Second Quarter 2022 Results For the second quarter 2022, Spirit reported a net loss of $52.4 million, or a net loss of $0.48 per diluted share. Excludes operating special items. Excludes special items which may include loss on disposal of assets, special charges and credits, and other items which are not estimable at this time. Strikes are primarily used as bargaining chips in negotiations between unions and employers, so there is always the chance that both sides will come to an agreement before one actually takes place. While the biggest carriers say they have enough pilots, the shortage has given unions leverage to bargain for rich pay increases. In any case, if your next travel involves any of the airlines mentioned above, or the destinations and dates corresponding to any strike already announced, it is a good idea to keep an eye on your flight status and prepare for a more disrupted trip than expected. Excludes operating special items. Revenue passenger miles (RPMs) (thousands), Total operating revenue per ASM (TRASM) (cents), Fare revenue per passenger flight segment ($), Non-ticket revenue per passenger flight segment ($), Total revenue per passenger flight segment ($), Average daily aircraft utilization (hours). Last October, Spirit Airlines flight NK-3044 was on its way to Fort Lauderdale (FLL), Florida, from Atlantic City, New Jersey, when a bird strike occurred on the aircraft's There is still much work to do to return to full utilization and normalized margins, but we remain confident we can reach both of those targets by mid-year 2023," said Ted Christie, Spirit's President and Chief Executive Officer. Compared to the third quarter 2019, these increases were primarily driven by increases in flight volume, additional aircraft, higher fuel prices and inflationary wage pressures. Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. You can also buy trip insurance but you will only be protected generally if your airline hasnt threatened a strike and is not currently under a strike. 2021 include amounts related to the grant component of the PSP2 and PSP3 agreements with the Treasury and to the CARES Act Employee Retention credit; partially offset by amounts recorded in connection with the rehire of Team Members previously terminated under the Company's involuntary employee separation program but which were rehired in compliance with the restrictions mandated by the Company's participation in the PSP2 and PSP3 programs. Lets see what is happening with some of them. Operating special items include the following: Non-operating special items include the following: (1) Refer to the section "Non-GAAP Financial Measures" for additional information. However, British Airways passengers are still suffering since trip cancellation decisions have not stopped. Adjusted
Forward-looking statements include, without limitation, guidance for 2022 and statements regarding the Company's intentions and expectations regarding revenues, cash burn, capacity and passenger demand, additional financing, capital spending, operating costs and expenses, pre-tax income, pre-tax margin, taxes, hiring, aircraft deliveries and stakeholders, vendors and government support. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Revenue Performance Total operating revenues for the second quarter 2022 were $1.4 billion, an increase of 34.9 percent compared to the second quarter 2019 primarily due to increased flight volume and higher operating yields. The Company believes that adjusting for loss on disposal of assets, special charges (credits), federal excise tax recovery adjustments and accelerated asset retirements is useful to investors because these items are not indicative of the Company's ongoing performance and the adjustments are similar to those made by our peers and allow for enhanced comparability to other airlines. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Weve been through so much together throughout the pandemic, and we are committed to making the necessary investments to build a stronger and more resilient airline for both our team members and guests. I want to thank and acknowledge our entire team for caring for our Guests and each other and for doing a great job mitigating the operational impacts from Hurricane Ian. Operating income (loss), non-GAAP (5), Adj. The current environment in the airline industry is definitely making air travel complicated for many people. There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission. Forward-Looking Statements in this report and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. The Company does not provide a reconciliation of forward-looking measures on a forward-looking basis where the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in/excluded from the non-GAAP financial measures without unreasonable efforts. Calculation of Total Non-Ticket Revenue per Passenger Flight Segment. The Company estimates the decrease in operating income attributable to the direct impact from the hurricane was approximately $5 million in the third quarter and will be approximately $5 million in the fourth quarter 2022. The objective is to get better working conditions and We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. On the operations side, following a rough start to the quarter, we implemented key operational changes and quickly saw meaningful improvements in our operational reliability and recoverability. 1:27 PM EST, Fri December 23, 2022, FILE - A Spirit Airlines jet approaches Philadelphia International Airport in Philadelphia, Feb. 24, 2021. The airline did not say how many passengers were on board. "A few news outlets have incorrectly reported that this may be due to a strike. Refer to the section "Non-GAAP Financial Measures" for additional information. Copyright 2022 by WTOP. The completion of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals. Which airline should you fly based on your zodiac sign? For the same reasons, the Company is unable to address the probable significance of the unavailable information. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. The Air Line Pilots Association said 78% of Delta pilots who voted supported the contract. (4) For periods beyond second quarter 2022, if the Company is profitable, the Company estimates its weighted average diluted shares outstanding will be 110.7 million, plus the dilutive impacts from outstanding equity awards and warrants. All rights reserved. MIRAMAR, Fla., Oct. 26, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported third quarter 2022 financial results. 1, Adj. On a per passenger flight segment basis, compared to the same period in 2019, total revenue per passenger flight segment ("segment") for the third quarter 2022 increased 22.2 percent to $134.59. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Merger Agreement with JetBlue As previously announced, Spirit Airlines, Inc. entered into a merger agreement with JetBlue Airways Corporation on July 28, 2022. Spirit Airlines said Monday that it still supports Frontier Airlines $2.9bn takeover bid for the airline, saying it was more likely to win regulatory approval than While routes inside Spain will be the most affected, it is believed that routes out of the country will also be affected. The airline reported a net loss of $52.4 million, roughly a 48-cent loss per diluted share in the company. A Warner Bros. See Special Items table for more details. Our Fit Fleet is one of the youngest and most fuel-efficient in the U.S. We serve destinations throughout the U.S., Latin America and the Caribbean and are dedicated to giving back and improving those communities. "We do sympathize with (the passengers)," said Spirit pilot Travis Wheat. Spirit Airlines, Inc. All Rights Reserved. Adjusted operating expenses and adjusted operating margin are non-GAAP financial measures, which are provided on a forward-looking basis. And further strikes have been planned by the employees of low-cost carrier Ryanair, British Airways, and other major airlines. Forward-looking statements include, without limitation, guidance for 2022 and statements regarding the Company's intentions and expectations regarding revenues, cash burn, capacity and passenger demand, additional financing, capital spending, operating costs and expenses, taxes, EBITDA, EBITDA margin, hiring, aircraft deliveries and stakeholders, vendors and government support. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. If adjusted net income plus interest on the Notes, net of income tax, divided by the weighted average diluted shares including the 2.0 million shares is found to be anti-dilutive, the shares related to the Notes will not be included in the weighted average diluted share count. However, we no longer exclude supplemental rent adjustments and, as such, Adjusted CASM and Adjusted CASM ex-fuel shown above for 2019 and 2021 have been revised to reflect this change. Furthermore, such forward-looking statements speak only as of the date of this release. However, they will usually try (ala Spirit) to try in some ways to make at least partial amends. We make it possible for our Guests to venture further and discover more than ever before. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Airline ticket prices are soaring even faster than inflation, and any Justice Department action could make a big difference to consumers. Revenue passenger miles (RPMs) (thousands), Total operating revenue per ASM (TRASM) (cents), Fare revenue per passenger flight segment ($), Non-ticket revenue per passenger flight segment ($), Total revenue per passenger flight segment ($), Average daily aircraft utilization (hours). LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. The association said it leaves Spirit flight attendants burdened with picking up the pieces. Agent Pat Saizan not unexpectedly recommends agent service because they can help find discount fares. Excluding special items, adjusted net loss for the second quarter 2022 was $32.2 million1, or an adjusted net loss of $0.30 per diluted share1. We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure. MIRAMAR, Fla., Aug. 9, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported second quarter 2022 financial results. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. Aircraft utilization in the second quarter 2022 was 10.7 hours, down 16.4 percent compared to the 12.8 hours in the same period of 2019. Third Quarter 2022 Financial Results. In addition, it includes the write-off of related deferred financing costs and original issuance discount. Were gonna have to come back to the airfield.. Video posted on YouTube by Danny Adivo shows the more than 100 passengers being waved to the exits and onto inflatable evacuation slides on both sides of the plane. Log in to your WTOP account for notifications and alerts customized for you. Delta has about 15,000 pilots. External site may not meet accessibility requirements. For more details review our. White House accuses China of not complying with Trump-era 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting, Mike McCarthy shreds ex-Cowboys coordinator after firing, Family raises 250-pound 'dog' for 2 years then realizes it's a bear, 2023 Billboard Women in Music Awards: Lana Del Ray, Kim Petras, & more, RHOA star Drew Sidora accuses ex Ralph Pittman of cheating, mental abuse, Original Gone With The Wind script reveals secret war over slavery, cut scenes, Good luck 'worming' your way out of this one, Sunny Hostin Points Finger at China for COVID Crisis: Did Not Cooperate With the International Community, Kanye West and 'wife' Bianca Censori look surprisingly happy on dinner date. Airlines had to ground full fleets, many jobs were cut, and a significant number of pilots were forced to early retirement, which also added pressure on the current pilot shortage. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Count on waiting a long time on the telephone, however, and some air providers such as Spirit have limited arrangements with other carriers. Spirit says the Airbus A321 en route to Cancun turned back to Philadelphia International Airport out of an abundance of caution after the crew reported a suspected Stay prepared. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. The Company does not provide a reconciliation of non-GAAP forward-looking measures on a forward-looking basis where the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in/excluded from the GAAP financial measures without unreasonable efforts. Net income (loss) per share, diluted, "Top line revenue growth in the second quarter 2022 exceeded our expectations, driving a better-than-expected adjusted pre-tax margin despite much higher than anticipated fuel prices. The empty promises to do better from Spirit management just will not cut it anymore, were not the only ones, Spirit flight attendants show up to work every day, to basically get screwed over by management without a plan when weather gets bad. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Sign up to receive the latest financial news and events by email. Contests & Promotions, City of Bend postpones planned March 16 clearing of Hunnell Road camps; county says not needed for road project, ABCs and EVs: Bend-La Pine Schools rolls out Oregons first electric school bus east of the Cascades, Ottawa police chief is leaving his post, city officials say amid ongoing protests, Tsunami threat passes following powerful earthquake in Mexico, Babys body found in woodland area close to where Constance Marten and partner were arrested, FAA is investigating a close call between 2 aircraft at Boston Logan. 2022 includes amounts related to the loss on eleven aircraft sale leaseback transactions and the impairment of one spare engine. The Company believes that providing analysis of financial and operational performance compared to third quarter 2019 is a more relevant measure of performance than comparing to third quarter 2021 due to the severe impacts from the COVID-19 pandemic on the Company's financial results and operational performance for 2021. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Total revenue per ASM ("TRASM") was 11.54 cents, up 22.8 percent compared to second quarter 2019. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. The privately held airline, based in Miramar, Florida, carries 16,680 passengers per day about one percent of the US total mostly between the eastern US and the Caribbean and Latin America. (6) 2021 includes amounts primarily related to the premiums paid to early extinguish a portion of the Company's 2025 Convertible Notes and the 8.00% Senior Secured Notes. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Listen 4:52. (2) Excludes operating special items and aircraft fuel expense. The Company's non-GAAP tax rate for the second quarter 2022 was 17.2 percent. FILE - A Delta Air Lines plane takes off from Hartsfield-Jackson Atlanta International Airport in Atlanta, Nov. 22, 2022. However, we no longer exclude supplemental rent adjustments and, as such, Adjusted CASM and Adjusted CASM ex-fuel shown above for 2021 have been revised to reflect this change. Factors include, among others, the extent of the impact of the COVID-19 pandemic on the Company's business, results of operations and financial condition, and the extent of the impact of the COVID-19 pandemic on overall demand for air travel, restrictions on the Company's business by accepting financing under the CARES Act and other related legislation, the competitive environment in our industry, our ability to keep costs low and the impact of worldwide economic conditions, including the impact of economic cycles or downturns on customer travel behavior, the consummation of the merger with JetBlue and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September30, 2022. 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. Net income (loss) per share, diluted (3). We also believe that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence and increases comparability with other airlines that also provide a similar metric. Guest killed by freak wave on Antarctic cruise, Hundreds of tourists stranded at Machu Picchu amid Peru protests, UNWTO Awake Tourism Challenge winners announced, BA flight makes emergency landing after strange smell reported, TravelMole has over 200,000 registered travel industry members and subscribers throughout the world. Daily Weather Forecast ", "For the third quarter 2022, our team achieved a record2 third quarter DOT on-time performance of 79.5 percent and did so despite operational impacts from Hurricane Ian. Ended the third quarter 2022 with $1.3 billion of unrestricted cash, cash equivalents,short-term investment securities and liquidity available under the Company's revolving credit facility. Agents say if you have time you can re-book through another carrier. Baldanza said in an interview that he hoped to get some of Spirits 31 aircraft flying soon with management pilots or others who cross the picket line, but no such flights have yet taken place. (3) Excludes operating and non-operating special items. Customers who prefer a full refund should call (800) 772-7117 for assistance. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Dramatic video captured the moment passengers were instructed to evacuate a Spirit Airlines plane that had just aborted its takeoff from Atlantic City International Airport after a large bird struck one of its engines. The captain braked safely and brought the plane to a stop, received an indication of damage to the engine, and ordered an evacuation in accordance with our standard procedures, a Spirit spokesperson told the Post. The company reported a pre-tax loss of $67.5 million, with a negative pre-tax margin of 4.9%. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. 2021 includes amounts related to the accelerated depreciation on current aircraft seats related to the retrofit of 36 aircraft with new Acro6 seats. Deltas pilot agreement profoundly changes the economics for the entire industry and thats great news for Americans pilots, said American Airlines spokesman Gordon Johndroe in a statement. (3) Includes interest expense, capitalized interest, Interest income, and other income and expense. The restriction will now last until August 15 at the earliest (although could be extended again) and its understood the sales freeze could also affect long-haul flights on some dates and routes, according to The Times. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Per unit amounts presented are calculated from the underlying amounts. The Company believes that adjusting for loss on disposal of assets, special charges (credits), federal excise tax recovery adjustments and accelerated asset retirements is useful to investors because these items are not indicative of the Company's ongoing performance and the adjustments are similar to those made by our peers and allow for enhanced comparability to other airlines. 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