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

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE



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EXHIBIT 99.1


Spirit Airlines Reports Third Quarter 2019 Results

MIRAMAR, Fla., October 23, 2019 - Spirit Airlines, Inc. (NYSE: SAVE) today reported third quarter 2019 financial results.
 
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

1


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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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 Per Share
Earnings Per Share (Details)
Earnings 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)
Loss On Disposal Of Assets
Loss On Disposal Of Assets (Details)
Recent Accounting Developments
Recent Accounting Developments Additional Information (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Short-Term Investment Securities
Short-Term Investment Securities (Details)
Special Charges
Special Charges (Details)
Subsequent Event
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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