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Spirit Airlines, Inc. (SAVE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


EXHIBIT 99.1

Spirit Airlines Reports Fourth Quarter and Full Year 2015 Results

MIRAMAR, FL. (February 9, 2016) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter and full year 2015 financial results.
Adjusted net income for the fourth quarter 2015 increased 24.9 percent to $73.3 million ($1.02 per diluted share) compared to the fourth quarter 20141. GAAP net income for the fourth quarter 2015 increased 33.1 percent year over year to $74.4 million ($1.04 per diluted share) compared to the fourth quarter 2014.

Adjusted net income for the full year 2015 increased 33.6 percent to $316.2 million ($4.37 per diluted share) compared to the full year 20141. GAAP net income for the full year 2015 increased 40.7 percent year over year to $317.2 million ($4.38 per diluted share).

Adjusted pre-tax margin for the fourth quarter 2015 increased 270 basis points to 22.4 percent1. For the full year 2015, adjusted pre-tax margin increased 420 basis points to 23.4 percent1. On a GAAP basis, pre-tax margin for the fourth quarter 2015 increased 390 basis points to 22.7 percent and for the full year 2015 increased 520 basis points to 23.5 percent.

Spirit ended 2015 with unrestricted cash and cash equivalents of $803.6 million.

Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended December 31, 2015 was 28.2 percent2.

“I want to thank and congratulate our Spirit team members for successfully delivering solid financial results in 2015.  Although increased industry capacity and aggressive competitive pricing pressured our unit revenues, our excellent cost execution and ability to adapt to a changing environment drove improved year-over-year results,” said Bob Fornaro, Spirit’s Chief Executive Officer.  “I am excited to lead this innovative team.  As CEO, I plan to improve upon the already very strong base of fundamentals that Spirit possesses with a focus on continuing to improve operational reliability and customer service, and maintaining our financial discipline to drive value for all of Spirit’s stakeholders.”

Revenue Performance
For the fourth quarter 2015, Spirit's total operating revenue was $519.8 million, an increase of 9.6 percent compared to the fourth quarter 2014, driven by an increase in flight volume, partially offset by a decrease in operating yields.

Total revenue per passenger flight segment ("PFS") for the fourth quarter 2015 decreased 12.6 percent year over year to $111.78, primarily driven by a 21.4 percent decrease in ticket revenue per PFS. The decline in ticket revenue per PFS was driven by lower fare levels as a result of increased competitive pricing pressures as well as a higher percentage of Spirit's markets being under development compared to the same period last year. Non-ticket revenue remained stable, declining only 0.8 percent year over year on a per flight segment basis to $54.26.



1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Tuesday, February 9, 2016 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 - 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 - Future Minimum Lease Payments Under Noncancelable Operating Leases (details)
Leases And Prepaid Maintenance Deposits - Operating Leases (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
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 - Derivative Instruments (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: 0001498710-16-000205
Submitted to the SEC: Wed Feb 17 2016 4:02:04 PM EST
Accepted by the SEC: Wed Feb 17 2016
Period: Thursday, December 31, 2015
Industry: Air Transportation Scheduled

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