8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

_____________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2017

Allegiant Travel Company

(Exact name of registrant as specified in its charter)

Nevada	001-33166	20-4745737
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
1201 N. Town Center Drive, Las Vegas, NV		89144
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:              (702) 851-7300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as in Rule 405 of the Securities Act of 193 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

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. [ ]

Section 2    Financial Information

Item 2.02    Results of Operations and Financial Condition.

On July 26, 2017, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter ended June 30, 2017.

This information is being furnished under Item 2.02 of Form 8-K. This report and Exhibit 99.1 are deemed to be furnished and are not considered “filed” with the Securities and Exchange Commission. As such, this information shall not be incorporated by reference into any of our reports or other filings made with the Securities and Exchange Commission.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future unit revenue, future operating expense, ASM growth, departure growth, fixed-fee and other revenues, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, as well as other information concerning future results of operations, business strategies, financing plans, 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," “guidance,” "anticipate," "intend," "plan," "estimate," “project”, “hope”  or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports and registration statements filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, an accident involving, or problems with, our aircraft, our reliance on our automated systems, limitation on growth as we transition to a single fleet type, 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 ability to finance aircraft under contract, 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, governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

of a Registrant.

On July 25, 2017, Allegiant Travel Company (the “Company”), through a wholly owned subsidiary, borrowed $34 million under a loan agreement secured by one Airbus A320 aircraft. The note bears interest at a floating rate based on LIBOR and will be payable in quarterly installments through July 2027.  The proceeds from the loan will be used for general corporate purposes.

Section 9    Financial Statements and Exhibits

Item 9.01    Financial Statements and Exhibits.

(a)Not applicable.

(b)Not applicable.

(c)Not applicable.

(d)Exhibits

2

Exhibit No.	Description of Document
99.1	Press Release issued by Allegiant Travel Company on July 26, 2017.

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 26, 2017	ALLEGIANT TRAVEL COMPANY
	By:	/s/ Scott Sheldon
	Name:	Scott Sheldon
	Title:	Chief Financial Officer

4

EXHIBIT INDEX

Exhibit No.	Description of Document
99.1	Press Release issued by Allegiant Travel Company on July 26, 2017.

5

EX-99.1

Allegiant Q2 2017 Earnings

Page 1

Exhibit 99.1

ALLEGIANT TRAVEL COMPANY SECOND QUARTER 2017

FINANCIAL RESULTS

Second Quarter 2017 Fully Diluted Earnings per Share of $2.94

LAS VEGAS. July 26, 2017 —Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the second quarter 2017, as well as comparisons to the prior year:

	Three Months Ended   June 30,						Six Months Ended   June 30,
Unaudited	2017		2016		Change		2017			2016			Change
Total operating revenue (millions)		$400.6		$344.9	16.2	%		$776.5			$693.5		12.0	%
Operating income (millions)		$85.2		$104.5	(18.5	)%		$158.1			$225.6		(29.9	)%
Net income (millions)		$48.5		$60.8	(20.3	)%		$90.1			$132.8		(32.2	)%
Diluted earnings per share		$2.94		$3.68	(20.1	)%		$5.43			$7.97		(31.9	)%
Return on capital employed*							18.2		%	25.2		%

* - see appendix for calculation, represents twelve months ended June 30

“I am pleased to announce we had our 58^th consecutive profitable quarter," stated Maurice J. Gallagher Jr., chairman and CEO of Allegiant Travel Company. "I am also pleased with our 21.3 percent operating margin during this transition time for the company. We are well into the wind down of our MD-80 fleet. We have taken delivery of our first four new 186 seat A320 aircraft from Airbus as of July 26th. We expect to place into service another ten Airbus aircraft including six more new A320s throughout the remainder of 2017. We also signed an agreement to acquire an additional 13 used A320s which we announced in June 2017. This was the last transaction needed to solidify the plan to retire all the MD-80s by the end of 2019. Thank you to all of our team members for another successful quarter."

Notable highlights

• Airbus growth - In June, announced the lease arrangement of 13 used A320 aircraft to be delivered in 2017 and 2018. Will take the company to 92 committed Airbus either in service or for future delivery

• Network growth - As of June 30, 2017 the company is operating 382 routes versus 342 at the same time last year

• New routes - Announced 28 new routes expected to begin in the third and fourth quarters of 2017

◦ Includes new cities of Milwaukee, Wisconsin; Norfolk, Virginia; and Gulfport, Mississippi

• Shareholder returns - $92 million was returned through a combination of the recurring dividend paid in June 2017 and share repurchases during the quarter. The company:

◦ Will pay a dividend of $0.70 per share on September 5, 2017 to shareholders of record as of August 18, 2017

Allegiant Q2 2017 Earnings

Page 2

◦ Returned $84 million to shareholders through the repurchase of 589,000 open market shares in the quarter. This was the highest dollar amount spent in share repurchases for one quarter in the history of the company

◦ The Board of Directors increased the share repurchase authorization to $100 million

Second quarter 2017 revenue

• TRASM results - Second quarter TRASM increased 3.1 percent

◦ Impact of Easter shift into April this year benefited the quarter contributing approximately 1.5 percentage points of TRASM

• New markets (markets operating less than one year) were approximately thirteen percent of ASMs for the second quarter which is similar to last year

Third quarter 2017 revenue trends

• TRASM guidance - Third quarter TRASM is expected to be between negative .5 and positive 1.5 percent versus the third quarter last year

◦ Increased MD-80 spares, which limits the ability to grow peak period flying, is expected to cost the third quarter one percentage point of TRASM

◦ Off peak flying is expected to be almost 26 percent of ASMs for the third quarter, versus approximately 22 percent last year

Second quarter cost trends

• Second quarter CASM ex fuel increased 13.2 percent versus the same period last year driven by:

◦ New pilot agreement -Added six percentage points

◦ Elimination of the credit card surcharge - Added four percentage points

▪ In January 2017, we discontinued our credit card surcharge, which had previously been applied as a reduction to sales and marketing expense

◦ Irregular operations -Added two percentage points

Third quarter 2017 cost trends

• Third quarter 2017 CASM ex fuel is expected to increase between sixteen and eighteen percent versus the same period last year, driven by:

◦ New pilot agreement - Expected to add three percentage points

◦ Incremental depreciation on Airbus aircraft - Expected to add three percentage points

◦ Elimination of credit card surcharge - Expected to add three percentage points

◦ Transition costs - Cost related to the fleet transition such as reduced ASMs through less utilization of MD-80s and other operational inefficiencies driven by the move to an all Airbus fleet is expected to add five percentage points

Full year 2017 cost trends

• Full year 2017 CASM ex fuel is expected to remain up between ten and twelve percent, consistent with prior guidance

• Maintenance and repairs expense is expected to remain between $100 and $110 thousand per in-service aircraft per month for full year 2017, consistent with prior guidance

• Total ownership expense per aircraft per month - Full year 2017 ownership expense per in-service aircraft per month is expected to remain between $125 and $135 thousand, consistent with prior guidance

Balance sheet activity and full year 2017 trends

• Full year CAPEX guidance (Excluding Airbus deferred heavy maintenance) is expected to be $525 million, consistent with prior guidance

Allegiant Q2 2017 Earnings

Page 3

• Raised $113 million in debt proceeds during the second quarter

◦ Currently have five unencumbered Airbus aircraft

Guidance, subject to revision
		3Q17
Estimated TRASM year-over-year change		(0.5) to 1.5%
Fixed fee and other revenue guidance		3Q17
Fixed fee and other revenue (millions)		$17 to $19
Capacity guidance
System	3Q17	4Q17	FY17
Departure year-over-year growth	4 to 8%	7 to 11%
ASM year-over-year growth	3 to 7%	9 to 13%	9 to 11%
Scheduled
Departure year-over-year growth	4 to 8%	7 to 11%
ASM year-over-year growth	3 to 7%	9 to 13%	9 to 11%
Cost guidance	3Q17		FY17
CASM ex fuel* – year-over-year change	16 to 18%		10 to 12%
CAPEX guidance			FY17
Capital expenditures (millions)			$525
Capitalized Airbus deferred heavy maintenance (millions) **			$30
Aircraft leasing arrangement (millions) ***			$150

* - CASM ex fuel – cost per available seat mile excluding fuel expense

** - Not included in capital expenditure total

*** - Not included in capital expenditure total, present value of leases over lease term

Aircraft fleet plan by end of period
Aircraft - (seats per AC)	1Q17	2Q17	3Q17	YE17
MD-80 (166 seats)	47	45	40	37
757 (215 seats)	2	2	2	—
A319 (156 seats)	19	20	21	22
A320 (177/186 seats)	17	21	25	29
Total	85	88	88	88

Aircraft listed in table above include only in-service aircraft, planned retirements and future aircraft under contract (subject to change)

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, July 26, 2017 to discuss its second quarter 2017 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiant.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant Q2 2017 Earnings

Page 4

Allegiant.®

Las Vegas-based Allegiant (NASDAQ: ALGT) is focused on linking travelers in small cities to world-class leisure destinations. The airline offers industry-low fares on an all-jet fleet while also offering other travel-related products such as hotel rooms and rental cars. All can be purchased only through the company website, Allegiant.com. Beginning with one aircraft and one route in 1999, the company has grown to more than 85 aircraft and 350 routes across the country with base airfares less than half the cost of the average domestic roundtrip ticket. For downloadable press kit, including photos, visit: http://gofly.us/iiFa303wrtF.

Media Inquiries: mediarelations@allegiantair.com

Investor Inquiries: ir@allegiantair.com

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future unit revenue, future operating expense, ASM growth, departure growth, fixed-fee and other revenues, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate", “project”, “hope” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov . These risk factors include, without limitation, an accident involving, or problems with, our aircraft, our reliance on our automated systems, limitation on growth as we transition to a single fleet type, 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 ability to finance aircraft under contract, 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, governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Detailed financial information follows:

Allegiant Travel Company

Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,						Percent
	2017			2016			change
OPERATING REVENUE:
Scheduled service revenue	$	220,615		$	189,122		16.7
Ancillary revenue:
Air-related charges	145,405			128,713			13.0
Third party products	14,304			11,965			19.5
Total ancillary revenue	159,709			140,678			13.5
Fixed fee contract revenue	11,029			6,706			64.5
Other revenue	9,261			8,345			11.0
Total operating revenue	400,614			344,851			16.2
OPERATING EXPENSES:
Aircraft fuel	85,387			60,005			42.3
Salary and benefits	92,221			68,553			34.5
Station operations	38,998			33,328			17.0
Maintenance and repairs	28,645			29,261			(2.1	)
Depreciation and amortization	30,129			25,396			18.6
Sales and marketing	12,861			5,317			141.9
Aircraft lease rentals	2,400			219			NM
Other	24,777			18,296			35.4
Total operating expense	315,418			240,375			31.2
OPERATING INCOME	85,196			104,476			(18.5	)
OTHER (INCOME) EXPENSE:
Interest income	(1,475		)	(710		)	107.7
Interest expense	8,889			7,390			20.3
Other, net	(493		)	(300		)	64.3
Total other (income) expense	6,921			6,380			8.5
INCOME BEFORE INCOME TAXES	78,275			98,096			(20.2	)
PROVISION FOR INCOME TAXES	29,800			37,249			(20.0	)
NET INCOME	$	48,475		$	60,847		(20.3	)
Earnings per share to common shareholders (1):
Basic		$2.94			$3.69		(20.3	)
Diluted		$2.94			$3.68		(20.1	)
Weighted average shares outstanding used in computing earnings per share to common shareholders (1):
Basic	16,198			16,420			(1.4	)
Diluted	16,220			16,442			(1.4	)

NM - Not meaningful

(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of earnings per share. The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.

Allegiant Travel Company

Operating Statistics

(Unaudited) 

	Three Months Ended June 30,						Percent
	2017			2016			change*
OPERATING STATISTICS
Total system statistics:
Passengers	3,306,193			2,878,460			14.9
Revenue passenger miles (RPMs) (thousands)	2,958,808			2,665,753			11.0
Available seat miles (ASMs) (thousands)	3,584,209			3,178,904			12.7
Load factor	82.6		%	83.9		%	(1.3	)
Operating expense per ASM (CASM) (cents)***	8.80			7.56			16.4
Fuel expense per ASM (cents)***	2.38			1.89			25.9
Operating CASM, excluding fuel (cents)	6.42			5.67			13.2
ASMs per gallon of fuel	71.9			72.0			(0.1	)
Departures	24,721			20,969			17.9
Block hours	56,056			48,506			15.6
Average stage length (miles)	866			893			(3.0	)
Average number of operating aircraft during period	85.3			83.8			1.8
Average block hours per aircraft per day	7.2			6.4			12.5
Full-time equivalent employees at end of period	3,628			3,228			12.4
Fuel gallons consumed (thousands)	49,858			44,153			12.9
Average fuel cost per gallon***	$	1.71		$	1.36		25.7
Scheduled service statistics:
Passengers	3,266,789			2,850,112			14.6
Revenue passenger miles (RPMs) (thousands)	2,903,257			2,626,770			10.5
Available seat miles (ASMs) (thousands)	3,436,872			3,072,135			11.9
Load factor	84.5		%	85.5		%	(1.0	)
Departures	23,609			20,171			17.0
Block hours	53,632			46,763			14.7
Total scheduled service revenue per ASM (TRASM) (cents)**	11.07			10.74			3.1
Average fare - scheduled service	$	67.54		$	66.36		1.8
Average fare - ancillary air-related charges	$	44.51		$	45.16		(1.4	)
Average fare - ancillary third party products	$	4.38		$	4.20		4.3
Average fare - total	$	116.43		$	115.72		0.6
Average stage length (miles)	869			897			(3.1	)
Fuel gallons consumed (thousands)	47,821			42,698			12.0
Average fuel cost per gallon***	$	1.70		$	1.36		25.0
Percent of sales through website during period	95.1		%	93.9		%	1.2

* Except load factor and percent of sales through website, which is percentage point change.

** Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.

*** Includes effect of $8.3 million fuel tax refunds in the second quarter of 2016.

Allegiant Travel Company

Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Six Months Ended June 30,						Percent
	2017			2016			change
OPERATING REVENUE:
Scheduled service revenue	$	432,713		$	390,728		10.7
Ancillary revenue:
Air-related charges	276,970			249,643			10.9
Third party products	27,046			23,223			16.5
Total ancillary revenue	304,016			272,866			11.4
Fixed fee contract revenue	22,289			13,507			65.0
Other revenue	17,434			16,366			6.5
Total operating revenue	776,452			693,467			12.0
OPERATING EXPENSES:
Aircraft fuel	170,049			113,663			49.6
Salary and benefits	188,519			137,761			36.8
Station operations	70,830			64,061			10.6
Maintenance and repairs	58,740			55,753			5.4
Depreciation and amortization	60,678			50,081			21.2
Sales and marketing	22,859			11,125			105.5
Aircraft lease rentals	2,564			452			NM
Other	44,129			34,968			26.2
Total operating expense	618,368			467,864			32.2
OPERATING INCOME	158,084			225,603			(29.9	)
OTHER (INCOME) EXPENSE:
Interest income	(2,739		)	(1,321		)	107.3
Interest expense	17,291			14,629			18.2
Other, net	(854		)	(663		)	28.8
Total other (income) expense	13,698			12,645			8.3
INCOME BEFORE INCOME TAXES	144,386			212,958			(32.2	)
PROVISION FOR INCOME TAXES	54,279			80,131			(32.3	)
NET INCOME	90,107			132,827			(32.2	)
Earnings per share to common shareholders (1):
Basic		$5.44			$7.98		(31.8	)
Diluted		$5.43			$7.97		(31.9	)
Weighted average shares outstanding used in computing earnings per share to common shareholders (1):
Basic	16,290			16,549			(1.6	)
Diluted	16,317			16,574			(1.6	)

NM - Not meaningful

(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of earnings per share. The two-class method adjusts both the net income and shares used in the calculation. Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.

Allegiant Travel Company

Operating Statistics

(Unaudited) 

	Six Months Ended June 30,						Percent
	2017			2016			change*
OPERATING STATISTICS
Total system statistics:
Passengers	6,187,441			5,471,367			13.1
Revenue passenger miles (RPMs) (thousands)	5,667,306			5,185,903			9.3
Available seat miles (ASMs) (thousands)	6,961,046			6,180,289			12.6
Load factor	81.4		%	83.9		%	(2.5	)
Operating expense per ASM (CASM) (cents)***	8.88			7.57			17.3
Fuel expense per ASM (cents)***	2.44			1.84			32.6
Operating CASM, excluding fuel (cents)	6.44			5.73			12.4
ASMs per gallon of fuel	72.0			72.1			(0.1	)
Departures	47,016			39,887			17.9
Block hours	109,249			94,776			15.3
Average stage length (miles)	883			913			(3.3	)
Average number of operating aircraft during period	85.0			83.0			2.4
Average block hours per aircraft per day	7.1			6.3			12.7
Full-time equivalent employees at end of period	3,628			3,228			12.4
Fuel gallons consumed (thousands)	96,708,000			85,676,000			12.9
Average fuel cost per gallon***	$	1.76		$	1.33		32.3
Scheduled service statistics:
Passengers	6,112,269			5,417,421			12.8
Revenue passenger miles (RPMs) (thousands)	5,565,191			5,110,323			8.9
Available seat miles (ASMs) (thousands)	6,674,035			5,970,086			11.8
Load factor	83.4		%	85.6		%	(2.2	)
Departures	44,857			38,346			17.0
Block hours	104,507			91,326			14.4
Total scheduled service revenue per ASM (TRASM) (cents)**	11.04			11.11			(0.6	)
Average fare - scheduled service	$	70.80		$	72.12		(1.8	)
Average fare - ancillary air-related charges	$	45.31		$	46.08		(1.7	)
Average fare - ancillary third party products	$	4.42		$	4.29		3.0
Average fare - total	$	120.53		$	122.49		(1.6	)
Average stage length (miles)	887			917			(3.3	)
Fuel gallons consumed (thousands)	92,713			82,852			11.9
Average fuel cost per gallon***	$	1.75		$	1.33		31.6
Percent of sales through website during period	94.2		%	94.1		%	0.1

* Except load factor and percent of sales through website, which is percentage point change.

** Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.

*** Includes effect of $8.3 million fuel tax refunds in the second quarter of 2016.

Summary Balance Sheet

(millions)	6/30/2017		12/31/2016		Change
	(unaudited)
Unrestricted cash
Cash and cash equivalents	$	20.0	$	64.7	(69.1	)%
Short-term investments	323.1		269.3		20.0
Long-term investments	159.8		124.8		28.0
Total unrestricted cash	502.9		458.8		9.6
Debt
Current maturities of long-term debt, net of related costs	101.3		86.2		17.5
Long-term debt, net of current maturities and related costs	776.2		722.0		7.5
Total debt	877.5		808.2		8.6
Total Allegiant Travel Company shareholders’ equity	$	459.5	$	473.6	(3.0	)%

Summary Cash Flow

	Six Months Ended June 30,
Unaudited (millions)	2017			2016			Change
Cash provided by operating activities	$	263.1		$	256.1		2.7	%
Purchase of property and equipment, including capitalized interest*	(182.3		)	(105.2		)	73.3
Repurchase of common stock	(84.9		)	(63.3		)	34.1
Cash dividends paid to shareholders	(23.2		)	(44.4		)	(47.7	)
Proceeds from the issuance of long-term debt	134.5			28.0			380.4
Principal payments on long-term debt	(64.9		)	(39.2		)	65.6

* Includes aircraft pre-delivery deposits.

Appendix A

Additional Financial Information

(Unaudited)

	Twelve Months Ended June 30,
Return on capital calculation (millions)	2017			2016
Net income attributable to Allegiant Travel Company	$	176.9		$	234.0
Income tax	100.5			138.0
Interest expense	31.5			27.3
Less interest income	(4.4		)	(2.2		)
	304.5			397.1
Interest income	4.4			2.2
Tax rate	36.2		%	37.1		%
Numerator	197.1			251.2
Total assets as of prior June 30	1,449.0			1,319.5
Less current liabilities as of prior June 30	443.2			386.3
Plus short term debt as of prior June 30	80.1			65.2
Denominator	1,085.9			998.4
Return on capital employed	18.2		%	25.2		%