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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE

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EXHIBIT 99.1


Spirit Airlines Reports Fourth Quarter and Full Year 2020 Results

MIRAMAR, Fla., February 10, 2021 - Spirit Airlines, Inc. (NYSE: SAVE) today reported fourth quarter and full year 2020 financial results.
Ended the year 2020 with $1.9 billion of unrestricted cash, cash equivalents
and short-term investment securities
Fourth Quarter 2020Fourth Quarter 2019
As ReportedAdjustedAs ReportedAdjusted
(GAAP)
(non-GAAP)1
(GAAP)
(non-GAAP)1
Total Operating Revenues$498.5 million$498.5 million$969.8 million$969.8 million
EBITDA$(87.8) million$(88.8) million$186.5 million$191.5 million
EBITDA Margin(17.6)%(17.8)%19.2%19.7%
Pre-tax Income (Loss)$(204.5) million$(205.5) million$106.8 million$111.7 million
Net Income (Loss)$(157.3) million$(157.7) million$81.2 million$85.0 million
Diluted Earnings (Loss) Per Share$(1.61)$(1.61)$1.18$1.24

“Soft demand driven by pandemic-related concerns continues to have a significant impact on our operating results. However, our leading low-cost structure remains a key advantage and positions us well to compete in this environment and beyond. Our load factor and Adjusted EBITDA margin for the fourth quarter 2020 are among the best in the industry, illustrating the strength of our business model,” said Ted Christie, Spirit’s President and Chief Executive Officer. “While the road to recovery is anticipated to be choppy, we are confident we will be among the first U.S. carriers to return to profitability.”

Spirit continues to be recognized for a strong reputation within the airline industry and across all industries. The company’s latest accolade was being named to FORTUNE's 2021 list of World's Most Admired® Companies. Spirit is one of only three U.S. airlines included on the list, which surveyed top executives and directors from eligible companies, industry experts and financial analysts.

COVID-19
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. Spirit has implemented measures for the safety of its Guests and Team Members as well as to mitigate the impact of the COVID-19 on its financial position and operations. Please see the Company's Annual report on Form 10-K for the period ending December 31, 2020 for additional disclosures regarding these measures.



1

The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, February 10, 2021 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 Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Narrative (Details)
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 - Narrative (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)
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 - Covid-19 Legislation Narrative (Details)
Impact Of Covid-19 - Income Taxes Narrative (Details)
Impact Of Covid-19 - Workforce Reduction 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)
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: 0001498710-21-000082
Submitted to the SEC: Wed Apr 21 2021 4:12:52 PM EST
Accepted by the SEC: Wed Apr 21 2021
Period: Wednesday, March 31, 2021
Industry: Air Transportation Scheduled

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