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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


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EXHIBIT 99.1


Spirit Airlines Reports First Quarter 2020 Results

MIRAMAR, Fla., May 6, 2020 - Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2020 financial results. These
results reflect the adverse impact of the material decline in demand for both international and domestic travel resulting from the spread of novel coronavirus ("COVID-19").
First Quarter 2020First Quarter 2019
As ReportedAdjustedAs ReportedAdjusted
(GAAP)
(non-GAAP)1
(GAAP)
(non-GAAP)1
Revenue$771.1 million$771.1 million$855.8 million$855.8 million
Pre-tax Income (Loss)$(74.6) million$(74.6) million$72.1 million$74.0 million
Pre-tax Margin(9.7)%(9.7)%8.4%8.6%
Net Income (Loss)$(27.8) million$(58.9) million$56.1 million$57.5 million
Diluted Earnings (Loss) Per Share$(0.41)$(0.86)$0.82$0.84

Prior to March 2020, the Company was on track to meet or beat its first quarter 2020 pre-tax margin guidance of 6.5 percent to 7.5 percent. However, beginning with the second week of March through the end of the month, load factors and yields declined significantly as events across the U.S. were canceled, theme parks closed, and travel restrictions were implemented and broadened, resulting in a significant drop in passenger demand and bookings.
"The health crisis, loss of demand, and corresponding economic impact caused by COVID-19 is unprecedented. I want to thank all of our Team Members for their dedication to the safety and well-being of our Guests and each other, and for pulling together to help the Company meet the financial challenges we are facing. I am very proud of the Spirit team and I am confident that given our quick action to adjust, our industry-leading low-cost structure, our strong balance sheet, and the resiliency and commitment of our Team Members, we will emerge from this crisis ready to deliver on our promise of high quality and low fares," said Ted Christie, Spirit's President and Chief Executive Officer.
In response to COVID-19, the Government approved a financial stabilization assistance package through the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). Spirit commends President Trump, the Administration and members of Congress, for their support of the airline assistance programs included in the CARES Act. The benefits under the CARES Act help to position Spirit to support the economic recovery in the destinations it serves by continuing to provide low fare air travel to millions of Guests annually.

COVID-19 Response

Capacity Reductions, Expense Management, and Liquidity Measures
In response to government restrictions on travel and drastically reduced consumer demand compared to its original 2020 plan, Spirit has taken many steps to reduce costs and to preserve and enhance liquidity, including:
1

The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, May 6, 2020 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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Spirit Airlines, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 (Loss) (Unaudited)
Condensed Statements Of Comprehensive Income (Parenthetical) (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)
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 - Narrative (Details)
Debt And Other Obligations - Schedule Of Long-Term Debt (Details)
Earnings (Loss) 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)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Assets Held For Sale Activity (Details)
Impact Of Covid-19
Impact Of Covid-19 - Balance Sheet, Cash Flow And Liquidity (Details)
Impact Of Covid-19 - Capacity Reductions (Details)
Impact Of Covid-19 - Income Taxes (Details)
Impact Of Covid-19 -Cares Act (Details)
Leases
Leases (Tables)
Leases Finance And Operating Lease Maturities (Details)
Leases Lease Costs (Details)
Leases Narrative (Details)
Leases Weighted Average Lease Terms And Discount Rates (Details)
Loss On Disposal Of Assets
Loss On Disposal Of Assets (Details)
Preferred Stock
Preferred Stock - Narrative (Details)
Recent Accounting Developments
Recent Accounting Developments Additional Information (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Short-Term Investment Securities
Short-Term Investment Securities (Details)
Subsequent Event
Subsequent Events - Deferral Of Aircraft (Details)
Subsequent Events - Loan Program Narrative (Details)
Subsequent Events - Payroll Support Program Narrative (Details)
Subsequent Events - Revolving Credit Facility Narrative (Details)
Ticker: SAVE
CIK: 1498710
Form Type: 10-Q Quarterly Report
Accession Number: 0001498710-20-000160
Submitted to the SEC: Wed May 06 2020 4:48:33 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Air Transportation Scheduled

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