Spirit Airlines, Inc. (SAVE) 10-Q Quarterly Report Wed Jul 22 2020

“The COVID-19 pandemic negatively impacted our second quarter results. However, we were encouraged by our June results and believe they illustrate that when leisure travel demand rebounds and stabilizes, our leading low-cost structure positions us well to be among the first to return to profitability. We increased our schedule in June as a result of encouraging, albeit tenuous, signs of demand improving. This worked out well for us. The favorable dynamics of our low-cost structure, a slight rebound in demand for June, and an uptick in forward bookings for July resulted in favorable cash dynamics for the month of June. In fact, if you exclude an early principal payment of nearly $50 million related to our aircraft deferral agreement and extension of our pre-delivery deposit facility, on an average daily cash basis², we were break-even for the month of June,” said Ted Christie, Spirit’s President and Chief Executive Officer.

COVID-19

“For our Guests who are ready to travel again, we are pleased to welcome them back. We are taking purposeful steps to provide a safe and healthy experience for our Guests and our Team Members. I am proud of how our entire team has stepped up in response to COVID-19, adapting to enhanced cleaning processes and changes in operational procedures, maintaining productivity amidst a changing work environment, connecting with our Guests in innovative ways, and proactively cutting costs and taking actions to preserve liquidity,” said Ted Christie, Spirit’s President and Chief Executive Officer.

As the COVID-19 pandemic continues to evolve, the Company's financial and operational outlook remains subject to change. The Company continues to monitor the impacts of the pandemic on its operations and financial condition, and to implement mitigation strategies while working to preserve cash and protect the long-term sustainability of the Company. The Company has implemented measures for the safety of its Guests and Team Members as well as to mitigate the impact of COVID-19 on its financial position and operations. Please see the Company’s Quarterly Report on Form 10Q for the period ending June 30, 2020 for additional disclosures regarding these measures.

The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, July 22, 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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Inside Spirit Airlines, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
The decrease in other operating expense is primarily driven by lower volume-related costs resulting from the decreased capacity during the period as a result of the impact of COVID-19 on air travel demand.

Other - Other Highlight
Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled "Risk Factors" in this report and in Item 1A "Risk Factors" in our Annual Report on Form 10-K/A for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Financial - Debt Highlight
As our debt balance has increased, we expect interest expense to increase during the remainder of 2020 and beyond.
Financial - Debt Highlight
As our debt balance has increased, we expect interest expense to increase during the remainder of 2020 and beyond.
Revenue - Product Highlight
We continued to experience weak passenger demand and bookings in the quarter driving a decrease in operating revenues of 86.3%, year over year, and a decrease in capacity of 83.2%, year over year.
Financial - Expense
Maintenance, materials and repairs expense...Read more
Financial - Expense
We had no special credits...Read more
Financial - Expense
The increase on a per-ASM...Read more
Financial - Expense
The increase on a per-ASM...Read more
Financial - Expense
Aircraft fuel expense decreased by...Read more
Financial - Expense
We also have high-density seating...Read more
Financial - Expense
This lower fuel expense, year...Read more
Financial - Expense
In addition, we had lower...Read more
Revenue - Product
The increase in total revenue...Read more
Financial - Expense
As our fleet continues to...Read more
Financial - Expense
As our fleet continues to...Read more
Financial - Expense
These decreases were partially offset...Read more
Other - Other
Our total unrestricted cash and...Read more
Financial - Expense
On both a dollar and...Read more
Financial - Expense
In addition, we had a...Read more
Financial - Expense
Maintenance, materials and repairs expense...Read more
Financial - Earnings
For the second quarter of...Read more
Financial - Expense
The increase on a per-ASM...Read more
Financial - Expense
Labor costs for the second...Read more
Other - Other
Our participation in the Loan...Read more
Financial - Cash Flow
Due to the impact of...Read more
Financial - Expense
Distribution costs decreased by $29.3...Read more
Revenue - Geography
The decrease in tax rate...Read more
Revenue - Product
The decrease in fare revenue...Read more
Financial - Shares
In addition, in connection with...Read more
Financial - Expense
The imposition of these tariffs...Read more
Financial - Expense
The imposition of these tariffs...Read more
Financial - Expense
Distribution costs decreased by $31.2...Read more
Revenue - Product
Fare revenue per passenger flight...Read more
Financial - Expense
We had no special credits...Read more
Revenue - Product
34 Total revenue per passenger...Read more
Financial - Expense
On a per-ASM basis, labor...Read more
Other - Other
Special credits for the three...Read more
Other - Other
Special credits for the six...Read more
Financial - Shares
As of June 30, 2020,...Read more
Other - Other
Upon execution of the amended...Read more
Revenue - Product
Comparison of six months ended...Read more
Financial - Expense
The following table presents our...Read more
Revenue - Product
High passenger volumes and load...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.4: Form Of Warrant To Purchase Common Stock Dated May 29, 2020

Exhibit 4.5: Form Of Warrant To Purchase Common Stock Dated June 29, 2020

Exhibit 10.1: Amendment No. 1 To The 2019 A320 Neo Family Purchase Agreement

Exhibit 10.2: Amendment No. 26 To The 2004 A320 Neo Family Purchase Agreement

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: 0001498710-20-000183
Submitted to the SEC: Wed Jul 22 2020 4:32:36 PM EST
Accepted by the SEC: Wed Jul 22 2020
Period: Tuesday, June 30, 2020
Industry: Air Transportation Scheduled