Conference Call/Webcast DetailSpirit will conduct a conference call to discuss these results tomorrow, August 10, 2022, at 8:30 a.m. Eastern US Time. (5) Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. Operating expenses per available seat mile ("CASM") is a common metric used in the airline industry to measure an airline's cost structure and efficiency. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Browse in private with Firefox, Chrome and Safari. 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. 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. 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. The airline did not say how many passengers were on board. Discovery Company. We commend our crew for handling the situation swiftly and safely, the rep added in the statement. And, our completion factor for July was 99.7 percent, including 15 days of 100 percent completion factor," said Ted Christie, Spirit's President and Chief Executive Officer. 2 May 2022. We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. The incident is the latest impact from a storm that has caused more than 4,000 flight cancellations nationwide on Friday, according to FlightAware data. There was no word of any injuries sustained by passengers. The right engine of a Spirit Airlines flight erupted into flames on October 2, 2021. The flight was bound for Fort Lauderdale when the captain made an emergency stop on the tarmac. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. Third quarter and full year 2019 includes the dilutive impact from outstanding equity awards. 2019 includes amounts primarily related to the disposal of excess and obsolete inventory. 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. 2. PUBLISHED: May 2, 2022 at 2:57 p.m. | UPDATED: May 2, 2022 at 2:59 p.m. The Spirit Airlines Strike Ended Late Wednesday After Company Officials Reached An Agreement With Pilots, Who Begin Flying Friday. The estimated 110.7 million includes the dilutive impact of approximately 2.0 million shares that are related to the 2025 Convertible Notes outstanding. 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. External site may not meet accessibility requirements. (2) Includes fuel taxes and into-plane fuel cost. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.". Spirit's self-bag drop system was recently recognized for two prestigious awards: The "2021 Best Airport Innovation" by the APEX/IFSA Awards, and the Skift "2021 IDEA Awards Winner" in the Aviation Category, Received the Fly Quiet Award from the Port of Seattle, which noted the airline's "remarkably low takeoff noise levels" at Seattle-Tacoma International Airport, Recognized by Los Angeles World Airports as a 2021 gold winner of the LAX Fly Quieter Program, which is the highest in its category, Once again recognized by Forbes as one of America's best companies for diversity, equity and inclusion, representing one of 15 organizations in the Transportation and Logistics category recognized by Forbes on America's Best Employers for Diversity annual list, Alongside the Company's efforts, the Spirit Airlines Charitable Foundation committed $1 million to 44 non-profit organizations in 2022 in support of the Foundation's commitment to support its three key pillars: children and families, service members, and the environment. (2) 2021 includes federal excise tax recovery amounts. 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. Ended the first quarter 2022 with $1.6 billion of unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility. The objective is to get better working conditions and solutions to ongoing contractual disputes. The last strike at a major carrier was in 2005, when Northwest Airlines mechanics walked off the job rather than accept deep pay cuts. Severe Weather The aim is to enable effective communications, engagement and knowledge sharing between travel resellers and suppliers.. Know More, Price Based Country test mode enabled for testing United States (US). 2021 includes amounts related to the accelerated depreciation on current aircraft seats related to the retrofit of 36 aircraft with new Acro6 seats. Airlines have issued travel waivers for many parts of the US allowing passengers to rebook without penalty for a short window. EasyJet pilots in Spain have planned strike dates on August 12 to 14, 19 to 21 and 27 to 29, 2022. (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. 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 lighting strike.. Ended the second quarter 2022 with $1.5 billion of unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility. In addition, 2022 includes costs associated with the retention bonus program under the Merger Agreement. 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. 15, 2022 at 12:22 PM PDT LAS VEGAS, Nev. (FOX5) - Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. See Special Items table for more details. https://www.prnewswire.com/news-releases/spirit-airlines-reports-third-quarter-2022-results-301660489.html, Entered into a definitive merger agreement with JetBlue Airways Corporation ("JetBlue") to create the most compelling national low-fare challenger to the dominant U.S. carriers (subject to regulatory approval), Opened new Pilot and Flight Attendant crew bases in Atlanta, Georgia and Miami, Florida and announced it will be adding a new Pilot and Flight Attendant base in Houston, Texas, Opened an aircraft maintenance facility at George Bush Intercontinental Airport to help maintain and service its growing fleet, Announced it will be expanding its network by adding service to San Antonio, Texas in November 2022, Initiated service to Albuquerque, New Mexico, Reno, Nevada, and Boise, Idaho and resumed service to Managua, Nicaragua, As part of its continued commitment to support service members, the Spirit Airlines Charitable Foundation partnered with Honor Flight South Florida to fly 72 veterans in an all-inclusive trip to visit memorials and military landmarks in Washington, D.C. and donated over $150,000 to various other organizations making a meaningful social impact in the communities where we live and work, including supporting the Red Cross in the Hurricane Ian recovery efforts. 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. 2023 Cable News Network. In recent years, there have been a series of strikes affecting the industry such as the Jetstar in December 2019, and the Brussels Airlines pilots and cabin crew members strike in December 2021. While routes inside Spain will be the most affected, it is believed that routes out of the country will also be affected. Operating income (loss), non-GAAP (5), Adj. We were struck by lightning twice, said the crew. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. Capacity and Load FactorCapacity, or available seat miles ("ASMs"), in the second quarter 2022 increased 9.9 percent compared to the same period in 2019. Were gonna have to come back to the airfield.. 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. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. Adjusted pre-tax loss for the second quarter was $38.9 million and adjusted pre-tax margin was negative 2.8 percent. Top photo: A Spirit Airlines jet approaches Philadelphia International Airport in February 2021. Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. Spirit Airlines, Inc. All Rights Reserved. Operating expenses excluding fuel, non-GAAP (2). Before we go over the most relevant strike action in the past and the industrial action planned for the near future, it is essential to understand what happens when airline employees go on strike. The Treasury Stock Method will be used to determine the dilutive impact. In periods where the amount of 2025 Convertible Notes (the "Notes") outstanding remains unchanged from the third quarter 2022 and the Company is profitable, the Notes could have a dilutive impact of approximately 2.0 million on the weighted average diluted shares outstanding. The Company believes that providing analysis of financial and operational performance compared to second quarter 2019 is a more relevant measure of performance than comparing to second quarter 2021 due to the severe impacts from the COVID-19 pandemic on the Company's financial results and operational performance for 2021. According to the Association of Flight Attendants-CWA, the airline cannot quickly recover from mass cancellations and delays due to the current shortage of staff. "Good cost management and benefits from improved reliability resulted in better-than-expected non-fuel costs for the second quarter, mitigating the majority of the impact from higher-than-expected fuel prices," said Scott Haralson, Spirit's Chief Financial Officer. FleetSpirit took delivery of four new A320neo aircraft during the second quarter 2022. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. FOX5 reached out to Spirit who provided the below: We are grateful for our incredible Spirit family, and were committed to finding ways to better support our team members and address the issues of most importance to them. Spirit Airlines (NYSE: SAVE) is committed to delivering the best value in the sky. 1 dead, 1 injured after shooting in Northwest D.C. 7 passengers taken to hospitals after turbulence diverts flight to Dulles. We make it possible for our Guests to venture further and discover more than ever before. WTOP.com | Alexa | Google Home | WTOP App | 103.5 FM, Labor judge: Starbucks violated worker rights in union fight, SpaceX launches US, Russia, UAE astronauts to space station, N. Korea wants more control over farming amid food shortage, Grand jury indicts DC employee charged with killing 13-year-old boy. However, they will usually try (ala Spirit) to try in some ways to make at least partial amends. Excluding special items, adjusted net 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 Company ended the quarter with 184 aircraft in its fleet, an increase of 35.3 percent since the end of third quarter 2019. (4) 2022 includes amounts related to the loss on seven aircraft sale leaseback transactions and the impairment of one spare engine. However, they also explain that for industrial action taken by airport and ground personnel, the airline has no obligation whatsoever. Were gonna have to come back to the airfield.. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. View original content to download multimedia:https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact DeAnne Gabel(954) 447-7920investorrelations@spirit.com. Stay prepared. The company reported a pre-tax loss of $67.5 million, with a negative pre-tax margin of 4.9%. Spirit's record third quarter 2022 on-time performance omitted third quarter 2020, which was a reduced schedule due to the industry-wide capacity drawdown during that period. 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. 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