Strategic and tactical changes benefiting
unit revenue
Expect cost saving initiatives to benefit
2024 by over $75 million;
annualized run-rate savings estimated at over $100 million
DANIA
BEACH, Fla., May 6, 2024
/PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the
"Company") (NYSE: SAVE) today reported first quarter 2024 financial
results.
First Quarter 2024 Financial Results
Quarterly results were in line with expectations despite
a 230 basis point1 headwind from deferred
recognition in earnings of a significant portion of the credits
from Pratt & Whitney related to aircraft unavailable for
service.
|
First
Quarter 2024
(unaudited)
|
|
As Reported
|
Adjusted1
|
Total operating
revenues
|
$1,265.5 million
|
$1,265.5 million
|
Operating income
(loss)
|
$(207.3)
million
|
$(175.6)
million
|
Operating margin
|
(16.4) %
|
(13.9) %
|
Adj. Operating income (loss), for AOG credits
|
—
|
$(146.6)
million
|
Adj. Operating margin adj. for AOG credits
|
—
|
(11.6) %
|
Net income
(loss)
|
$(142.6)
million
|
$(160.2)
million
|
Diluted earnings (loss) per share
|
$(1.30)
|
$(1.46)
|
"While we reported a loss in the first quarter 2024, we are
making progress towards our financial goals. I thank the entire
Spirit team for their continued focus on running a reliable
operation and delivering value to our Guests as we implement our
go-forward standalone plan. There are numerous steps to rollout the
plan in a successful, orderly fashion, but we are on track and we
are excited to unveil the milestones to you over the coming
months," said Ted Christie, Spirit's
President and Chief Executive Officer.
"The competitive environment remains challenging due to elevated
capacity in many of the markets we serve. Nevertheless, we are
confident that the strategic changes we are implementing, together
with our cost saving initiatives, will allow Spirit to compete
effectively in today's marketplace and drive continuous improvement
in the years ahead."
First Quarter 2024 Operations
Adverse weather and air traffic
control related delays,
particularly along the Eastern seaboard
and in Florida,
as well as continued civil
unrest in Cap-Haitien and Port-au-Prince, Haiti
negatively impacted the Company's operational
performance for the quarter.
- System completion factor of 98.7 percent
-
System controllable completion factor2 of 99.9 percent
-
Capacity increase of 2.1 percent year over year
- Load
factor of 80.7 percent, a decrease 0.1 pts year over year
- Aircraft utilization of 10.4 hours, down 7.1 percent compared
to the first quarter last year of 11.2
hours, primarily due to aircraft
unavailable for operational service due to PW1100G-JM geared
turbo fan engine availability issues ("AOG")
First Quarter 2024 Revenues
Spirit's total revenue
per available seat mile ("TRASM") improved
significantly from the fourth quarter
2023 to the first quarter 2024, increasing 4.9 percent
sequentially. Sequential improvement in domestic TRASM was
partially offset by continued pressures in the Company's
international markets, driven by elevated capacity increases
by U.S. and non-U.S. based carriers to/from the U.S. and
Latin America.
- Total operating revenues
of $1,265.5 million,
a decrease of 6.2 percent
year over year
-
Total revenue per ASM ("TRASM") of 9.38 cents,
a decrease of 8.2 percent
year over year on 2.1 percent more
capacity
- Total revenue per passenger
flight segment ("segment") was $117.03, a decrease of 8.1 percent
year over year
-
Fare revenue per segment was $48.08, a decrease of 16.3 percent
year over year
- Non-ticket revenue per segment
was $68.95,1
a decrease of 1.4 percent
year over year
First Quarter 2024 Cost Performance
- Total operating expense of $1,472.9 million
and adjusted operating expenses of $1,441.1
million1
-
Adjusted non-fuel cost of $1,034.7 million1
- Average economic fuel price per gallon
of $2.90
-
Total non-operating income of $50.3 million
and adjusted total other expense
of $31.4 million1
First Quarter 2024 Liquidity and Capital
Deployment
-
Ended the quarter with unrestricted cash and cash equivalents, short-term investment securities and
liquidity available under the Company's revolving credit facility
of $1.2 billion
-
Completed sale-leaseback transactions of five previously owned and operated
aircraft resulting in net cash proceeds of
approximately $99.0 million
- Received a $69.0 million payment
from JetBlue related
to the termination of the merger agreement
- Total capital expenditures of $33.9
million
"Over the last several months, our team has been engaged working
on the first phase of our new standalone business plan. While we
were hopeful for a successful merger with JetBlue, over the last
year we have been
working in the background to prepare for the possibility that the merger
would not be allowed to proceed. The
first
phase of our standalone plan involved finalizing our AOG compensation agreement with Pratt & Whitney,
reducing near term capacity to improve working capital, rightsizing
the resources in the business to our expected lower level of
capacity and additional liquidity improvements. We believe the
combination of AOG compensation, aircraft deferrals and cost
savings will improve our cash levels by $450-$550 million
in 2024.
All of this was done to prepare
us for phase two of our go-forward evolution, which we plan to start rolling
out over the coming months. The pending merger and engine AOGs
have made the last year disruptive for our team, but we are on the
cusp of making changes which we believe will position us on the
road back to sustained profitability," said Scott Haralson, Spirit's Chief Financial
Officer.
"Also, Spirit's advisors have started discussions with our
loyalty bondholders and convert holders that come due in
September 2025 and May 2026, respectively, and expect a resolution
at some point this summer."
First Quarter 2024 Fleet and NEO Engine Update
-
Took delivery of seven new aircraft (three
A320neos and four A321neos)
- Retired five A319ceo aircraft
-
Ended the quarter with a fleet of 207 aircraft
- Reached an agreement with Pratt &
Whitney regarding compensation for AOG aircraft
through the end of 2024
- AOG credits to be issued by Pratt & Whitney based
on AOG days during the quarter were $30.6 million, of which $1.6 million was recorded as a credit within
maintenance, materials and repairs on the Company's condensed
consolidated statement of operations, $16.2
million recorded as a
reduction in the cost of assets
on the Company's consolidated balance
sheet with the remainder to be recognized
as future reductions in the cost basis of goods and services
purchased from Pratt & Whitney
- Estimates that it will average
about 25 AOG aircraft throughout the full year 2024
- Estimates AOG credits to be issued by Pratt & Whitney
for AOG aircraft in 2024 will be between
$150 million and $200 million
- Spirit intends to discuss appropriate arrangements with Pratt
& Whitney in due course for any Spirit AOG aircraft after
December 31, 2024
On April 8, 2024, Spirit announced
that it reached an agreement with Airbus to defer all aircraft on
order that are scheduled to be delivered in the second quarter of
2025 through the end of 2026 to 2030-2031. These deferrals do not
include the direct-lease aircraft scheduled for delivery in that
period, one in each of the second and third quarters of 2025. There
were no changes to the aircraft on order with Airbus that are
scheduled to be delivered in 2027-2029. Spirit estimates the
deferral of these aircraft will enhance its 2024 liquidity position
by approximately $230 million.
Conference Call/Webcast Detail
Spirit will
conduct a conference call to discuss these results today at
10:00 a.m. Eastern U.S. Time.
A live audio webcast of the conference call will be available
to the public on a listen-only basis at https://ir.spirit.com. An
archive of the webcast will be available under "Events &
Presentations" for 60 days.
About Spirit Airlines
Spirit Airlines
(NYSE: SAVE) is committed to delivering the best value in the sky.
We are the leader in providing customizable travel
options starting with an unbundled fare. This allows
our Guests to pay only for the options
they choose — like bags, seat assignments, refreshments and Wi-Fi —
something we call À La Smarte®. Our Fit Fleet® is one of the
youngest and most fuel-efficient in the
United States. We serve destinations throughout the U.S.,
Latin America and the Caribbean, making it possible for our Guests
to venture further and discover more than ever before. We are
committed to inspiring positive change in the communities where we
live and work through the Spirit Charitable Foundation. Come save
with us at spirit.com.
Forward Looking Guidance
The forward-looking guidance
items provided in this release are based on the Company's current
estimates and are not a guarantee of future performance. 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. Spirit undertakes no duty to update any
forward-looking statements or estimates.
Investors are encouraged to read this press release in
conjunction with the company's Investor Update which provides
additional information about the company's forward-looking
estimates for certain financial metrics and is included along with
this press release in the Current Report on Form 8-K furnished to
the U.S. Securities and Exchange Commission. The Investor
Update is also available at
https://ir.spirit.com. Management will also discuss
certain business outlook items during the quarterly earnings
conference call.
Investors are also encouraged to read the Company's periodic and
current reports filed with or furnished to the Securities and
Exchange Commission, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, for
additional information regarding the Company.
End Notes
|
(1)
|
See "Reconciliation of
Reported Amounts to Adjusted (Non-GAAP) Items" tables below for
more details.
|
(2)
|
Excludes the following
events, which are outside of the Company's control, from the
calculation of completion factor: weather, air traffic and
uncontrolled airport/runway closures, which may include acts of
nature, disabled aircraft incidents on the runway, political/civil
unrest and disturbances preventing normal operations within airline
control, among others, and any city/state closures as declared by
local authorities and asserted by our Security
department.
|
Cautionary Statement Regarding Forward Looking
Statements
Forward-Looking Statements in this release 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. Forward-looking statements are based on our management's beliefs and assumptions and on
information currently available to our management. All
statements other than statements of historical facts are
"forward-looking statements" for purposes of these provisions. In
some cases, you can identify forward- looking statements by terms
such as "may," "will," "should," "could," "would," "expect,"
"plan," "anticipate," "believe," "estimate," "project," "predict,"
"potential," and similar expressions intended to identify forward-
looking statements. Forward-looking statements include,
without limitation, guidance
for 2024 and statements regarding the Company's
intentions and expectations regarding revenues, cash levels,
capacity and passenger demand, additional financing, capital
spending, operating costs and expenses, pre-tax income, pre-tax
margin, taxes, hiring and furloughs, aircraft deliveries,
stakeholders, negotiations and settlement with Pratt & Whitney
regarding neo engine availability issues, resolving outstanding
indebtedness, vendors and government support. 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. Factors include, among
others, results of operations and financial condition, 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
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, 2023, as supplemented in the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2024. Furthermore, such
forward-looking statements speak only as of the date of this
release. 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. 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. 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.
SPIRIT AIRLINES,
INC.
|
Condensed Consolidated
Statement of Operations
(unaudited, in thousands, except per-share amounts)
|
|
|
Three Months
Ended
March
31,
|
|
Percent
|
|
2024
|
2023
|
|
Change
|
Operating revenues:
|
|
|
|
|
Passenger
|
$
1,239,310
|
$
1,327,473
|
|
(6.6)
|
Other
|
26,227
|
22,301
|
|
17.6
|
Total operating revenues
|
1,265,537
|
1,349,774
|
|
(6.2)
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Aircraft fuel
|
406,351
|
487,711
|
|
(16.7)
|
Salaries, wages
and benefits
|
431,483
|
389,185
|
|
10.9
|
Landing fees
and other rents
|
106,718
|
97,345
|
|
9.6
|
Aircraft rent
|
115,206
|
85,267
|
|
35.1
|
Depreciation and
amortization
|
81,346
|
77,991
|
|
4.3
|
Maintenance, materials and repairs
|
54,915
|
54,414
|
|
0.9
|
Distribution
|
45,176
|
48,017
|
|
(5.9)
|
Special charges
(credits)
|
36,258
|
13,983
|
|
159.3
|
Loss (gain)
on disposal of assets
|
(3,029)
|
7,100
|
|
(142.7)
|
Other operating
|
198,450
|
201,156
|
|
(1.3)
|
Total operating expenses
|
1,472,874
|
1,462,169
|
|
0.7
|
|
|
|
|
|
Operating income (loss)
|
(207,337)
|
(112,395)
|
|
84.5
|
|
|
|
|
|
Other (income) expense:
|
|
|
|
|
Interest expense
|
54,809
|
51,793
|
|
5.8
|
Loss (gain)
on extinguishment of debt
|
(14,996)
|
—
|
|
NM
|
Capitalized interest
|
(10,003)
|
(7,648)
|
|
30.8
|
Interest income
|
(13,590)
|
(15,434)
|
|
(11.9)
|
Other (income) expense
|
(66,490)
|
542
|
|
NM
|
Total other
(income) expense
|
(50,270)
|
29,253
|
|
(271.8)
|
|
|
|
|
|
Income (loss)
before income taxes
|
(157,067)
|
(141,648)
|
|
10.9
|
Provision (benefit) for income taxes
|
(14,432)
|
(37,737)
|
|
(61.8)
|
|
|
|
|
|
Net income (loss)
|
$
(142,635)
|
$
(103,911)
|
|
37.3
|
Basic earnings (loss)
per share
|
$
(1.30)
|
$
(0.95)
|
|
36.8
|
Diluted earnings (loss)
per share
|
$
(1.30)
|
$
(0.95)
|
|
36.8
|
|
|
|
|
|
Weighted-average shares, basic
|
109,430
|
109,110
|
|
0.3
|
Weighted-average shares, diluted
|
109,430
|
109,110
|
|
0.3
|
SPIRIT AIRLINES, INC.
|
Selected Operating
Statistics (unaudited)
|
|
|
Three Months Ended March 31,
|
|
|
Operating Statistics
|
2024
|
2023
|
Change
|
|
Available seat
miles (ASMs) (thousands)
|
13,489,019
|
13,209,136
|
2.1
|
%
|
Revenue passenger miles (RPMs) (thousands)
|
10,882,616
|
10,674,879
|
1.9
|
%
|
Load factor
(%)
|
80.7
|
80.8
|
(0.1)
|
pts
|
Passenger flight
segments (thousands)
|
10,814
|
10,598
|
2.0
|
%
|
Departures
|
71,921
|
72,749
|
(1.1)
|
%
|
Total operating revenue per ASM
(TRASM) (cents)
|
9.38
|
10.22
|
(8.2)
|
%
|
Average yield
(cents)
|
11.63
|
12.64
|
(8.0)
|
%
|
Fare revenue
per passenger flight segment ($)
|
48.08
|
57.45
|
(16.3)
|
%
|
Non-ticket revenue per passenger flight
segment ($)
|
68.95
|
69.91
|
(1.4)
|
%
|
Total revenue per passenger flight
segment ($)
|
117.03
|
127.36
|
(8.1)
|
%
|
CASM (cents)
|
10.92
|
11.07
|
(1.4)
|
%
|
Adjusted CASM
(cents) (1)
|
10.68
|
10.91
|
(2.1)
|
%
|
Adjusted CASM
ex-fuel (cents) (1)(2)
|
7.67
|
7.22
|
6.2
|
%
|
Fuel gallons
consumed (thousands)
|
140,139
|
142,343
|
(1.5)
|
%
|
Average fuel
cost per gallon ($)
|
2.90
|
3.43
|
(15.5)
|
%
|
Aircraft at end of period
|
207
|
195
|
6.2
|
%
|
Average daily
aircraft utilization (hours)
|
10.4
|
11.2
|
(7.1)
|
%
|
Average stage length (miles)
|
995
|
991
|
0.4
|
%
|
|
|
(1)
|
Excludes operating
special items.
|
(2)
|
Excludes fuel expense
and operating special items.
|
Non-GAAP Financial Measures
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
provision (benefit) for income taxes, Adjusted diluted
earnings (loss) per share, Adjusted CASM and Adjusted
CASM ex-fuel. 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.
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. 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.
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.
Within the financial tables presented, certain columns and rows may
not add due to the use of rounded numbers. Per unit amounts
presented are calculated from the underlying amounts.
The Company believes that adjusting for a litigation loss
contingency (recorded within other operating expenses within the
Company's Condensed Consolidated Statement of Operations), loss on
disposal of assets, special charges, and loss (gain) on
extinguishment of debt 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.
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. We exclude aircraft
fuel and related taxes and special
items from operating expenses
to determine Adjusted CASM
ex-fuel. 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.
Reconciliation of Reported Amounts
to Adjusted (Non-GAAP) Items
(See Note Regarding Use of Non-GAAP Financial
Measures)
|
Within the tables
presented, certain amounts may not add due to the use of rounded
numbers
(in thousands, except per share or per unit amounts)
(unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
2023
|
Operating revenues
|
|
|
Fare
|
$
519,942
|
$
608,861
|
Non-fare
|
719,368
|
718,612
|
Total
passenger revenues
|
1,239,310
|
1,327,473
|
Other
revenues
|
26,227
|
22,301
|
Total operating revenues
|
$
1,265,537
|
$
1,349,774
|
|
|
|
Non-ticket revenues (1)
|
$
745,595
|
$
740,913
|
|
|
|
Passenger
segments
|
10,814
|
10,598
|
|
|
|
Non-ticket revenue per passenger flight segment
($)
|
$
68.95
|
$
69.91
|
|
|
|
Special Items (2)
|
|
|
Operating special items include the
following:
|
|
|
Litigation loss
contingency (3)
|
$
(1,448)
|
$
—
|
Loss (gain) on disposal
of assets (4)
|
(3,029)
|
7,100
|
Operating special
charges (5)
|
36,258
|
13,983
|
Total operating special items
|
$
31,781
|
$
21,083
|
|
|
|
Non-operating special items include the
following:
|
|
|
Loss (gain) on
extinguishment of debt (6)
|
$
(14,996)
|
$
—
|
Other (income) expense
(7)
|
(66,720)
|
—
|
Total non-operating special
items
|
$
(81,716)
|
$
—
|
|
|
|
Total special items (2)
|
$
(49,935)
|
$
21,083
|
|
|
|
Total operating expenses, as
reported
|
$
1,472,874
|
$
1,462,169
|
Less: Operating special
items
|
31,781
|
21,083
|
Adj. Operating expenses, non-GAAP
(8)
|
$
1,441,093
|
$
1,441,086
|
Less: Aircraft fuel
expense
|
406,351
|
487,711
|
Adj. Operating expenses excluding fuel, non-GAAP
(9)
|
$
1,034,742
|
$
953,375
|
|
|
|
Available seat
miles
|
13,489,019
|
13,209,136
|
|
|
|
CASM (cents)
|
10.92
|
11.07
|
Adj. CASM (cents)
(8)
|
10.68
|
10.91
|
Adj. CASM ex-fuel
(cents) (9)
|
7.67
|
7.22
|
|
|
|
Reconciliation of Reported Amounts
to Adjusted (Non-GAAP) Items
(See Note Regarding Use of Non-GAAP Financial
Measures)
|
Within the tables
presented, certain amounts may not add due to the use of rounded
numbers
(in thousands, except per share or per unit amounts)
(unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
2023
|
Operating income (loss), as
reported
|
$
(207,337)
|
$
(112,395)
|
Operating
margin
|
(16.4) %
|
(8.3) %
|
Add: Operating special
items expense
|
31,781
|
21,083
|
Adj. Operating income (loss), non-GAAP
(8)
|
$
(175,556)
|
$
(91,312)
|
Adj. Operating margin,
non-GAAP (8)
|
(13.9) %
|
(6.8) %
|
|
|
|
Add: Adj. for AOG
credit
|
$
28,991
|
$
—
|
Adj. Operating income
(loss), non-GAAP (10)
|
$
(146,565)
|
$
—
|
Adj. Operating margin adj. for AOG credits
(10)
|
(11.6) %
|
— %
|
|
|
|
Total other (income) expense, as
reported
|
$
(50,270)
|
$
29,253
|
Less: Total
non-operating special items
|
(81,716)
|
—
|
Adj. Total other
(income) expense, non-GAAP (11)
|
$
31,446
|
$
29,253
|
|
|
|
Income (loss) before income taxes, as
reported
|
$
(157,067)
|
$
(141,648)
|
Pre-tax
margin
|
(12.4) %
|
(10.5) %
|
Less: Operating special
items expense
|
31,781
|
21,083
|
Less: Total
non-operating special items
|
(81,716)
|
—
|
Adj. Income (loss) before income taxes, non-GAAP
(12)
|
$
(207,002)
|
$
(120,565)
|
Adj. Pre-tax margin,
non-GAAP (12)
|
(16.4) %
|
(8.9) %
|
|
|
|
Provision (benefit) for income taxes, as
reported
|
$
(14,432)
|
$
(37,737)
|
Less: Net income (loss)
tax impact of special items
|
32,350
|
(6,543)
|
Adj. Provision
(benefit) for income taxes, non-GAAP (13)
|
$
(46,782)
|
$
(31,194)
|
|
|
|
Net income (loss), as reported
|
$
(142,635)
|
$
(103,911)
|
Less: Operating special
items expense
|
31,781
|
21,083
|
Less: Total
non-operating special items
|
(81,716)
|
—
|
Less: Net income (loss)
tax impact of special items
|
32,350
|
(6,543)
|
Adj. Net income (loss), non-GAAP
(12)
|
$
(160,220)
|
$
(89,371)
|
|
|
|
Net income (loss) per share, diluted, as
reported
|
$
(1.30)
|
$
(0.95)
|
Add: Impact of special
items
|
(0.46)
|
0.19
|
Add: Tax impact of
special items (14)
|
0.30
|
(0.06)
|
Adj. Net income (loss) per share, diluted, non-GAAP
(2)
|
$
(1.46)
|
$
(0.82)
|
(1)
|
Non-ticket revenues
equal the sum of non-fare passenger revenues and other
revenues.
|
(2)
|
Refer to the section
"Non-GAAP Financial Measures" for additional
information.
|
(3)
|
2024 includes an
adjustment to the estimated probable loss booked in
2023.
|
(4)
|
2024 includes gains on
aircraft sale-leaseback transactions related to 3 new aircraft
deliveries, partially offset by losses related to the sale of 5
A319 airframes and 15 A319 engines and losses related to 2 aircraft
sale-lease back transactions. 2023 includes amounts related to the
loss on 2 aircraft sale-leaseback transactions net of gains related
to the sale of 4 A319 aircraft.
|
(5)
|
2024 and 2023 include
legal, advisory, retention award program and other fees related to
the Agreement and Plan of Merger
with JetBlue and Sundown Acquisition Corp. (the
"JetBlue Merger Agreement").
|
(6)
|
2024 includes gains
recognized due to the early extinguishment of certain of our
outstanding fixed-rate term loans, partially offset by the
write-off of unamortized debt issuance costs.
|
(7)
|
2024 includes a $69
million payment related to the fee paid to Spirit by JetBlue
related to the termination of the JetBlue
Merger Agreement, net of $2.3 million applied
to a prepayment receivable.
|
(8)
|
Excludes operating
special items. Refer to the section "Non-GAAP Financial Measures"
for additional information.
|
(9)
|
Excludes operating
special items and aircraft fuel expense. Refer to the section
"Non-GAAP Financial Measures" for additional
information.
|
(10)
|
Excludes special items
and adjusts for the difference between
the AOG credits to be received
related to the AOG aircraft
in the first quarter 2024 and the AOG credits
recognized in the Company's operating statement for the first
quarter 2024.
|
(11)
|
Excludes non-operating
special items. Refer to the section "Non-GAAP Financial Measures"
for additional information.
|
(12)
|
Excludes total special
items. Refer to the section "Non-GAAP Financial Measures" for
additional information.
|
(13)
|
The Company determined
the Adjusted Provision (benefit) for income taxes using its
statutory tax rate.
|
(14)
|
Reflects the difference
between the Company's GAAP Provision (benefit) for income taxes and
Adjusted Provision (benefit) for income taxes as presented on a per
share basis.
|
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SOURCE Spirit Airlines