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Spirit Airlines, Inc. (SAVE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE



EXHIBIT 99.1

Spirit Airlines Announces Fourth Quarter and Full Year 2014 Results;
Capacity Growth of 17.9 Percent Contributes to Adjusted Net Income Growth of 33.3 Percent for Full Year 2014

MIRAMAR, FL. (February 10, 2015) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter and full year 2014 financial results.
Adjusted net income for the fourth quarter 2014 increased 43.2 percent to $58.7 million ($0.80 per diluted share) compared to the fourth quarter 20131. GAAP net income for the fourth quarter 2014 increased 29.4 percent year over year to $55.9 million ($0.76 per diluted share).

Adjusted net income for the full year 2014 increased 33.3 percent year over year to $236.7 million ($3.23 per diluted share)1. GAAP net income for the full year 2014 increased 27.4 percent year over year to $225.5 million ($3.08 per diluted share).

Adjusted pre-tax margin for the fourth quarter 2014 was 19.7 percent, up 4.3 percentage points year over year. For the full year 2014, adjusted pre-tax margin was 19.2 percent, up 2.1 percentage points compared to 20131. On a GAAP basis, pre-tax margin for the fourth quarter 2014 was 18.8 percent and for the full year 2014 was 18.3 percent.

Spirit ended 2014 with an unrestricted cash and cash equivalents balance of $632.8 million.

Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended December 31, 2014 was 30.1 percent2.

“I want to thank our team members that contributed to our solid operational and financial performance in 2014.  During 2014, we improved our customers’ understanding of our Bare Fare™ plus Frill Control™ product design, which led to increased customer satisfaction, improved our financial results, and maintained a very high completion rate while improving our on-time performance by 600 basis points,” said Ben Baldanza, Spirit’s Chief Executive Officer.  “We have the right team, resources, and business model to continue to successfully grow our business.  I’m pleased to be a part of the Spirit team and am excited about bringing our ultra-low fares to even more people in more places.”

Revenue Performance
For the fourth quarter 2014, Spirit's total operating revenue was $474.5 million, an increase of 13.0 percent compared to the fourth quarter 2013, driven by an increase in flight volume.

Total revenue per available seat mile (“RASM”) for the fourth quarter 2014 decreased 5.1 percent compared to the fourth quarter 2013 on a capacity increase of 18.9 percent. The decrease was driven by a mix of lower passenger yields and a 1.4 point decline in load factor.

Total revenue per passenger flight segment ("PFS") for the fourth quarter 2014 decreased 3.7 percent year over year to $127.91, driven by a 6.1 percent decrease in ticket revenue per PFS and a 0.3 percent decrease in non-ticket revenue per PFS. During the fourth quarter, the Company transitioned its onboard catering to a third-party provider under a revenue share agreement. As a result of this change,

1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Tuesday, February 10, 2015 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 Comprehensive Income
Statements Of Comprehensive Income (parentheticals)
Statements Of Operations
Statements Of Shareholders’ Equity
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 And Other Obligations
Debt And Other Obligations (tables)
Debt And Other Obligations - Capital Leases (details)
Debt And Other Obligations - Future Maturities (details)
Debt And Other Obligations - Interest Expense (details)
Debt And Other Obligations - Long-term Debt (details)
Debt And Other Obligations - 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)
Fair Value Measurements - Long-term Debt (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)
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 - 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
Net Income Per Share (details)
Net Income Per Share (tables)
Operating Segments And Related Disclosures
Operating Segments And Related Disclosures (tables)
Operating Segments And Related Disclosures - Foreign Revenues (details)
Operating Segments And Related Disclosures - Geographic Revenues (details)
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)
Summary Of Significant Accounting Policies - Reportable Segments (details)
Tax Receivable Agreement
Tax Receivable Agreement (details)
Ticker: SAVE
CIK: 1498710
Form Type: 10-K Annual Report
Accession Number: 0001498710-15-000015
Submitted to the SEC: Wed Feb 18 2015 3:17:57 PM EST
Accepted by the SEC: Wed Feb 18 2015
Period: Wednesday, December 31, 2014
Industry: Air Transportation Scheduled

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