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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


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EXHIBIT 99.1

Spirit Airlines Reports First Quarter 2019 Results

MIRAMAR, Fla., April 24, 2019 - Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2019 financial results.
 
First Quarter 2019
 
First Quarter 2018
 
As Reported
 
Adjusted
 
As Reported
 
Adjusted
 
(GAAP)
 
(non-GAAP)1
 
(GAAP)
 
(non-GAAP)1
Revenue
$855.8 million
 
$855.8 million
 
$704.1 million
 
$704.1 million
Operating Income (loss)
$87.8 million
 
$89.7 million
 
$(38.8) million
 
$51.2 million
Operating Margin
10.3%
 
10.5%
 
(5.5)%
 
7.3%
Net Income (loss)
$56.1 million
 
$57.5 million
 
$(44.9) million
 
$29.9 million
Diluted EPS
$0.82
 
$0.84
 
$(0.66)
 
$0.44
“Solid execution of our revenue initiatives and strong underlying demand trends drove adjusted diluted earnings per share growth of over 90 percent1 for the first quarter 2019 compared to the first quarter last year. On capacity growth of 16.9 percent year over year, for the first quarter 2019, the team delivered a total revenue per available seat mile increase of 4.1 percent driven by improvements in both ticket and non-ticket yields.  We also ran a great operation during the quarter, improving our completion factor by 70 basis points to 98.9 percent despite more weather disruptions than the year prior and delivering an on-time performance of 82.6 percent2, which was among the best in the industry,” said Ted Christie, Spirit’s President and Chief Executive Officer.

Revenue Performance
For the first quarter 2019, Spirit's total operating revenue was $855.8 million, an increase of 21.5 percent compared to the first quarter 2018, driven by a 16.0 percent increase in flight volume and increases in both passenger yields and load factor.

Total operating revenue per available seat mile ("TRASM") for the first quarter 2019 increased 4.1 percent compared to the same period last year. During the first quarter 2019, the Company's results continued to benefit from its ticket and non-ticket revenue initiatives.

On a per passenger flight segment basis, total revenue for the first quarter 2019 increased 1.6 percent year over year to $109.44 with fare revenue per passenger flight segment increasing 1.6 percent to $53.24 and non-ticket revenue per passenger flight segment increasing 1.6 percent to $56.203. The improvement in non-ticket revenue per passenger segment year over year was largely driven by dynamic pricing initiatives and improved take rates of bundled service offerings.

Cost Performance
For the first quarter 2019, total GAAP operating expenses increased 3.4 percent year over year to $768.0 million. Adjusted operating expenses for the first quarter 2019 increased 17.3 percent year over year to $766.1 million4. Drivers of the increase in adjusted operating expense compared to the first quarter last year include higher flight volume, contracted pilot rate increases, airport rent and landing fee escalations, and higher depreciation expense.  On a GAAP basis, these increases were largely offset by lower special charges year over year.

1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, April 24, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets (Unaudited)
Condensed Statements Of Cash Flows (Unaudited)
Condensed Statements Of Comprehensive Income (Parenthetical) (Unaudited)
Condensed Statements Of Comprehensive Income (Unaudited)
Condensed Statements Of Operations (Unaudited)
Condensed Statements Of Shareholders' Equity Statement
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Aircraft-Related Commitments And Financing Arrangements (Details)
Commitments And Contingencies - Credit Card Processing Arrangements (Details)
Commitments And Contingencies - Employees (Details)
Commitments And Contingencies - Schedule Of Future Aircraft Operating Leases (Details)
Debt And Other Obligations
Debt And Other Obligations (Details)
Debt And Other Obligations (Tables)
Debt And Other Obligations - Future Maturities (Details)
Debt And Other Obligations - Interest Expense (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value Measurements - Long-Term Debt (Details)
Financial Instruments And Risk Management
Financial Instruments And Risk Management - Narrative (Details)
Leases
Leases Narrative (Details)
Leases (Tables)
Leases Finance And Operating Lease Maturities (Details)
Leases Lease Costs (Details)
Leases Weighted Average Lease Terms And Discount Rates (Details)
Recent Accounting Developments
Recent Accounting Developments Additional Information (Details)
Revenue Disaggregation
Revenue Disaggregation (Details)
Revenue Disaggregation (Tables)
Short-Term Investment Securities
Short-Term Investment Securities (Details)
Special Charges
Special Charges (Details)
Ticker: SAVE
CIK: 1498710
Form Type: 10-Q Quarterly Report
Accession Number: 0001498710-19-000032
Submitted to the SEC: Wed Apr 24 2019 12:15:55 PM EST
Accepted by the SEC: Wed Apr 24 2019
Period: Sunday, March 31, 2019
Industry: Air Transportation Scheduled

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