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Spirit Airlines, Inc. (SAVE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE

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EXHIBIT 99.1


Spirit Airlines Reports First Quarter 2021 Results

MIRAMAR, Fla., April 21, 2021 - Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2021 financial results.
Ended the first quarter 2021 with $1.9 billion of unrestricted cash, cash equivalents,
short-term investment securities and liquidity available under the Company's revolving credit facility
First Quarter 2021First Quarter 2020
As ReportedAdjustedAs ReportedAdjusted
(GAAP)
(non-GAAP)1
(GAAP)
(non-GAAP)1
Total Operating Revenues$461.3 million$461.3 million$771.1 million$771.1 million
EBITDA$(28.2) million$(199.7) million$8.0 million$8.0 million
EBITDA Margin(6.1)%(43.3)%1.0%1.0%
Pre-tax Income (Loss)$(138.2) million$(307.9) million$(74.6) million$(74.6) million
Net Income (Loss)$(112.3) million$(242.5) million$(27.8) million$(58.9) million
Diluted Earnings (Loss) Per Share$(1.15)$(2.48)$(0.41)$(0.86)

“We were very pleased to see how well both our domestic and international network performed as demand strengthened in the last few weeks of the quarter. This strength, along with improvement in forward bookings, drove positive cash from operations for the full first quarter 2021 even when excluding the payroll support program funds received. Assuming these trends continue, we believe we can achieve a positive Adjusted EBITDA margin for the full year 2021,” said Ted Christie, Spirit’s President and Chief Executive Officer. “While acknowledging that the recovery is still in progress and may not be linear, we continue to believe we will be among the first U.S. carriers to reach sustained profitability.”

COVID-19
Since its initial onset in early 2020, the impact of the COVID-19 pandemic has evolved and continues to be fluid. Therefore, the Company's financial and operational outlook remains subject to change. The Company continues to monitor the impact of the pandemic on its operations and financial condition, and to adjust its mitigation and operational strategies, accordingly, in order to protect the long-term sustainability and growth of the Company. Spirit 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 10-Q for the period ending March 31, 2021 for additional disclosures regarding these measures.

Capacity and Operations
Load factor for the first quarter 2021 was 72.1 percent on a year-over-year capacity decrease of 26.9 percent. During the first quarter 2021, the U.S. government implemented negative COVID-19 testing requirements for all inbound international travelers entering the United States. About 12 percent of Spirit's first quarter 2021 capacity was negatively impacted by this new regulation.
1

The following information was filed by Spirit Airlines, Inc. (SAVE) on Wednesday, April 21, 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
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
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)
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)
Loss Per Share
Loss Per Share (Details)
Loss Per Share (Tables)
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: 0001498710-21-000105
Submitted to the SEC: Wed Jul 28 2021 4:19:50 PM EST
Accepted by the SEC: Wed Jul 28 2021
Period: Wednesday, June 30, 2021
Industry: Air Transportation Scheduled

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