Spirit Airlines, Inc. (SAVE) 10-Q Quarterly Report Wed Oct 23 2019



	Third Quarter 2019		Third Quarter 2018
	As Reported	Adjusted	As Reported	Adjusted
	(GAAP)	(non-GAAP)¹	(GAAP)	(non-GAAP)¹
Revenue	$992.0 million	$992.0 million	$904.3 million	$904.3 million
Operating Income	$124.7 million	$133.8 million	$145.1 million	$145.5 million
Operating Margin	12.6%	13.5%	16.0%	16.1%
Net Income	$83.5 million	$90.5 million	$97.5 million	$100.5 million
Diluted EPS	$1.22	$1.32	$1.42	$1.47

“I want to thank all our team members for their dedication and commitment to provide our Guests a quality travel experience in what was a very busy summer travel period. In addition to record passenger volumes, numerous summer storm systems across our network, including Hurricane Dorian, made for a challenging operating environment. We have made several adjustments to improve our ability to better recover from adverse weather and we are already seeing the effects. Over the past couple of months, our operational performance has rebounded and we have consistently achieved high completion factors along with great on-time performance,” said Ted Christie, Spirit’s President and Chief Executive Officer. “We are committed to continuously drive improvement throughout our business and to deliver strong earnings growth and returns for our shareholders.”

Revenue Performance

For the third quarter 2019, Spirit's total operating revenue was $992.0 million, an increase of 9.7 percent compared to the third quarter 2018, driven by a 17.7 percent increase in flight volume.

Total operating revenue per available seat mile ("TRASM") for the third quarter 2019 decreased 1.7 percent compared to the same period last year, driven by lower load factor, softer passenger yields and the negative impact from Hurricane Dorian. Excluding the impact of Hurricane Dorian, the Company estimates its TRASM for the third quarter 2019 would have been down approximately 1 percent year over year.

Non-ticket revenue per passenger flight segment for the third quarter 2019 increased 1.7 percent to $55.37².Fare revenue per passenger flight segment decreased 9.7 percent to $54.80 and total revenue per passenger segment decreased 4.3 percent year over year to $110.17, driven by shorter average stage length and lower passenger yields as compared to the third quarter 2018.

Cost Performance

For the third quarter 2019, total GAAP operating expenses increased 14.2 percent year over year to $867.3 million. Adjusted operating expenses for the third quarter 2019 increased 13.1 percent year over year to $858.2 million³. In addition to increased flight volume, these changes were primarily driven by

The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, October 23, 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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Material Contracts, Statements, Certifications & more

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

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: Certification Of The Chief Executive Officer Pursuant To 18 U.S.C. Section 1350

Exhibit 32.2: Certification Of The Chief Financial Officer Pursuant To 18 U.S.C. Section 1350

Ticker: SAVE
CIK: 1498710
Form Type: 10-Q Quarterly Report
Accession Number: 0001498710-19-000108
Submitted to the SEC: Wed Oct 23 2019 4:18:53 PM EST
Accepted by the SEC: Wed Oct 23 2019
Period: Monday, September 30, 2019
Industry: Air Transportation Scheduled

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

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