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. "The constraints limiting our ability to optimize our network continue to be a headwind to reaching full utilization; that said, our team is doing a great job running a reliable, on-time operation and minimizing the impacts of these constraints. 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 "Looking ahead to the fourth quarter 2022, leisure demand remains strong and we expect unit revenue in the fourth quarter to be up 15.0 percent to 16.5 percent on 24.5 percent more capacity, compared to the fourth quarter 2019. Copyright 2022 KVVU. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. I agree to receive the newsletter and I know that I can unsubscribe at any time. This industry-leading contract is the direct result of the Delta pilots unity and resolve, said Darren Hartmann, a pilot and union official. Come save with us at spirit.com. The Federal Aviation Administration says the incident happened at 11 a.m.local time Friday and that the agency will investigate. (2) Excludes operating special items and aircraft fuel expense. 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. Includes interest expense, capitalized interest, Interest income, and other income and expense. 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. However, they also explain that for industrial action taken by airport and ground personnel, the airline has no obligation whatsoever. Airlines have issued travel waivers for many parts of the US allowing passengers to rebook without penalty for a short window. Required fields are marked *. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Third quarter and full year 2019 includes the dilutive impact from outstanding equity awards. 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. Excludes any potential change in the mark to market adjustment related to the derivative portion of the 2026 Convertible Notes. Total operating revenues for the third quarter 2022 were $1.3 billion, an increase of 35.4 percent compared to the third quarter 2019 primarily due to increased flight volume and higher operating yields. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. The U.S. Transportation Department announced Tuesday, July 5, 2022, that it will award Spirit rights to 16 takeoff and landing rights at Newark. Third quarter 2022 includes the dilutive impact of outstanding equity awards and warrants. 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. KTVZ-TV FCC Public File | FCC Applications |, Breaking News The airline reported a net loss of $52.4 million, roughly a 48-cent loss per diluted share in the company. ITR is free to our subscribers. Smaller airlines face a shortage of pilots as major airlines recruit from their ranks. Income (loss) before income taxes, non-GAAP (3), Add: Adj. Continued constraint on flights to and from Florida and staffing challenges are the primary limitations on Spirit's ability to optimize its network and operate its fleet at full utilization. View original content to download multimedia:https://www.prnewswire.com/news-releases/spirit-airlines-reports-third-quarter-2022-results-301660489.html, Investor Relations Contact DeAnne Gabel(954) 447-7920investorrelations@spirit.com. (3) Excludes operating and non-operating special items. See Special Items table for more details. 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. 2022 includes legal, advisory, and other fees related to the former Agreement and Plan of Merger with Frontier Group Holdings, Inc. and Top Gun Acquisition Corp. (the "Frontier Merger Agreement"), the unsolicited proposal by JetBlue to acquire all of the Company's outstanding shares in an all-cash transaction, and the Agreement and Plan of Merger with JetBlue and Sundown Acquisition Corp. (the "JetBlue Merger Agreement"). Copyright 2020 Geo resource failed to load. Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday to urge the company to get the operation together. The ongoing Spirit Airline pilots strike is causing major passenger upheavals as it cancels all flights through Wednesday, but it is hardly the only potential problem in the near future. Join us by reading below as we share the details of past and current airline strikes. 2021 includes amounts related to the loss on two aircraft sale-leaseback transaction completed during second quarter 2021, the sale of auxiliary power units and the disposal of excess and obsolete inventory. (5) 2022 includes legal, advisory, and other fees related to the Agreement and Plan of Merger (the "Merger Agreement") with Frontier Group Holdings, Inc. and the unsolicited proposal by JetBlue to acquire all of the Company's outstanding shares in an all-cash transaction. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. 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. Your effort and contribution in providing this feedback is much For example, insurance and non-insurance service provider Travel Guard offers coverage for trip cancellation and interruption if a trip is delayed, cancelled or interrupted due to a sanctioned union labor strike for an airline or other travel supplier, as long as the coverage effective date is prior to when the strike is foreseeable. They describe a strike foreseeable on the date labor union members vote to approve a strike., In any case, airlines are forced to compensate passengers for the delayed and cancelled flights even if they have no insurance underwritten. The Company determined the Adjusted Provision (Benefit) for Income Taxes by calculating our estimated annual effective tax rate on adjusted pre-tax income and applying it to Adjusted Income (Loss) Before Income Taxes, before giving effect to discrete items. 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. 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. We finished the quarter on a strong note with a 98.8 percent completion factor for June. 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 June 30, 2022. 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 Adjusted Operating expenses ($Millions)(1), Total other (income) expense ($Millions)(3), Total capital expenditures ($Millions)(5). 2023 Cable News Network. PUBLISHED: May 2, 2022 at 2:57 p.m. | UPDATED: May 2, 2022 at 2:59 p.m. Compared to the second quarter 2019, fare revenue per segment increased 25.7 percent to $72.41 and non-ticket revenue per segment increased 22.8 percent to $68.202. Since the COVID-19 pandemic, the aviation industry, especially the airline sector, has been under high pressure given the financial impact of the global health crisis. The-CNN-Wire & 2022 Cable News Network, Inc., a Warner Bros. 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. A JetBlue airliner lands past a Spirit Airlines jet on taxi way at Fort Lauderdale Hollywood International Airport on Monday, April 25, 2022. The Spirit Airlines Strike Ended Late Wednesday After Company Officials Reached An Agreement With Pilots, Who Begin Flying Friday. Master of Science in Aeronautics graduate. Which airline should you fly based on your zodiac sign? WebJoin Free Spirit Members get up to 12 points on every dollar spent, all the way up to 20 points per dollar spent for Free Spirit Gold members. Tracy Vaughan, SVP Global Trade Development at Visit Lauderdale, Marc Anderson CEO of Visit San Antonio speaks to Graham McKenzie in London about his city and IPW23, Graham McKenzie talks to Visit Floridas CEO Dana Young at #huddle23, At #huddle23 in West Palm Beach we speak to Lauren Pace of Visit Florida, Jane Cunningham, Director of European Engagement Destinations International, Kent Anderson of Kirk Mountain Adventures, Qantas pressured to scrap travel credit expiry date, Regulator: Air India tried to cover up peegate incident, Norwegian Reward loyalty programme revamped, More German airport strikes cause flight cancellations, JetBlue marks new JFK terminal groundbreaking, Sabre adds low cost airline Jin Air to GDS, Call to raise Australia working holiday visa age limit, Passengers brace yourselves: Spirit strike has potential imitators. A Spirit Airlines flight heading to Cancun turned back and made an precautionary landing shortly following takeoff Friday morning after the crew reported Spirit Airlines, Inc. All Rights Reserved. Excludes operating special items. 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 Tax RateOn a GAAP basis, the Company's effective tax rate for the second quarter 2022 was 22.4 percent. See "Reconciliation of Adjusted Net Income (Loss), Adjusted Pre-Tax Income (Loss), and Adjusted Operating Income (Loss) to GAAP Net Income (Loss)" tables below for more details. We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Spirit Airlines, Inc. All Rights Reserved. There was no word of any injuries sustained by passengers. We were struck by lightning twice, said the crew. Operating income (loss), non-GAAP (5), Adj. Excluding special items, adjusted net WebCurrently employed with Spirit Airlines as a Sr Specialist, Flight Ops Academics. appreciated. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). Published See Special Items table for more details. The airline did not say how many passengers were on board. Forward Looking StatementsForward-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. (2) Includes fuel taxes and into-plane fuel cost. 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. Adjusted pre-tax loss for the second quarter was $38.9 million and adjusted pre-tax margin was negative 2.8 percent. Spirit Airlines Spirit results so far in 2022 . Total GAAP operating expenses for the third quarter 2022 increased 59.1 percent compared to the third quarter 2019 to $1,379.6 million. Youll likely find your options are limited. 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. 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. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. The FAA is investigating an emergency landing by a Spirit Airlines flight after the crew reported the aircraft was struck by lightning twice just after takeoff from Philadelphia. 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. Furthermore, such forward-looking statements speak only as of the date of this release. And management needs to plan and run an operation that matches our current staffing levels and be reliable to passengers and the crew, said Jasmine Lopez a Spirit Airlines flight attendant. 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. Daily News Updates The strike is being closely watched in the industry because pilots at much larger carriers are also locked in tough negotiations. The strike failed after Northwest replaced pilots. 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). Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. Reconciliation of Adjusted Net Income (Loss), Adjusted Pre-Tax Income (Loss), and Adjusted Operating Income (Loss) to GAAP Net Income (Loss) (unaudited) (1), Add: Provision (benefit) for income taxes, Income (loss) before income taxes, as reported, Adj. The last strike at a major carrier was in 2005, when Northwest Airlines mechanics walked off the job rather than accept deep pay cuts. 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. The Company's non-GAAP tax rate for the second quarter 2022 was 17.2 percent. Third Quarter 2022 Financial Results. About 440 Spirit pilots walked off the job last Saturday amid an ongoing contract dispute with the airline that has lasted for more than three years. This is not true. Total revenue per ASM ("TRASM") was 11.54 cents, up 22.8 percent compared to second quarter 2019. 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. Copyright 2022 by WTOP. External site may not meet accessibility requirements. The Company cancelled approximately 550 flights and 400 flights in September and October, respectively, related to Hurricane Ian. We make it possible for our Guests to venture further and discover more than ever before. The objective is to get better working conditions and A Warner Bros. However, they will usually try (ala Spirit) to try in some ways to make at least partial amends. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. You can review our Community Guidelines by clicking here. Count on waiting a long time on the telephone, however, and some air providers such as Spirit have limited arrangements with other carriers. 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. (1) Non-ticket revenues equals the sum of non-fare passenger revenues and other revenues. 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. (2) 2021 includes federal excise tax recovery amounts. A Spirit Airlines Airbus A319-100, registration N521NK performing flight NK-932 from Las Vegas,NV to Houston Intercontinental,TX (USA), landed on A Spirit Airlines Airbus A321-200, registration N663NK performing flight NK-336 from Orlando,FL to Detroit,MI (USA) with 208 people on board, was in 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. 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. The contract takes effect Thursday and runs through 2026, when it can be amended by federal law, union contracts in the airline industry do not expire. MIRAMAR, Fla., Aug. 9, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported second quarter 2022 financial results. Investors are 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. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. (2) 2021 includes federal excise tax recovery amounts. However, we no longer exclude supplemental rent adjustments and, as such, non-GAAP measures for 2021 have been revised to reflect this change and no longer exclude any previously reported supplemental rent adjustments. The workers have protested against a pay cut that took place during the pandemic and has been an ongoing pay dispute until now. 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. For the third quarter 2022, Spirit reported a pre-tax loss of $48.9 million and a pre-tax margin of negative 3.6 percent. CNN Sans & 2016 Cable News Network. All rights reserved. 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. All rights reserved. During a strike, airlines will often rebook on partner airlines, space permitting. 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. 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. Fort Lauderdale-Hollywood International Airport is Spirits main hub, where it is the only airline to 14 international cities and five US destinations, airport spokesman Greg Meyer said. Reconciliation of Adjusted Net Income (Loss), Adjusted Pre-Tax Income (Loss), and Adjusted Operating Income (Loss) to GAAP Net Income(Loss) (unaudited) (1), Add: Provision (benefit) for income taxes, Income (loss) before income taxes, as reported, Adj. Excludes operating special items. It usually means that they will have their flights delayed or even canceled, and often times there is no clear solution to their situation. Compared to the third quarter 2019, fare revenue per segment increased 23.2 percent to $67.52 and non-ticket revenue per segment increased 21.1 percent to $67.073. 2023 NYP Holdings, Inc. All Rights Reserved, Spirit Airlines bomb threat leads to airport evacuation, I avoided paying $150 to check luggage people call my hack brave, Airplane Karen goes viral after screaming, I hope yall crash and die!. The ratification comes after picketing by pilots last summer and about six months after Delta pilots voted to authorize a strike. The Air Line ", "On July 28, 2022, we announced plans to unite with JetBlue Airways Corporation ("JetBlue") to create a compelling national low-fare challenger to the dominant U.S. carriers. (AP Photo/Matt Rourke, File). FleetSpirit took delivery of four new A320neo aircraft during the second quarter 2022. Total other (income) expense ($Millions)(3), Total capital expenditures ($Millions)(5). Adding to the pressure the airline industry is experiencing in Spain, Spanish Ryanair cabin crew members will go on strike every week, from August 8 until January 7, 2023. British Airways offered staff one-off bonuses, but employees were demanding a permanent refund. 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 A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. Standard strike action and the so-called wildcat strike (usually pilots and flight attendants calling in sick) are nothing new, which is why insurance services have been adapted to cover passengers on different situations. 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. In the first half of the year, Spirit Airlines had US$2.33 billion in total operating revenue, a 24.9% growth compared to the same period in 2019, prior to the COVID-19 pandemic. As a result, the airline has halted ticket sales for short-haul flights from Heathrow amid pressure to cancel flights. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. Excludes fuel expense and operating special items. While routes inside Spain will be the most affected, it is believed that routes out of the country will also be affected. 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. 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