Spirit Airlines, Inc. (SAVE) 10-K Annual Report Wed Feb 17 2016


•	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.

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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Spirit Airlines, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.35: Robert L. Fornaro Employment Agreement

Exhibit 10.36: B. Ben Baldanza Separation Agreement

Exhibit 10.37: B. Ben Baldanza General Release

Exhibit 12.1: Computation Of Ratio Of Earnings To Fixed Charges

Exhibit 23.1: Consent Of Ernst &Amp; Young Llp, Independent Registered Public Accounting Firm

Exhibit 31.1: Certification Of The Chief Executive Officer Pursuant To Section 302 Of The Sarb

Exhibit 31.2: Certification Of The Chief Financial Officer Pursuant To Section 302 Of The Sarb

Exhibit 32.1: Certifications Pursuant To 18 U.S.C. Section 1350

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

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