Thursday, April 24, 2025 PRESS RELEASE: Activity of the 1st quarter 2025 Stable revenue in the First QuarterKey figures in € million31/03/25% of sales31/03/24% of salesChanges in %Total<td style="width:60.47px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; ...

Company Leadership Changes - Spirit Airlines announced the resignation of president and CEO Ted Christie, effective immediately, several months before he was eligible for a $3.8 million retention bonus [1][4][6] - An interim Office of the President has been established to manage the airline until a new CEO is appointed, with key executives including Fred Cromer, John Bendoraitis, and Thomas Canfield involved in the transition [4][6] Financial Restructuring - Spirit Airlines emerged from Chapter 11 bankruptcy by reducing approximately $795 million in debt through a consensual deleveraging plan [2] - The airline secured a $350 million equity investment from existing investors to support future growth and enhance customer experiences [3] Financial Challenges - The airline has faced significant financial challenges, including losses exceeding $2.5 billion since 2020 and over $1 billion in debt obligations [9] - Increased operating expenses and competition from larger carriers have further strained the airline's financial position [10] Strategic Issues - Spirit Airlines' ultra-low-cost model has been under pressure as consumer demand shifts toward full-service carriers, leading to a 16% drop in utilization rates compared to 2019 [11] - Failed merger attempts with Frontier Airlines and JetBlue Airways have contributed to the airline's financial instability and ongoing market pressures [10][12]

Friday, April 4th, 2025 PRESS RELEASE In accordance with the authorization granted at its Ordinary and Extraordinary General Meeting on April 25th, 2024, SAVENCIA SA has purchased a block of 414,942 shares for a total of €23,485,717.20, equivalent to €56.60 per share. Following this transaction, SAVENCIA SA holds 1,085,726 of its own shares, representing 7.7% of the capital. About Savencia Fromage & Dairy: Savencia Fromage & Dairy is an international, family-owned and independent food group. With its 22 ...

First-of-its-kind, proactive peak load shifting and shaping program will dispatch residential home batteries and leverage smart home electrical panels to enhance local grid reliabilityOAKLAND, Calif., March 24, 2025 /PRNewswire/ -- Pacific Gas & Electric Company (PG&E) today announced the launch of Seasonal Aggregation of Versatile Energy (SAVE), an Electric Program Investment Charge (EPIC) demonstration and a first-of-its-kind virtual power plant (VPP) that harnesses residential distributed energy resource ...

Thursday, March 06, 2025 PRESS RELEASE: 2024 Full Year Financial Results Sales growth of +5.1%Slight increase of the Current Operating Profit Key figures in € million 31/12/24 % of sales 31/12/23 % of sales Changes in % <td style="width:45.34px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-botto ...

Financial Performance and Costs - The company was assessed $34.9 million in federal excise taxes related to optional passenger seat selection charges, which was later reduced to $27.5 million[185]. - Labor costs represented approximately 28.1%, 27.6%, and 22.1% of total operating costs for 2024, 2023, and 2022, respectively[196]. - Aircraft fuel expenses represented approximately 24.6% of the company's operating expenses for the year ended December 31, 2024[532]. - A hypothetical 10% increase in the average price per gallon of aircraft fuel would have increased into-plane aircraft fuel costs for 2024 by $147.9 million[532]. - The company has significant obligations for aircraft and spare engines ordered from manufacturers, which will require financing[208]. - As of December 31, 2024, the company had $1,465.2 million outstanding in fixed-rate debt related to 38 Airbus A320 aircraft and 29 Airbus A321 aircraft[534]. - The fair value of the fixed-rate debt related to the Airbus A320 and A321 aircraft was $1,413.2 million as of December 31, 2024[534]. - The company had $136.3 million outstanding in fixed-rate debt related to unsecured term loans, with a fair value of $130.4 million as of December 31, 2024[534]. - As of December 31, 2024, the company had $609.0 million outstanding in variable-rate debt, with a fair value of $609.0 million[535]. - A hypothetical increase of 100 basis points in average annual interest rates would have increased the annual interest expense on the company's variable-rate long-term debt by $31 thousand in 2024[535]. Labor Relations and Workforce - Approximately 84% of the company's workforce was represented by labor unions as of December 31, 2024[196]. - The company is currently negotiating with the Aircraft Mechanics Fraternal Association (AMFA) regarding a collective bargaining agreement[196]. - The company reached a new agreement with flight attendants in February 2023, which includes increased pay rates and enhanced benefits, ratified on April 13, 2023, and amendable in January 2026[200]. - The company is negotiating with PAFCA for a new two-year agreement, which was ratified on August 10, 2024, including increased pay rates[201]. - The company has experienced operational disruptions from labor-related actions in the past, impacting financial results[198]. Regulatory Environment - The company is subject to extensive regulation by the FAA, DOT, and TSA, which could increase operational costs[185]. - The company is subject to extensive regulations by the FAA, DOT, and TSA, which could increase operational costs and affect financial results[214]. - In May 2024, Congress passed the FAA Reauthorization Act of 2024, which includes provisions that could impact the company's operations and financial condition[217]. - The DOT proposed a rule requiring airlines to ensure at least one lavatory on new single-aisle aircraft with at least 125 passenger seats is accessible for passengers with disabilities[222]. - The DOT's final rule on enhancing transparency of airline ancillary services fees was published on April 30, 2024, but is currently stayed pending legal review[223]. - A proposed rule mandates airlines to seat children aged 13 and under adjacent to an accompanying adult at no additional cost, with civil penalties for non-compliance[224]. - The DOT issued a final rule on December 17, 2024, to improve access for individuals with disabilities, effective January 16, 2025, requiring airlines to assist passengers with wheelchairs and reimburse costs for mishandled devices[225]. - The U.S. government faces pressure for cost-cutting initiatives, which could delay funding for regulatory agencies affecting the aviation industry[229]. - Compliance with environmental regulations may increase operating costs, with potential future regulations affecting the aviation industry[266]. - The company is a participant in the CORSIA program, which could significantly increase operating costs starting from the mandatory phase in 2027[268]. Operational Challenges - The airline industry is sensitive to economic conditions, with adverse conditions potentially reducing spending on discretionary travel[186]. - The company faced significant operational disruptions due to adverse weather conditions, resulting in approximately 1,400 flight cancellations during 2017[191]. - Increased security measures and costs due to past terrorist attacks have negatively impacted the airline industry[188]. - Economic conditions, including inflation and labor shortages, could adversely affect air travel spending and operational costs[207]. - The airline's network strategy implementation is critical for profitability, facing challenges such as hiring personnel and securing equipment[236]. - The airline announced the discontinuation of service at Denver International Airport due to underperforming routes and engine availability issues, effective January 9, 2024[238]. - The company is dependent on key airports for operations, and any changes in airport regulations or capacity could materially affect its business[253]. - The company relies heavily on technology and automated systems, and any failure in these systems could adversely affect operations and financial results[240]. - The company relies heavily on third-party service providers for its reservation system, which is critical for issuing and tracking electronic tickets, and any operational failures could lead to significant revenue loss[241]. - The company has experienced past outages, including a notable 13-hour outage in August 2013, which impacted sales and customer service[241]. - Cybersecurity risks are increasing, and the company may incur higher costs to mitigate these risks, including deploying additional personnel and technologies[245]. - The company is subject to various risks from natural disasters, cyber-attacks, and software bugs that could disrupt operations and lead to data loss[243]. Market Position and Competition - The company lacks marketing alliances with other airlines, putting it at a competitive disadvantage compared to traditional network carriers[212]. - The company relies on third-party distribution channels for ticket sales, and any inability to manage costs or functionality could adversely impact its competitive position[258]. - The market price of the company's common stock has been volatile, which could adversely affect investor confidence and employee retention[304]. - Credit ratings have been downgraded to D by Fitch and S&P Global following the Chapter 11 filing, which could increase future debt financing costs[288]. - The existence of Convertible Notes may encourage short selling, potentially depressing the price of the company's common stock[300]. - The company may issue additional securities, which could result in substantial dilution to existing stockholders[296]. - The issuance of warrants to the Treasury under PSP programs could depress the trading price of common stock if exercised[298]. Strategic Initiatives - The company has changed its business strategy to realign with evolved customer needs, focusing on premium leisure while maintaining low costs[195]. - The company is currently utilizing AI to enhance services, but there are risks associated with its implementation, including potential inaccuracies and operational harm[242]. - The company’s strategy to enhance passenger experience through new travel options may not guarantee increased revenues due to changing customer preferences and economic conditions[252]. - Future business decisions, including ticket prices and routes, could adversely impact the Free Spirit Program and customer participation[279]. - The company intends to retain future earnings to finance business development and does not plan to pay cash dividends in the foreseeable future[319]. - The company plans to issue $840 million of Exit Secured Notes and enter into an Exit Revolving Credit Facility providing up to $300 million in financing[294]. - The covenants in the indenture governing the Secured Notes impose restrictions on the Free Spirit Program, including limitations on amending policies and selling pre-paid miles exceeding $25 million annually[281]. - The company is highly dependent on cash balances and operating cash flows to meet fixed obligations, with potential risks of default if cash flows are insufficient[294]. - The company has a significant amount of aircraft-related fixed obligations and may incur additional debt, which could impair liquidity and harm business operations[284]. - The company’s quarterly operating results are expected to fluctuate due to seasonality, weather, and competitive actions, making quarter-to-quarter comparisons less indicative of future performance[274]. Supply Chain and Equipment - The company relies on a limited number of suppliers for aircraft and engines, specifically Airbus A320-family aircraft powered by IAE and Pratt & Whitney engines[261]. - In late 2022, Airbus notified the company of delays in aircraft deliveries originally scheduled for 2023, pushing them into 2024 and beyond, which required a reduction in capacity expectations[261]. - The company has experienced reliability issues with the PW1100G engines since the second half of 2022, resulting in diminished service availability and extended turnaround times for maintenance[261]. - Pratt & Whitney announced in July 2023 that certain GTF engines will require accelerated inspections, with an estimated need for removal and inspection through at least 2026[261]. - The company has entered into an agreement with IAE for monthly credits as compensation for aircraft unavailable due to GTF engine issues, amounting to $150.6 million through December 31, 2024[261]. - The imposition of tariffs on imported commercial aircraft and parts could materially increase costs, affecting the airline's financial condition[233].

Core Insights - The company reported a sales growth of +5.1% for the year 2024, primarily driven by Other Dairy Products amidst ongoing milk price inflation [1] - Organic growth stood at +3.1%, with Other Dairy Products showing a significant increase of +7.8% [1][3] - Cheese Products experienced a slight decline in sales, although organic growth was recorded at +0.5% when excluding exchange rate effects [2] Sales Performance - Total sales reached €7,140 million in 2024, compared to €6,791 million in 2023, reflecting a growth of +5.1% [1] - Cheese Products accounted for €4,055 million, representing 56.8% of total sales, with a slight decrease of -0.6% from the previous year [1] - Other Dairy Products saw sales of €3,328 million, a notable increase of +13.9% from €2,923 million in 2023 [1][3] Market Dynamics - The growth in Other Dairy Products was attributed to positive trends in international markets and enhanced activities in Europe [3] - The price/mix effect contributed positively to Cheese Products, indicating the strength of the company's brand portfolio despite volume declines [2] Environmental and Social Commitments - The company is focused on improving its environmental performance, including reducing water consumption and greenhouse gas emissions, aligning with its SBTi 1.5° commitment [5] - Savencia Group has been recognized as a "TOP EMPLOYER" in Europe and 17 other countries, with 90% of its employees working in certified countries [5]

Core Points - Spirit Airlines is laying off approximately 200 employees as part of a strategy to reduce expenses and emerge from bankruptcy [1][2][7] - The layoffs are part of a broader plan to trim $80 million in annual expenses, with the airline having around 13,000 employees before the cuts [2][8] - CEO Ted Christie emphasized the need to adapt to current financial realities and stated that the company must operate as a smaller airline to regain financial stability [2][3] Financial Context - Spirit Airlines filed for Chapter 11 bankruptcy last year due to heavy debt burdens and increased competition in the budget travel sector [3][5] - The airline has reported over $2.2 billion in losses since 2020, significantly impacting its financial position and erasing nearly all profits since adopting its ultralow-cost strategy in 2006 [6][11] - The bankruptcy process is expected to conclude later this quarter, with the company aiming to stabilize its operations [5][9] Leadership and Compensation - CEO Ted Christie received a $3.8 million retention bonus just a week before the bankruptcy filing, which has drawn criticism from shareholders [8][10] - The board justified the bonus as necessary to retain experienced leadership during the financial crisis [11]

Core Insights - Spirit Airlines filed for Chapter 11 bankruptcy protection in November, marking a significant downturn for the airline which has not been profitable since 2019 and has incurred losses exceeding $2 billion since 2020 [1][3] Industry Challenges - The airline industry has been severely impacted by the Covid-19 pandemic, which was compounded by supply chain issues and rising operational costs, including increased wages for employees [1] - Changes in traveler preferences post-pandemic have led to increased competition, as consumers are now willing to pay for more comfort and amenities, prompting legacy carriers to introduce basic economy fares and segmented cabins [2] Company Actions - In response to financial difficulties, Spirit Airlines furloughed hundreds of pilots, offered buyouts to salaried workers, sold parts of its Airbus fleet, and cut routes [3] - The airline plans to continue operations during the bankruptcy process, with expectations to emerge as a smaller entity with fewer routes by the first quarter of 2025 [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ Form 10-Q _______________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commiss ...