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Spirit Airlines, Inc. (SAVE) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE



EXHIBIT 99.1
Spirit Airlines Announces Fourth Quarter and Full Year 2013 Results:
Fourth Quarter Adjusted Net Income Increases 109.9 percent to $41.0 million
Full-Year Adjusted Net Income Increases 71.0 percent to $177.5 million

MIRAMAR, Fla. (February 19, 2014) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter and full year 2013 financial results.
Adjusted net income for the fourth quarter 2013 increased 109.9 percent to $41.0 million ($0.56 per diluted share) compared to $19.5 million ($0.27 per diluted share) for the fourth quarter 20121. GAAP net income for the fourth quarter 2013 was $43.2 million ($0.59 per diluted share) compared to $19.6 million ($0.27 per diluted share) in the fourth quarter 2012.

Adjusted net income for the full year 2013 increased 71.0 percent to $177.5 million ($2.43 per diluted share) compared to $103.8 million ($1.43 per diluted share) for the full year 20121. GAAP net income for the full year 2013 was $176.9 million ($2.42 per diluted share) compared to $108.5 million ($1.49 per diluted share) for the full year 2012.

For the fourth quarter 2013, Spirit achieved an adjusted pre-tax margin of 15.4 percent, an improvement of 5.7 percentage points over the same period in 20121. On a GAAP basis, pre-tax margin for the fourth quarter 2013 was 16.2 percent, compared to 9.7 percent in the fourth quarter 2012. For the full year 2013, Spirit's adjusted pre-tax margin was 17.1 percent, compared to 12.7 percent in 20121. Pre-tax margin on a GAAP basis for the full year 2013 was 17.1 percent, compared to 13.2 percent in 2012.

Spirit ended 2013 with $530.6 million in unrestricted cash.

Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended December 31, 2013 was 31.8 percent. See "Calculation for Return on Invested Capital" table below for more details.

“For the full year 2013, we delivered record profitability and return as demand for our low-cost, ultra-low fare model remained very high.  These strong financial results reflect our vigilance on maintaining our cost discipline and low fare strategy while executing on our growth plan and delivering high returns for our shareholders,” said Ben Baldanza, Spirit’s Chief Executive Officer.  “I thank all our team members who helped us achieve these results.“
 
Revenue Performance
For the fourth quarter 2013, Spirit's total operating revenue was $420.0 million, an increase of 27.9 percent compared to the fourth quarter 2012. The year-over-year increase was driven by continued strong demand and our growth in capacity. The increase was also partly attributable to the negative revenue impact in the fourth quarter 2012 related to Hurricane Sandy.

Total revenue per available seat mile (“RASM”) for the fourth quarter 2013 was 11.43 cents, an increase of 3.0 percent compared to the fourth quarter 2012 as a result of both higher average passenger yields and load factors.

Passenger flight segment ("PFS") volume for the fourth quarter 2013 grew 19.4 percent year over year. Average revenue per PFS for the fourth quarter 2013 increased 7.1 percent year over year to $132.86 primarily driven by an increase in ticket revenue per PFS.

For the full year 2013, total operating revenue increased 25.5 percent to $1,654.4 million compared to the full year 2012 and total RASM increased 2.8 percent to 11.94 cents.


1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, February 19, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Balance Sheets
Balance Sheets (parenthetical)
Statements Of Cash Flows
Statements Of Operations
Statements Of Shareholders’ Equity (deficit)
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Aircraft-related Commitments And Financing Arrangements (details)
Commitments And Contingencies - Employees (details)
Commitments And Contingencies - Schedule Of Future Aircraft Operating Leases (details)
Common Stock And Preferred Stock
Common Stock And Preferred Stock (details)
Credit Card Processing Arrangements
Credit Card Processing Arrangements (details)
Debt, Related-party Transactions And Other Obligations
Debt, Related-party Transactions And Other Obligations - Debt (narrative) (details)
Debt, Related-party Transactions And Other Obligations - Related Party (narrative) (details)
Defined Contribution 401(k) Plan
Defined Contribution 401(k) Plan (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (details)
Financial Instruments And Risk Management
Financial Instruments And Risk Management (details)
Financial Instruments And Risk Management (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of The Provision For Income Taxes (details)
Income Taxes - Deferred Taxes (details)
Income Taxes - Income Tax Reconciliation (details)
Income Taxes - Narrative (details)
Initial Public Offering And Tax Receivable Agreement
Initial Public Offering And Tax Receivable Agreement (details)
Leases And Prepaid Maintenance Deposits
Leases And Prepaid Maintenance Deposits (tables)
Leases And Prepaid Maintenance Deposits - Capital Leased Assets (details)
Leases And Prepaid Maintenance Deposits - Fixed Maintenance Reserve Payments (narrative) (details)
Leases And Prepaid Maintenance Deposits - Future Minimum Lease Payments Under Noncancelable Operating Leases (details)
Leases And Prepaid Maintenance Deposits - Operating Leases (narrative) (details)
Leases And Prepaid Maintenance Deposits - Sale And Leaseback Transactions (narrative) (details)
Letters Of Credit
Letters Of Credit (details)
Net Income Per Share (details)
Net Income Per Share (tables)
Net Income Per Share Net Income Per Share
Operating Segments And Related Disclosures
Operating Segments And Related Disclosures (details)
Operating Segments And Related Disclosures (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Recent Accounting Developments
Special Charges And Credits
Special Charges And Credits (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Performance Share Awards (details)
Stock-based Compensation - Restricted Stock Activity (details)
Stock-based Compensation - Share Option Activity (details)
Stock-based Compensation - Simulation Model Input Variables (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Cash Proceeds Received From The Sale Of Mileage Credits (details)
Summary Of Significant Accounting Policies - Frequent Flier Program (details)
Summary Of Significant Accounting Policies - Maintenance Costs (details)
Summary Of Significant Accounting Policies - Narrative (details)
Summary Of Significant Accounting Policies - Primary Components Of Non-ticket Revenue (details)
Summary Of Significant Accounting Policies - Property And Equipment (details)
Ticker: SAVE
CIK: 1498710
Form Type: 10-K Annual Report
Accession Number: 0001498710-14-000019
Submitted to the SEC: Thu Feb 20 2014 5:10:02 PM EST
Accepted by the SEC: Thu Feb 20 2014
Period: Tuesday, December 31, 2013
Industry: Air Transportation Scheduled

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