Spirit Airlines, Inc. (NYSE:SAVE) Q4 2023 Earnings Conference Call February 8, 2024 10:00 AM ET Company Participants DeAnne Gabel - Senior Director, IR Ted Christie - President and CEO Matthew Klein - EVP and CCO Scott Haralson - EVP and CFO Conference Call Participants Christopher Stathoulopoulos - Susquehanna Mike Linenberg - Deutsche Bank Conor Cunningham - Melius Research Scott Group - Wolfe Research Andrew Didora - Bank of America Dan McKenzie - Seaport Global Helane Becker - TD Cowen Operator Thank yo ...

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Spirit Airlines, Inc. (NYSE:SAVE) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Vivian Taveras - Investor Relations Manager Ted Christie - President and Chief Executive Officer Matthew Klein - Executive Vice President & Chief Commercial Officer Scott Haralson - Executive Vice President and Chief Financial Officer Conference Call Participants Conor Cunningham - Melius Research Duane Pfennigwerth - Evercore ISI Scott Group - Wolfe Research Jamie Baker - JPMorgan Chase Stephe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ Form 10-Q _______________________________________________________________________ (Mark One) (Registrant's telephone number, including area code) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Spirit Airlines, Inc. (NYSE:SAVE) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET Company Participants Ted Christie - President & Chief Executive Officer and Class III Director Matthew Klein - Executive Vice President and Chief Commercial Officer Scott Haralson - Executive Vice President And Chief Financial Officer Conference Call Participants Duane Pfennigwerth - Evercore Partners Jamie Baker - JPMorgan Stephen Trent - Citi Research Conor Cunningham - Melius Research Helane Becker - Cowen Micha ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) Overview of the company's financial performance, condition, and cash flows for the period [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Spirit Airlines reported increased Q1 2023 operating revenues and reduced net loss, alongside growing assets and positive operating cash flow Condensed Consolidated Statements of Operations ($ thousands) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $1,349,774 | $967,315 | | **Total operating expenses** | $1,462,169 | $1,178,783 | | **Operating income (loss)** | $(112,395) | $(211,468) | | **Net income (loss)** | $(103,911) | $(194,703) | | **Diluted earnings (loss) per share** | $(0.95) | $(1.79) | Condensed Consolidated Balance Sheets ($ thousands) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,918,083 | $1,993,983 | | **Total assets** | $9,322,317 | $9,184,774 | | **Total current liabilities** | $1,752,609 | $1,596,581 | | **Total liabilities** | $7,852,471 | $7,613,123 | | **Total shareholders' equity** | $1,469,846 | $1,571,651 | Condensed Consolidated Statements of Cash Flows ($ thousands) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $140,777 | $19,545 | | **Net cash used in investing activities** | $(67,566) | $(57,619) | | **Net cash used by financing activities** | $(131,842) | $(47,520) | | **Net decrease in cash, cash equivalents, and restricted cash** | $(58,631) | $(85,594) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the pending JetBlue merger, revenue disaggregation, special charges, aircraft commitments, and debt adjustments - On July 28, 2022, Spirit entered into a merger agreement with JetBlue, which the U.S. Justice Department filed a suit to block on March 7, 2023, with a trial date set for October 16, 2023[25](index=25&type=chunk)[31](index=31&type=chunk) - As part of the merger agreement, JetBlue made prepayments to Spirit stockholders, including a **$2.50 per share** "Approval Prepayment" and monthly **$0.10 per share** "Additional Prepayments", leading to adjustments in the conversion rates of the company's convertible notes[25](index=25&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) Disaggregated Operating Revenues ($ thousands) | Revenue Type | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Fare | $608,861 | $418,418 | | Non-fare | $718,612 | $531,326 | | **Total passenger revenues** | **$1,327,473** | **$949,744** | | Other | $22,301 | $17,571 | | **Total operating revenues** | **$1,349,774** | **$967,315** | - Special charges in Q1 2023 totaled **$14.0 million**, comprising **$7.2 million** in merger-related legal and advisory fees and **$6.7 million** for an employee retention program linked to the JetBlue merger[41](index=41&type=chunk) - As of March 31, 2023, the company had firm orders for **107 A320 family aircraft** with deliveries through 2027 and commitments to purchase **18 spare engines**[61](index=61&type=chunk)[62](index=62&type=chunk) - The company is involved in a class-action lawsuit (Cox, et al. v. Spirit Airlines, Inc.) regarding fees for ancillary services, with a trial set for January 16, 2024, and is challenging a **$27.5 million** IRS assessment related to federal excise taxes on seat selection charges[70](index=70&type=chunk)[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Spirit's Q1 2023 revenue grew significantly with improved operating margin, despite rising fuel and labor costs, maintaining strong liquidity [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2023 operating revenues surged from higher yield and traffic, offset by significant expense increases from fuel and labor costs Comparative Operating Statistics | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Total operating revenues ($ millions) | $1,349.8 | $967.3 | 39.5% | | Operating income (loss) ($ millions) | $(112.4) | $(211.5) | 46.9% | | Load factor (%) | 80.8% | 77.2% | 3.6 pts | | Average yield (cents) | 12.64 | 10.69 | 18.2% | | TRASM (cents) | 10.22 | 8.25 | 23.9% | | Adjusted CASM ex-fuel (cents) | 7.22 | 6.68 | 8.1% | - Operating revenues increased by **$382.5 million** (**39.5%**) due to an **18.2%** increase in average yield, an **18.0%** increase in traffic (RPMs), and a **3.6 percentage point** increase in load factor[134](index=134&type=chunk) - Aircraft fuel expense increased by **32.3%** to **$487.7 million**, driven by a **16.3%** rise in average economic fuel cost per gallon and a **14.0%** increase in fuel consumption[139](index=139&type=chunk) - Salaries, wages, and benefits expense increased by **27.2%** (**$83.3 million**), mainly due to significant pay rate increases from the new pilot collective bargaining agreement ratified in January 2023[144](index=144&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Spirit maintained strong liquidity of **$1.7 billion**, with operating cash flow supporting debt payments and future aircraft commitments - As of March 31, 2023, the company had **$1,696.1 million** of liquidity, comprising unrestricted cash and cash equivalents, short-term investment securities, and available funds under its revolving credit facility[155](index=155&type=chunk)[156](index=156&type=chunk) Cash Flow Summary (Q1 2023 vs Q1 2022, $ millions) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $140.8 | $19.5 | | Net Cash Used In Investing Activities | $(67.6) | $(57.6) | | Net Cash Used By Financing Activities | $(131.8) | $(47.5) | - The company has contractual purchase commitments for **107 A320 family aircraft** with deliveries through 2027, with financing secured for **48** of these aircraft scheduled for delivery through 2024[161](index=161&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) Future Contractual Obligations (as of March 31, 2023, $ millions) | Obligation Type | Remainder of 2023 | 2024 - 2025 | 2026 - 2027 | 2028 and beyond | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Long-term debt | $207 | $1,546 | $928 | $831 | $3,512 | | Lease obligations | $275 | $687 | $601 | $2,859 | $4,422 | | Flight equipment purchase | $543 | $2,603 | $2,309 | $0 | $5,455 | | **Total** | **$1,209** | **$5,160** | **$3,949** | **$3,761** | **$14,079** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risks stem primarily from aircraft fuel price volatility and interest rate fluctuations on the company's fixed-rate debt portfolio - Aircraft fuel expense represented **33.4%** of operating expenses for Q1 2023, where a hypothetical **10%** increase in average fuel price would have increased annual into-plane aircraft fuel expense by approximately **$205 million**[208](index=208&type=chunk) - As of March 31, 2023, the company did not have any outstanding jet fuel derivatives and has not engaged in fuel derivative activity since 2015[208](index=208&type=chunk) - As of March 31, 2023, the company had **$3.5 billion** in total fixed-rate debt, including senior secured notes, term loans, EETCs, and convertible notes, with no outstanding variable-rate long-term debt[210](index=210&type=chunk)[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures, with no material changes to internal controls over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective at the reasonable assurance level[215](index=215&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2023, that have materially affected or are reasonably likely to materially affect internal controls[216](index=216&type=chunk) [Part II. Other Information](index=37&type=section&id=Part%20II.%20Other%20Information) Details on legal proceedings, risk factors, and equity security transactions [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a class-action lawsuit on ancillary fees and challenges a **$27.5 million** IRS tax assessment - The company is defending a class-action lawsuit (Cox, et al. v. Spirit Airlines, Inc.) concerning fees for ancillary products, with a trial set to begin on January 16, 2024[218](index=218&type=chunk) - The company is challenging a **$27.5 million** IRS assessment for federal excise taxes on optional passenger seat selection charges from Q2 2018 to Q4 2020, believing it to be without merit[219](index=219&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes were reported to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[221](index=221&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **82,679** shares of common stock in Q1 2023 from employees for tax withholding purposes Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | January 1-31, 2023 | 75,280 | $20.58 | | February 1-28, 2023 | 0 | $0.00 | | March 1-31, 2023 | 7,399 | $16.56 | | **Total** | **82,679** | **$20.22** | - All stock repurchases were made from employees to cover tax withholding requirements for vested restricted stock and performance share awards[222](index=222&type=chunk)

Spirit Airlines, Inc. (NYSE:SAVE) Q4 2022 Earnings Conference Call February 7, 2023 10:00 AM ET Company Participants DeAnne Gabel - Senior Director, Investor Relations Ted Christie - Chief Executive Officer Matt Klein - Chief Commercial Officer Scott Haralson - Chief Financial Officer Conference Call Participants Mike Linenberg - Deutsche Bank Jamie Baker - JPMorgan Duane Pfennigwerth - Evercore ISI Dan McKenzie - Seaport Global Helane Becker - Cowen Savi Syth - Raymond James Stephen Trent - Citi Scott Grou ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (954) 447-7920 (Registrant's telephone number, including area code) For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-35186 Spirit Airlines, Inc. (Exact name of registrant as specified i ...

Spirit Airlines Inc. (NYSE:SAVE) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET Company Participants DeAnne Gabel - Senior Director, Investor Relations Ted Christie - President and Chief Executive Officer Matthew Klein - Executive Vice President and Chief Commercial Officer Scott Haralson - Senior Vice President and Chief Financial Officer Conference Call Participants Michael Linenberg - Deutsche Bank Duane Pfennigwerth - Evercore Christopher Stathoulopoulos - Susquehanna Conor Cunningham - M ...

Spirit Airlines Inc. (NYSE:SAVE) Q2 2022 Earnings Conference Call August 10, 2022 8:30 AM ET Company Participants DeAnne Gabel - Senior Director of IR Ted Christie - Chief Executive Officer Matt Klein - Executive VP and Chief Commercial Officer Scott Haralson - Senior VP and CFO Conference Call Participants Jay Gunning - Evercore ISI Shannon Doherty - Deutsche Bank Scott Group - Wolfe Research Andrew Didora - Bank of America Chris Stathoulopoulos - Susquehanna Savi Syth - Raymond James James Kirby - JPMorga ...