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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE


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EXHIBIT 99.1


Spirit Airlines Reports Second Quarter 2020 Results

MIRAMAR, Fla., July 22, 2020 - Spirit Airlines, Inc. (NYSE: SAVE) today reported second quarter 2020 financial results.
Ended the second quarter 2020 with $1.2 billion of unrestricted cash and short-term investments
Second Quarter 2020Second Quarter 2019
As ReportedAdjustedAs ReportedAdjusted
(GAAP)
(non-GAAP)1
(GAAP)
(non-GAAP)1
Revenue$138.5 million$138.5 million$1,013.0 million$1,013.0 million
Pre-tax Income (Loss)$(212.5) million$(364.4) million$148.6 million$150.1 million
Pre-tax Margin(153.4)%(263.1)%14.7%14.8%
Net Income (Loss)$(144.4) million$(285.8) million$114.5 million$115.7 million
Diluted Earnings (Loss) Per Share$(1.81)$(3.59)$1.67$1.69

“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.
1

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 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)
Equity
Equity - Common Stock Offering Narrative (Details)
Equity - Preferred Stock And Material Modifications To Rights Of Security Holders Narrative (Details)
Equity - Warrants (Details)
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 Narrative (Details)
Impact Of Covid-19 - Capacity Reductions Narrative (Details)
Impact Of Covid-19 - Cares Act Narrative (Details)
Impact Of Covid-19 - Income Taxes Narrative (Details)
Impact Of Covid-19 - Supporting Communities Narrative (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)
Recent Accounting Developments
Recent Accounting Developments - Narrative (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Short-Term Investment Securities
Short-Term Investment Securities (Details)
Special Credits
Special Credits - Narrative (Details)
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

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