 2024. The increase was driven primarily by a 15.0 percent year over year increase in capacity. On a per ASM basis, maintenance expense remained relatively flat.
27

Sales and marketing expense. Sales and marketing expense decreased $6.5 million or 11.1 percent compared to the six months ended June 30, 2024.
Airline sales and marketing expense decreased $6.3 million or 11.5 percent, primarily driven by a decrease in sponsorship expenses, an offset to expense for a non-recurring item related to our credit card agreement, and a decrease in certain online advertising. These decreases were partially offset by an increase in credit card processing fees, in line with a 5.1 percent increase in passenger revenue.
Aircraft lease rentals. Aircraft lease rental expense increased $5.2 million compared to the six months ended June 30, 2024. During second quarter 2025, we began to accrue estimated lease return costs for certain aircraft on operating leases related to redeliveries in 2025 and future years.
Other operating expense. Airline other operating expense decreased $6.6 million or 11.5 percent primarily as the result of a lower amount of gains on the sale of flight equipment compared to the prior year period (resulting in a smaller offset to other operating expense in the 2025 period).
Sunseeker Resort other operating expense increased $1.8 million or 7.7 percent compared to the six months ended June 30, 2024, primarily as the result of outsourcing certain functions, including housekeeping, which were performed by employees during the same period in the prior year.
Special charges. During the six months ended June 30, 2025, we recorded $116.4 million of special charges.
The Airline recorded $16.0 million in special charges, mostly related to corporate restructuring efforts taken in response to softer air travel demand due to heightened macroeconomic uncertainty. These efforts included voluntary separations of corporate and operational personnel, termination of certain marketing agreements and abandonment of certain IT assets no longer being used. Airline special charges also included $3.9 million for accelerated depreciation on airframes identified for early retirement.
Sunseeker Resort special charges consisted of a $100.4 million write down to fair value less costs to sell related to the pending sale of Sunseeker Resort to a third-party buyer at a price lower than its carrying value, retention pay for certain key employees, and damages (net of insurance recoveries) from weather and related events. Refer to Note 2 and Note 11 to our consolidated financial statements (unaudited) in this Form 10-Q for additional details.
Interest Expense and Income
Interest expense, net of interest income and capitalized interest, increased by $9.7 million, or 28.8 percent, compared to the six months ended June 30, 2024. The increase was driven by an $11.7 million decrease in capitalized interest as nine aircraft from our 737 MAX order have been placed in service since June 30, 2024. In addition, we recognized a $3.4 million loss on debt extinguishment related to the early prepayment of the Sunseeker construction loan in February 2025. The increase was offset by a $6.6 million decrease in interest expense, excluding the loss on debt extinguishment, resulting from an 11.6 percent decrease in outstanding debt year over year.
Income Tax Expense
We recorded a $13.6 million income tax benefit at an effective rate of 29.1 percent compared to a $3.9 million income tax expense at a 23.4 percent effective tax rate for the six months ended June 30, 2025 and 2024, respectively. The 29.1 percent effective tax rate for the six months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down. Our estimated annual effective tax rate for 2025, excluding discrete items, is 17.0 percent.
28

Comparative Airline-Only Operating Statistics
The following tables set forth our airline operating statistics for the three-month periods indicated:

| Three Months Ended June 30, |  | Percent Change (1)
| 2025 |  | 2024 |  |  |  | YoY |  |
Airline operating statistics (unaudited): |  |  |  |  |  |  |  |  |
Total system statistics: |  |  |  |  |  |  |  |  |
Passengers | 5,127,025 |  | 4,621,848 |  |  |  |  | 10.9 | % |  |
Available seat miles (ASMs) (thousands) | 5,799,409 |  | 5,013,209 |  |  |  |  | 15.7 |  |  |
Airline operating expense per ASM (CASM) (cents) | 10.79 | ¢ |  | 12.02 | ¢ |  |  |  | (10.2) |  |  |
Fuel expense per ASM (cents) | 2.86 | ¢ |  | 3.39 | ¢ |  |  |  | (15.6) |  |  |
Airline special charges per ASM (cents) | 0.25 | ¢ |  | 0.40 | ¢ |  |  |  | (37.5) |  |
Airline operating CASM, excluding fuel and special charges (cents) | 7.68 | ¢ |  | 8.23 | ¢ |  |  |  | (6.7) |  |  |
Departures | 37,314 |  | 32,252 |  |  |  |  | 15.7 |  |  |
Block hours | 88,749 |  | 75,759 |  |  |  |  | 17.1 |  |  |
Average stage length (miles) | 886 |  | 883 |  |  |  |  | 0.3 |  |  |
Average number of operating aircraft during period | 126.6 |  | 125.3 |  |  |  |  | 1.0 |  |  |
Average block hours per aircraft per day | 7.7 |  | 6.6 |  |  |  |  | 16.7 |  |  |
Full-time equivalent employees at end of period | 5,980 |  | 5,993 |  |  |  |  | (0.2) |  |  |
Fuel gallons consumed (thousands) | 68,452 |  | 60,142 |  |  |  |  | 13.8 |  |  |
ASMs per gallon of fuel | 84.7 |  | 83.4 |  |  |  |  | 1.6 |  |  |
Average fuel cost per gallon | $ | 2.42 |  | $ | 2.83 |  |  |  |  | (14.5) |  |  |

Scheduled service statistics: |  |  |  |  |  |  |  |  |
Passengers | 5,077,788 |  |  | 4,572,769 |  |  |  |  | 11.0 |  |
Revenue passenger miles (RPMs) (thousands) | 4,610,321 |  | 4,108,288 |  |  |  |  | 12.2 |  |
Available seat miles (ASMs) (thousands) | 5,629,040 |  |  | 4,848,017 |  |  |  |  | 16.1 |  |
Load factor | 81.9 | % |  | 84.7 | % |  |  |  | (2.8) |  |
Departures | 36,056 |  |  | 31,128 |  |  |  |  | 15.8 |  |
Block hours | 85,980 |  |  | 73,198 |  |  |  |  | 17.5 |  |
Average seats per departure | 175.1 |  |  | 176.1 |  |  |  |  | (0.6) |  |
Yield (cents) (2) | 5.75 | ¢ |  | 6.99 | ¢ |  |  |  | (17.7) |  |
Total passenger revenue per ASM (TRASM) (cents)(3) | 11.57 | ¢ |  | 13.03 | ¢ |  |  |  | (11.2) |  |
Average fare - scheduled service(4) | $ | 52.20 |  |  | $ | 62.79 |  |  |  |  | (16.9) |  |
Average fare - air-related charges(4) | $ | 69.49 |  |  | $ | 67.22 |  |  |  |  | 3.4 |  |
Average fare - third party products | $ | 6.63 |  |  | $ | 8.11 |  |  |  |  | (18.2) |  |
Average fare - total | $ | 128.32 |  |  | $ | 138.12 |  |  |  |  | (7.1) |  |
Average stage length (miles) | 891 |  |  | 885 |  |  |  |  | 0.7 |  |
Fuel gallons consumed (thousands) | 66,419 |  |  | 58,169 |  |  |  |  | 14.2 |  |
Average fuel cost per gallon | $ | 2.43 |  |  | $ | 2.83 |  |  |  |  | (14.1) |  |
Percent of sales through website during period | 92.4 | % |  | 93.1 | % |  |  |  | (0.7) |  |
Other data: |  |  |  |  |  |  |  |  |
Rental car days sold | 380,176 |  |  | 371,405 |  |  |  |  | 2.4 |  |
Hotel room nights sold | 37,538 |  |  | 61,837 |  |  |  |  | (39.3) |  |

(1)Except load factor and percent of sales through website during period, which are presented as a percentage point change.
(2)Defined as scheduled service revenue divided by revenue passenger miles.
(3)Various components of this measure do not have a direct correlation to ASMs. This measure is provided on a per ASM basis so as to facilitate comparison with airlines reporting revenues on a per ASM basis.
(4)Reflects division of passenger revenue between scheduled service (base fare) and air-related charges in our booking path.
29

The following tables set forth our airline operating statistics for the six-month periods indicated:

| Six Months Ended June 30, |  | Percent Change (1)
| 2025 |  | 2024 |  |  |  | YoY |  |
Airline operating statistics (unaudited): |  |  |  |  |  |  |  |  |
Total system statistics: |  |  |  |  |  |  |  |  |
Passengers | 9,578,331 |  | 8,726,708 |  |  |  | 9.8 | % |  |
Available seat miles (ASMs) (thousands) | 11,250,993 |  | 9,785,180 |  |  |  | 15.0 |  |  |
Airline operating expense per ASM (CASM) (cents) | 10.96 | ¢ |  | 12.38 | ¢ |  |  |  | (11.5) |  |  |
Fuel expense per ASM (cents) | 2.95 | ¢ |  | 3.48 | ¢ |  |  |  | (15.2) |  |  |
Airline special charges per ASM (cents) | 0.14 | ¢ |  | 0.36 | ¢ |  |  |  | (61.1) |  |
Airline operating CASM, excluding fuel and special charges (cents) | 7.87 | ¢ |  | 8.54 | ¢ |  |  |  | (7.8) |  |  |
Departures | 70,549 |  | 61,477 |  |  |  | 14.8 |  |  |
Block hours | 172,620 |  | 148,391 |  |  |  | 16.3 |  |  |
Average stage length (miles) | 909 |  | 900 |  |  |  | 1.0 |  |  |
Average number of operating aircraft during period | 125.8 |  | 125.6 |  |  |  | 0.2 |  |  |
Average block hours per aircraft per day | 7.6 |  | 6.5 |  |  |  | 16.9 |  |  |
Full-time equivalent employees at end of period | 5,980 |  | 5,993 |  |  |  | (0.2) |  |  |
Fuel gallons consumed (thousands) | 132,089 |  | 116,366 |  |  |  | 13.5 |  |  |
ASMs per gallon of fuel | 85.2 |  | 84.1 |  |  |  | 1.3 |  |  |
Average fuel cost per gallon | $ | 2.51 |  | $ | 2.92 |  |  |  | (14.0) |  |  |

Scheduled service statistics: |  |  |  |  |  |  |  |  |
Passengers | 9,498,599 |  |  | 8,642,288 |  |  |  |  | 9.9 |  |
Revenue passenger miles (RPMs) (thousands) | 8,881,650 |  |  | 7,992,097 |  |  |  |  | 11.1 |  |
Available seat miles (ASMs) (thousands) | 10,934,232 |  |  | 9,484,939 |  |  |  |  | 15.3 |  |
Load factor | 81.2 | % |  | 84.3 | % |  |  |  | (3.1) |  |
Departures | 68,189 |  |  | 59,305 |  |  |  |  | 15.0 |  |
Block hours | 167,394 |  |  | 143,563 |  |  |  |  | 16.6 |  |
Average seats per departure | 175.0 |  |  | 176.7 |  |  |  |  | (1.0) |  |
Yield (cents) (2) | 6.38 | ¢ |  | 7.41 | ¢ |  |  |  | (13.9) |  |
Total passenger revenue per ASM (TRASM) (cents)(3) | 11.92 | ¢ |  | 13.13 | ¢ |  |  |  | (9.2) |  |
Average fare - scheduled service(4) | $ | 59.64 |  |  | $ | 68.53 |  |  |  |  | (13.0) |  |
Average fare - air-related charges(4) | $ | 70.34 |  |  | $ | 67.36 |  |  |  |  | 4.4 |  |
Average fare - third party products | $ | 7.25 |  |  | $ | 8.16 |  |  |  |  | (11.2) |  |
Average fare - total | $ | 137.23 |  |  | $ | 144.05 |  |  |  |  | (4.7) |  |
Average stage length (miles) | 914 |  |  | 905 |  |  |  |  | 1.0 |  |
Fuel gallons consumed (thousands) | 128,245 |  |  | 112,735 |  |  |  |  | 13.8 |  |
Average fuel cost per gallon | $ | 2.52 |  |  | $ | 2.92 |  |  |  |  | (13.7) |  |
Percent of sales through website during period | 92.4 | % |  | 94.8 | % |  |  |  | (2.4) |  |
Other data: |  |  |  |  |  |  |  |  |
Rental car days sold | 741,066 |  |  | 729,349 |  |  |  |  | 1.6 |  |
Hotel room nights sold | 77,478 |  |  | 123,131 |  |  |  |  | (37.1) |  |

(1)Except load factor and percent of sales through website during period, which are presented as a percentage point change.
(2)Defined as scheduled service revenue divided by revenue passenger miles.
(3)Various components of this measure do not have a direct correlation to ASMs. This measure is provided on a per ASM basis so as to facilitate comparison with airlines reporting revenues on a per ASM basis.
(4)Reflects division of passenger revenue between scheduled service (base fare) and air-related charges in our booking path.
30

LIQUIDITY AND CAPITAL RESOURCES
Current liquidity
Cash, cash equivalents and investment securities (short-term and long-term) increased to $852.8 million as of June 30, 2025, from $832.9 million at December 31, 2024. Investment securities represent highly liquid marketable securities which are available-for-sale.
As of June 30, 2025, we had $275.0 million of undrawn capacity under revolving credit facilities and $335.0 million in undrawn borrowing capacity under aircraft financing facilities.
Restricted cash represents escrowed funds under fixed fee contracts and cash collateral against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties. Under our fixed fee flying contracts, we require our customers to prepay for flights to be provided by us. The prepayments are escrowed until the flight is completed and are recorded as restricted cash with a corresponding amount reflected as air traffic liability.
Our operating cash flows and long-term debt borrowings have allowed us to invest in our fleet renewal. Future capital needs are primarily for the acquisition of additional aircraft, including our existing aircraft commitments.
Our share repurchase authority at June 30, 2025 is $64.7 million. During the first quarter of 2025, we made $11.0 million of open market share repurchases. We did not repurchase any shares on the open market during the second quarter of 2025. We have indefinitely suspended our quarterly cash dividend in anticipation of upcoming capital needs related to our fleet investments.
We believe we have more than adequate liquidity resources through our cash, cash equivalent and short-term investment balances, existing aircraft financing facilities, our undrawn capacity under existing credit facilities, operating cash flows and anticipated access to liquidity, to meet our current contractual obligations and remain in compliance with the debt covenants in our existing financing agreements for the next 12 months. We will continue to consider raising funds through debt financing as needed to fund capital expenditures.
Debt
Our debt and finance lease obligations balance, without reduction for related issuance costs, decreased from $2.08 billion as of December 31, 2024 to $1.97 billion as of June 30, 2025. Net debt (total debt less unrestricted cash, cash equivalents, and investments) as of June 30, 2025 was $1.11 billion, a decrease of $124.5 million from December 31, 2024.
During the six months ended June 30, 2025, we borrowed $323.8 million of which $273.8 million was secured by aircraft and aircraft related assets. In the same period, we also repaid $432.6 million in principal, including a $100.0 million prepayment on the remaining principal balance related to our Sunseeker construction loan and $59.1 million in prepayments related to one of our PDP financing facilities. As of June 30, 2025, we had $275.0 million undrawn and available under our revolving credit facilities and $335.0 million in undrawn borrowing capacity under aircraft financing facilities.
As of June 30, 2025, approximately 68.1 percent of our debt and finance lease obligations are fixed-rate.
Sources and Uses of Cash
Operating Activities
During the six months ended June 30, 2025, and 2024, we generated cash flows from operations of $283.6 million and $236.7 million respectively.
Our operating cash flows are impacted by the following factors:
Advance Ticket Sales. Tickets for air travel are typically purchased in advance of the travel date. When we receive a cash payment at the time of booking, we record the cash received as deferred revenue in air traffic liability. When the flight is flown, we recognize the liability from air traffic liability into revenue. Due to the seasonal nature of our operations, our air traffic liability balances will fluctuate in line with our peak flying seasons.
Salaries and Benefits. Salaries and benefits expense represent our single largest expense and has increased considerably in recent years. Cash payments for our salaries and benefits expense are typically made in the period that they are incurred with the exception of our pilot retention bonus, which will be paid to all pilots after ratification of a new collective bargaining agreement. At June 30, 2025 and 2024, we have accrued approximately $192.6 million and $100.6 million, respectively, in relation to the pilot retention bonus, including related payroll taxes.
31

Fuel. Fuel expense is our second largest expense. The market price for jet fuel is volatile, which can impact the comparability of our periodic cash flows from operations. During the six months ended June 30, 2025, we increased our year over year flying capacity by 15.0 percent, which led to a 13.5 percent increase in fuel gallons consumed.
Investing Activities
Investments. We hold various financial assets and will strategically purchase and sell these assets based on operational cash needs. During the six months ended June 30, 2025, we had $90.0 million of net investment purchases (net cash outflows) compared to $99.6 million net investment maturities (net cash inflows) during the same period in 2024.
Capital Expenditures. Capital expenditures for the six months ended June 30, 2025 and 2024 were $186.9 million and $228.8 million, respectively. In December 2021, we committed to purchase 50 Boeing 737 MAX aircraft, of which we began to receive delivery in September 2024. During the six months ended June 30, 2025, we took delivery of nine aircraft, and as of June 30, 2025, we have firm commitments to purchase 37 more aircraft.
Financing Activities
Long-Term Debt and Finance Leases. During the six months ended June 30, 2025 and 2024, we received $323.8 million and $18.8 million, respectively, from issuances of new debt, driven by our aircraft acquisition activity. In the same period, we made $432.6 million and $63.2 million, respectively, of principal payments on long term debt and finance lease obligations. We had heightened debt repayment activity in 2025 due to our early prepayment of the Sunseeker construction loan and re-financing of our pre-delivery deposit loans which became due at aircraft delivery.
32

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
We have made forward-looking statements in this quarterly report on Form 10-Q, and in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are based on our management’s beliefs and assumptions, and on information currently available to our management. Forward-looking statements include our statements regarding the number of contracted aircraft to be placed in service in the future, the timing of aircraft deliveries and retirements, our ability to increase aircraft utilization and also to increase per passenger revenue with our new revenue management system, the implementation of a joint alliance with VivaAerobus, the expected sale of our Sunseeker Resort, the impact of U.S. trade policies on our business, as well as other information concerning future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. 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," "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 may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the impact of regulatory reviews of, and production limits on, Boeing on our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with VivaAerobus and to otherwise prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to close the sale of Sunseeker Resort at Charlotte Harbor on the agreed terms, increases in maintenance costs and the availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results and the perceived acceptability of our environmental, social, and governance efforts.
Any forward-looking statements are based on information available to us today and we undertake no obligation to publicly update any forward-looking statements, whether as a result of future events, new information or otherwise.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The Company classifies assets as held for sale when the asset or asset group meets all of the accounting requirements to be classified as held for sale. Assets held for sale and any related liabilities are presented as single asset and liability amounts on the balance sheet with a valuation allowance, if necessary, to reduce the carrying amount of the net assets to the lower of carrying amount or estimated fair value less costs to sell. Estimates are required to determine the fair value and the related disposal costs. The estimated fair value is generally based on solicited offers or a discounted cash flow model.
During second quarter 2025, we determined that Sunseeker Resort met all of the held for sale accounting criteria. In estimating the fair value of Sunseeker Resort, we relied on an agreed-upon transaction price as the best indicator of the Resort's fair value. Subsequent revisions to these estimates could occur if the underlying transaction or terms of the transaction are changed or due to changing market conditions in the region, the industry, the economy, storms impacting the area and related events and other factors. In subsequent periods, the valuation allowance may be adjusted based on changes in management’s estimate of fair value less costs to sell.
There were no other material changes to our critical accounting estimates during the six months ended June 30, 2025. For information regarding our critical accounting policies and estimates, see disclosures in the Consolidated Financial Statements and accompanying notes contained in our 2024 Form 10-K, and in Note 1 of Notes to Consolidated Financial Statements (unaudited) in this Form 10-Q.
33

Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to certain market risks, including commodity prices (specifically aircraft fuel). The adverse effects of changes in these markets could pose potential losses as discussed below. The sensitivity analysis provided does not consider the effects that such adverse changes may have on overall economic activity, nor does it consider additional actions we may take to mitigate our exposure to such changes. Actual results may differ.
Aircraft Fuel
Our results of operations can be significantly impacted by changes in the price and availability of aircraft fuel. Aircraft fuel expense for the six months ended June 30, 2025 represented 23.9 percent of our total operating expenses. Increases in fuel prices, or a shortage of supply, could have a material impact on our operations and operating results. Based on our fuel consumption for the six months ended June 30, 2025, a hypothetical ten percent increase in the average price per gallon of fuel would have increased fuel expense by approximately $33.8 million. We do not hedge fuel price risk.
Interest Rates
As of June 30, 2025, we had $629.1 million of variable-rate debt, including current maturities, and without reduction for $3.9 million in related costs. A hypothetical 100 basis point change in interest rates would have affected interest expense on variable rate debt by approximately $3.3 million for the six months ended June 30, 2025.
Item 4. Controls and Procedures
As of June 30, 2025, under the supervision and with the participation of our management, including our chief executive officer ("CEO") and chief financial officer (“CFO”), we evaluated the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the “Exchange Act”) as of the end of the period covered by this report. Based on that evaluation, management, including our CEO and CFO, has concluded that our disclosure controls and procedures are designed, and are effective, to give reasonable assurance that the information we are required to disclose is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to the Company’s management, including the CEO and the CFO, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting that occurred during the quarter ending June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
34

PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are subject to certain legal and administrative actions we consider routine to our business activities. We believe the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on our financial position, liquidity or results of operations.
Item 1A. Risk Factors
We have evaluated our risk factors and determined there are no changes to those set forth in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024, and filed with the Securities Exchange Commission on March 3, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our Repurchases of Equity Securities
The following table reflects the repurchases of our common stock during second quarter 2025:

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)
April |  | 6,600 |  |  | $ | 50.14 |  |  | None |  |
May |  | 380 |  |  | $ | 54.24 |  |  | None |  |
June |  | — |  |  | $ | — |  |  | None |  |
Total |  | 6,980 |  |  | $ | 50.36 |  |  | — |  |  | $ | 64,694 |

(1)Includes shares repurchased from employees who vested a portion of their restricted stock grants. These share repurchases were made at the election of each employee pursuant to an offer to repurchase by us. In each case, the shares repurchased constituted a portion of vested shares necessary to satisfy income tax withholding requirements.
(2)Represents the remaining dollar amount of open market purchases of our common stock which have been authorized by our board of directors under a share repurchase program.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable
Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
35

Item 6. Exhibits

3.1 | Articles of Incorporation of Allegiant Travel Company. (Incorporated by reference to Exhibit 3.1 to Registration Statement No. 333-134145 filed with the Commission on July 6, 2006).
3.2 | Bylaws of Allegiant Travel Company as amended on July 23, 2024. (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the Commission on July 25, 2024).
31.1 | Rule 13a - 14(a) / 15d - 14(a) Certification of Principal Executive Officer
31.2 | Rule 13a - 14(a) / 15d - 14(a) Certification of Principal Financial Officer
32 | Section 1350 Certifications
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

36

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | ALLEGIANT TRAVEL COMPANY
Date: | August 6, 2025 | By: | /s/ Robert J. Neal
|  | Robert J. Neal, as duly authorized officer of the Company (Executive Vice President and Chief Financial Officer) and as Principal Financial Officer

37