Spirit Airlines, Inc. (SAVE) 10-Q Quarterly Report Wed Apr 21 2021

“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.

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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Spirit Airlines, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Spirit Airlines, Inc.'s 10-Q Quarterly Report:

Financial - Shares Highlight
These actions include the private offering of $850 million of the 8.00% senior secured notes, the public offering of $175.0 million in convertible notes, the public offering of 20,125,000 shares of our voting common stock for which we received net proceeds of $192.4 million, the issuance and sale of 9,000,000 shares of our voting common stock through our ATM Program for which we received net proceeds of $156.7 million and the execution of a revolving credit facility with a total commitment of $180.0 million as of December 31, 2020 for which the commitment amount 32 was increased to $240.0 million during the first quarter of 2021.

Financial - Expense Highlight
The increase on a per-ASM basis was primarily driven by an average increase in fixed costs such as salaries, wages and benefits expense, depreciation and amortization expense, landing fees and other rents expense and aircraft rent expense as well as a decrease of 26.9% in ASMs compared to the same period in the prior year.
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.
Financial - Expense Highlight
The increase on a per-ASM basis was primarily due to an average increase in fixed costs such as salaries, wages and benefits expense, depreciation and amortization expense, landing fees and other rents expense and aircraft rent expense as well as a decrease of 26.9% in ASMs compared to the same period in the prior year.
Financial - Income Highlight
Cash provided by operating activities increased, year over year, primarily due to cash provided from a decrease in income tax receivable and increases in air traffic liability, other liabilities and non-cash expense of depreciation and amortization.
Financial - Expense
The following table presents our...Read more
Other - Other
Factors that could cause or...Read more
M & A - Other
The COVID-19 pandemic and its...Read more
Financial - Expense
Maintenance, materials and repairs expense...Read more
Financial - Expense
Other operating expense for the...Read more
Financial - Expense
Aircraft fuel expense decreased by...Read more
Financial - Expense
We also have high-density seating...Read more
Financial - Expense
The remaining amount of $156.5...Read more
Financial - Expense
This lower fuel expense, year...Read more
Financial - Expense
In addition, we had lower...Read more
Financial - Expense
As our fleet continues to...Read more
Revenue - Product
The decrease in non-ticket revenue...Read more
Financial - Earnings
Summary of Results For the...Read more
Revenue - Product
The increase in health insurance...Read more
Other - Other
In April 2021, we were...Read more
Financial - Expense
Distribution costs decreased by $10.1...Read more
Revenue - Product
We experienced a decrease in...Read more
Revenue - Product
Fare revenue per passenger flight...Read more
Financial - Shares
In addition, in connection with...Read more
Financial - Shares
In addition, in connection with...Read more
Financial - Shares
The decrease in signatory adjustment...Read more
Financial - Expense
The imposition of these tariffs...Read more
Financial - Expense
On a per-ASM basis, labor...Read more
Other - Other
The decrease in tax rate,...Read more
Other - Other
The increase in bonus was...Read more
Financial - Expense
"Adjusted CASM ex fuel" means...Read more
Other - Other
In addition, for the three...Read more
Financial - Expense
35 GLOSSARY OF AIRLINE TERMS...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 10.2: Form Of Restricted Stock Award Grant Notice And Restricted Stock Award Agreement

Exhibit 10.3: Form Of Performance Share Award Grant Notice And Performance Share Award Agreeme

Exhibit 10.4: Form Of Performance Market Stock Unit Grant Notice And Market Stock Unit Agreeme

Exhibit 10.5: Form Of Performance Cash Award Grant Notice And Performance Cash Award Agreement

Exhibit 10.6: Form Of Time Based Cash Award 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: 0001498710-21-000082
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