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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


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EXHIBIT 99.1

Spirit Airlines Reports Second Quarter 2019 Results

MIRAMAR, Fla., July 24, 2019 - Spirit Airlines, Inc. (NYSE: SAVE) today reported second quarter 2019 financial results.
 
Second Quarter 2019
 
Second Quarter 2018
 
As Reported
 
Adjusted
 
As Reported
 
Adjusted
 
(GAAP)
 
(non-GAAP)1
 
(GAAP)
 
(non-GAAP)1
Revenue
$1,013.0 million
 
$1,013.0 million
 
$851.8 million
 
$851.8 million
Operating Income (loss)
$163.9 million
 
$165.5 million
 
$108.5 million
 
$113.3 million
Operating Margin
16.2%
 
16.3%
 
12.7%
 
13.3%
Net Income (loss)
$114.5 million
 
$115.7 million
 
$11.3 million
 
$75.7 million
Diluted EPS
$1.67
 
$1.69
 
$0.16
 
$1.11

"Our team once again delivered strong quarterly profits. In the second quarter 2019, we improved our operating margin by 300 basis points and delivered very strong earnings growth." said Ted Christie, Spirit’s President and Chief Executive Officer. Operationally, we experienced numerous storm systems across our network which negatively impacted our operational reliability. However, on a relative basis, year-to-date through June 30, 2019 we still rank among the best in the industry for on-time performance2. I want to thank the entire Spirit team for all that they do every day to care for our Guests, especially during this busy travel season under challenging operational conditions."

Revenue Performance
For the second quarter 2019, Spirit's total operating revenue was $1,013.0 million, an increase of 18.9 percent compared to the second quarter 2018, driven by an 18.4 percent increase in flight volume and increases in both yields and load factor.

Total operating revenue per available seat mile ("TRASM") for the second quarter 2019 increased 5.0 percent compared to the same period last year. During the second quarter 2019, the Company's results benefited from its strategic network changes, revenue management initiatives, and a strong underlying demand environment. In addition, the Company estimates the calendar shift of Easter from the first quarter in 2018 to the second quarter in 2019 contributed approximately 200 basis points to the TRASM improvement.

Non-ticket revenue per passenger flight segment for the second quarter 2019 increased 1.8 percent to $55.543. Fare revenue per passenger flight segment decreased 1.0 percent to $57.60 and total revenue per passenger segment increased 0.3 percent year over year to $113.14.

Cost Performance
For the second quarter 2019, total GAAP operating expenses increased 14.2 percent year over year to $849.0 million. Adjusted operating expenses for the second quarter 2019 increased 14.8 percent year over year to $847.5 million4. These changes were primarily driven by higher flight volume, higher passenger re-accommodation expense, higher salaries, wages and benefits, and airport rent and landing fees.

1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, July 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

Cover Page
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: 0001498710-19-000060
Submitted to the SEC: Wed Jul 24 2019 12:14:38 PM EST
Accepted by the SEC: Wed Jul 24 2019
Period: Sunday, June 30, 2019
Industry: Air Transportation Scheduled

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