Spirit Airlines Warns It May Not Survive Another Year Without More Cash https://t.co/44u7BSkjIR ...

Spirit Airlines is warning that it may not survive the next year unless it can quickly raise more cash — just five months after emerging from bankruptcy protection.The budget airline said in a report Monday that fewer people are booking leisure trips within the US and tough competition from other carriers is making it hard to hit the money targets it promised after bankruptcy.The company cautioned that failure to secure additional funds could trigger loan defaults and force it to sell assets, including plan ...

The no-frills budget carrier Spirit Airlines warned it may not survive beyond a year in its quarterly filing, months after emerging from bankruptcy and weeks after announcing it would furlough hundreds of pilots. (Photo: Getty Images)https://t.co/wifjCaLBeX https://t.co/P2uPTSDbLc ...

Spirit Airlines said it may not continue to operate if its financial results don’t improve faster than it previously expected https://t.co/EKCD1PCBlC ...

Spirit Airlines, the poster child for no-frills flying, has warned it may not survive another year without more cash. https://t.co/ewbEhLy3Xp https://t.co/ewbEhLy3Xp ...

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 June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to Commission F ...

Spirit Airlines Will Furlough 270 Pilots This Fall—Third Cull In A Year https://t.co/t0rKsCyKHr https://t.co/t0rKsCyKHr ...

Financial Performance - For the first quarter of 2025, the company reported operating revenues of $1,012.4 million, a decrease of $253.1 million or 20.0% compared to the prior year period [258]. - The company experienced a negative operating margin of 28.6% in Q1 2025, worsening from a negative margin of 16.4% in the same period of the previous year [255]. - Revenue passenger miles (RPMs) decreased by 20.9% to 8,604,963 thousand in Q1 2025, while available seat miles (ASMs) decreased by 19.8% to 10,824,829 thousand [254]. - The average daily aircraft utilization dropped by 22.1% to 8.1 hours in Q1 2025 compared to 10.4 hours in Q1 2024 [254]. - Total operating expenses for the first quarter of 2025 were $1.3 billion, a decrease of $171.3 million, or 11.6%, compared to the prior year [265]. - Adjusted CASM (cost per available seat mile) increased to 11.89 cents from 10.68 cents, reflecting a 11.3% rise [266]. - Total revenue per passenger flight segment decreased by 1.3% year over year, primarily due to a decrease in other revenue [259]. Cost Management - The company identified approximately $100 million of annualized cost reductions as part of its strategy to return to profitability through 2025 [292]. - Salaries, wages, and benefits decreased by $46.7 million, or 10.8%, driven by lower headcount and a decrease in operations [268]. - Aircraft rent expense increased by $35.9 million, or 31.1%, due to the acquisition of 22 new aircraft financed under operating leases [270]. - Maintenance, materials, and repairs expense increased by $3.8 million, or 6.9%, attributed to a higher volume of maintenance events [274]. - Distribution costs rose by $4.7 million, or 10.4%, primarily due to higher advertising expenses related to new travel options [275]. - Other operating expenses decreased by $8.1 million, or 4.1%, mainly due to reduced travel and lodging expenses [276]. Reorganization and Debt Management - Spirit emerged from Chapter 11 bankruptcy on March 12, 2025, following the confirmation of its reorganization plan [225]. - The company canceled $1.6 billion of liabilities subject to compromise during the Chapter 11 Cases and fully repaid the $300 million DIP Facility [287]. - The company reported interest income of $10.9 million for the combined Successor and Predecessor Periods for the three months ended March 31, 2025, compared to $13.6 million for the Predecessor three months ended March 31, 2024 [280]. - Long-term debt outstanding is $2,768 million, with $1,737 million due beyond 2029 [306]. - The company made $51.2 million in debt payments on outstanding aircraft debt obligations [293]. Liquidity and Financial Position - As of March 31, 2025, the company had $882.1 million in liquidity, which included unrestricted cash, cash equivalents, short-term investment securities, and funds available under the Exit Revolving Credit Facility [290]. - The fair market value of short-term investment securities is $119.6 million as of March 31, 2025 [338]. - The company has $6.0 million in a line of credit related to corporate credit cards, collateralized by $6.0 million in restricted cash [307]. - As of March 31, 2025, the company had $11.9 million in surety bonds and $49.1 million in standby letters of credit, representing off-balance sheet commitments [309]. Fleet and Operational Efficiency - Spirit's all-Airbus fleet is one of the youngest and most fuel-efficient in the United States, supporting its low-fare carrier model [222]. - The company had 213 Airbus A320-family aircraft in its fleet as of March 31, 2025, with 92 additional aircraft scheduled for delivery through 2031 [257]. - Aircraft fuel expense represents approximately 21.6% of operating expenses for the three months ended March 31, 2025 [337]. - A hypothetical 10.0% increase in the average price per gallon of aircraft fuel would increase into-plane aircraft fuel expense by approximately $135 million [337]. - The company has not engaged in fuel derivative activity since 2015, with no outstanding jet fuel derivatives as of March 31, 2025 [337]. Customer Experience and Loyalty - Updates to the Free Spirit® Loyalty Program aim to enhance guest experience and build loyalty [223]. - The company introduced over 40 extra-legroom seats with a 32-inch pitch across 7 rows, enhancing customer comfort [227]. - The company aims to drive higher unit revenues through strategic changes focused on premium leisure travel options and ancillary revenue [238]. Challenges and Risks - The impact of Pratt & Whitney GTF engine issues may lead to reduced operational reliability and financial performance through at least 2026 [241]. - The company recognized a loss on disposal of assets primarily consisting of $18.5 million in impairment charges related to early retirement of aircraft [276].

Core Viewpoint - Spirit Airlines is enhancing its support for veterans and military families through various initiatives under the Spirit Charitable Foundation, aimed at honoring service members and improving their access to essential resources and experiences [1][2]. Group 1: Initiatives and Partnerships - The Spirit Charitable Foundation is committed to initiatives such as flying veterans to Washington, D.C. for memorial visits, providing complimentary museum access, reuniting military families with injured loved ones, and supporting veteran students at Broward College [2][3][4]. - Spirit Airlines has partnered with Honor Flight South Florida to host special veteran recognition flights, which include roundtrip airfare, local transportation, meals, and additional special touches for veterans visiting memorials [3]. - The Foundation has provided a $30,000 grant to the NSU Art Museum for free admission for veterans and their dependents, and has partnered with MAD Arts to offer free entry for active-duty military personnel on specific days [4]. Group 2: Support Services - Spirit Airlines offers airfare for relatives of wounded service members through Luke's Wings, facilitating emotional support during recovery by ensuring family presence [5]. - The Spirit Veterans Lounge at Broward College provides a dedicated space for military students to connect and recharge, featuring comfortable amenities and aircraft portraits [6]. Group 3: Financial Contributions - Since 2019, the Spirit Charitable Foundation has donated nearly $1 million to various nonprofits supporting service members, including the Broward Center Veterans Program and Soldiers' Angels [7]. Group 4: Military Benefits - In 2024, Spirit Airlines expanded benefits for active-duty military service members to include their spouses and children, offering free checked bags, carry-on bags, and priority boarding [8]. Group 5: Employment and Community Engagement - Spirit Airlines employs numerous team members with military backgrounds across various roles, and maintains a Veterans Resource Group and Allies (VRGA) to raise awareness and provide educational opportunities [9][10].

Core Insights - Savencia Fromage & Dairy reported stable revenue of €1,695 million for Q1 2025, showing no significant change compared to €1,696 million in Q1 2024, amidst high inflation in milk prices and record butter prices [1][2] - The company achieved an organic growth rate of +0.8%, primarily driven by a +6.6% increase in Other Dairy Products, which offset a decline in Cheese Products [1][3] - Cheese Products revenue declined by -3.3% on a like-for-like basis, attributed to weakened volumes in France and other European countries due to inflationary pressures and challenging commercial negotiations [2][5] - Other Dairy Products saw a revenue increase of +6.7% year-on-year, benefiting from positive trends in the ingredients business and high butter prices [3][4] Market Outlook - The outlook for 2025 is characterized by a volatile economic environment, with ongoing pressure on milk prices and increased competition in both domestic and international markets [5][6] - Geopolitical tensions and potential economic shifts may lead to a slowdown in global growth, impacting the company's performance [5][6] - In response to these challenges, the company is focusing on a specialty strategy, enhancing competitiveness, and investing in brand growth and product quality [6][8]