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Spirit Airlines, Inc. (SAVE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


currentlogoforpressreleases0.jpgEXHIBIT 99.1

Spirit Airlines Reports Fourth Quarter and Full Year 2017 Results

MIRAMAR, Fla., February 6, 2018 - Spirit Airlines, Inc. (NYSE: SAVE) today reported fourth quarter and full year 2017 financial results.
GAAP net income for the fourth quarter 2017 was $250.3 million ($3.63 per diluted share). GAAP net income for the fourth quarter 2017 included a one-time non-cash $199.3 million tax credit1. Excluding the one-time tax credit and special items2, net income for the fourth quarter 2017 was $50.4 million ($0.73 per diluted share)3.

GAAP net income for the full year 2017 was $420.6 million ($6.06 per diluted share) which included the one-time tax credit1. Excluding the one-time tax credit and special items2, net income for the full year 2017 was $230.8 million ($3.33 per diluted share)3.

GAAP operating margin for the fourth quarter 2017 was 13.9 percent, or 13.4 percent excluding special items2.

GAAP operating margin for the full year 2017 was 14.7 percent, or 15.2 percent excluding special items2.

Spirit ended 2017 with unrestricted cash, cash equivalents, and short-term investments of $901.8 million.

“I want to thank the Spirit family for their contributions throughout 2017.  Together, we overcame several major operational challenges while still delivering a record on-time performance," said Robert Fornaro, Spirit’s Chief Executive Officer. “Looking ahead to 2018, we are focused on finalizing a deal with our pilots union, improving upon our operational reliability, continuing to enhance our guest experience, and delivering earnings growth for our shareholders.”
 
Revenue Performance
For the fourth quarter 2017, Spirit's total operating revenue was $667.0 million, an increase of 15.3 percent compared to the fourth quarter 2016, driven by a 10.4 percent increase in flight volume.

Total revenue per available seat mile (TRASM) for the fourth quarter 2017 decreased 1.8 percent compared to the same period last year, driven by a 2.2 percent decrease in operating yields.

On a per passenger flight segment basis, total revenue for the fourth quarter 2017 increased 1.1 percent year over year to $109.34 driven by non-ticket revenue per passenger flight segment increasing 3.8 percent to $53.91, partially offset by ticket revenue per passenger flight segment decreasing 1.4 percent to $55.43.





1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Tuesday, February 6, 2018 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 Spirit Airlines, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

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 - Long-term Debt (details)
Financial Instruments And Risk Management
Financial Instruments And Risk Management (tables)
Financial Instruments And Risk Management - Narrative (details)
Financial Instruments And Risk Management Financial Instruments And Risk Management (details)
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
Recent Accounting Developments Recent Accounting Developments (details)
Short-term Investment Securities
Short-term Investment Securities (details)
Special Charges
Special Charges (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 - 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)
Ticker: SAVE
CIK: 1498710
Form Type: 10-K Annual Report
Accession Number: 0001498710-18-000079
Submitted to the SEC: Tue Feb 13 2018 2:05:15 PM EST
Accepted by the SEC: Tue Feb 13 2018
Period: Sunday, December 31, 2017
Industry: Air Transportation Scheduled

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