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. An archive of the webcast will be available under "Events & Presentations" for 60 days. Third quarter 2022 includes the dilutive impact of outstanding equity awards and warrants. See Special Items table for more details. The Treasury Stock Method will be used to determine the dilutive impact. There was no word of any injuries sustained by passengers. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Moreover, customer satisfaction is at the top of the priority list for the airline industry as well as safety for the whole aviation industry. Crews are not the issue. 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. Discovery Company. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Excludes $331.6M of loss on extinguishment of debt recorded in second quarter 2021. 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. 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. We finished the quarter on a strong note with a 98.8 percent completion factor for June. Results are based on preliminary data compared to major and regional U.S. airlines. For the same reasons, the Company is unable to address the probable significance of the unavailable information. 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. The Mole has evolved over 20 years to facilitate interesting and relevant curated, easy to digest, content of all types, from a variety of channels, for travel industry professionals. Spirit undertakes no duty to update any forward-looking statements or estimates. Please keep your comments respectful and relevant. 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. British Airways offered staff one-off bonuses, but employees were demanding a permanent refund. 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. Operating income (loss), non-GAAP (5), Adj. 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. Log in to your WTOP account for notifications and alerts customized for you. The Federal Aviation Administration says the incident happened at 11 a.m.local time Friday and that the agency will investigate. The objective is to get better working conditions and The bidding war over Spirit Airlines is ramping up again with JetBlue boosting its offer for the discount carrier just days after rival Frontier upped its own bid for Spirit. 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. A JetBlue airliner lands past a Spirit Airlines jet on taxi way at Fort Lauderdale Hollywood International Airport on Monday, April 25, 2022. Net income (loss) per share, diluted, non-GAAP (1). 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. Dozens of angry passengers waited at Spirit ticket counters this week, many vowing never to use the airline again, according to the AP. Despite the large number of aircraft deliveries over the next few months, we remain confident we will continue to see gradual improvement in fleet utilization in the fourth quarter and throughout the first half of next year, reaching full utilization around mid-summer 2023," said Scott Haralson, Spirit's Chief Financial Officer. Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. 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. Operating expenses excluding fuel, non-GAAP (2). 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. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. 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. The workers have protested against a pay cut that took place during the pandemic and has been an ongoing pay dispute until now. Operating expenses excluding fuel, non-GAAP (2). Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today issued the following update regarding its ongoing discussions with Frontier Group Holdings, Inc. ("Frontier") (NASDAQ: ULCC), parent company of Frontier Airlines, Inc., and JetBlue Airways Corporation ("JetBlue") (NASDAQ: JBLU): Ted Christie, President and CEO of Spirit, said, See "Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses" table below for more details. 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 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. 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. 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. (1) Excludes operating special items. ", "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. Compared to the second quarter 2019, these increases were primarily driven by increases in flight volume, additional aircraft, higher fuel prices and inflationary wage pressures. 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. 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. Income (loss) before income taxes, non-GAAP (3), Add: Adj. 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. Book tax rates were impacted by the exclusion in taxable income of the derivative mark to market credit recorded in the third quarter 2022 related to the 2026 Convertible Notes. See Special Items table for more details. 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. The new contract sets the state for pilot negotiations at Fort Worth-based American Airlines, Dallas-based Southwest Airlines and Chicago-based United, which are all negotiating with unions for new deals. 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. The incident, which was captured on video by another passenger, has since received more than 9.6 million views on social media as of Saturday. (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. 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. Per unit amounts presented are calculated from the underlying amounts. 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. 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. 2021 includes 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. Spirit Airlines Merger Agreement with JetBlue As previously announced, Spirit Airlines, Inc. entered into a merger agreement with JetBlue Airways Corporation on July 28, 2022. Third quarter and full year 2019 includes the dilutive impact from outstanding equity awards. "The robust demand for leisure travel during the peak summer period resulted in busy airports and high load factors, and I want to thank our Team Members for staying focused on supporting each other and delivering a high value experience for our Guests. Excluding special items, adjusted net income for the third quarter 2022 was $3.6 million1, or an adjusted net income of $0.03 per diluted share1. Smaller airlines face a shortage of pilots as major airlines recruit from their ranks. 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. (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. (2) 2021 includes federal excise tax recovery amounts. The Las Vegas protest follows two other attempts to alert management of its empty promises. Flight attendants also picketed in Orlando, Florida and Dallas, Texas this past week. 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). (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. On a per passenger flight segment basis, compared to the same period in 2019, total revenue per passenger flight segment ("segment") for the second quarter 2022 increased 24.3 percent to $140.61. 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. 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. 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 For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). The strike is being closely watched in the industry because pilots at much larger carriers are also locked in tough negotiations. On march 10, 2022, i purchased a round trip flight ticket for spirit airlines routed trough a company called gotogate from columbus oh to las angeles and back for $490.86. 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Which airline should you fly based on your zodiac sign? Income (loss) before income taxes, non-GAAP (3), Add: Adj. 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. 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. Although the Company was profitable on an adjusted net income basis in the third quarter 2022, the 2025 convertible shares were anti-dilutive and therefore excluded from the weighted-average diluted share count used to calculate adjusted net income per diluted share for the third quarter 2022. 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. Recently, Spirit Airlines released its financial reports for the second quarter of 2022. The airline did not say how many passengers were on board. (AP Photo/Matt Rourke, File) 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. (5) Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. You should do tests on private browsing mode. 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. Refer to the section "Non-GAAP Financial Measures" for additional information. We were struck by lightning twice, said the crew. During a strike, airlines will often rebook on partner airlines, space permitting. (3) 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. There is no flight attendant strike. Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses, (in thousands, except CASM data in cents), Less: Operating special items expense (credit), Adj. However, we no longer exclude supplemental rent adjustments and, as such, non-GAAP measures for 2019 and 2021 have been revised to reflect this change and no longer exclude any previously reported supplemental rent adjustments. Spirit Airlines Reports Second Quarter 2022 Results. "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. Lets see what is happening with some of them. 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. LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. Copyright 2020 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. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). While the low-cost carrier has mentioned they do not expect the strike to cause major disruptions, services from major cities like Madrid, Barcelona, Malaga, Alicante, Seville, and Palma de Mallorca will be affected. Calculation of Total Non-Ticket Revenue per Passenger Flight Segment. The Air Line Pilots Association said 78% of Delta pilots who voted supported the contract. 2021 includes amounts related to the loss on three aircraft sale-leaseback transaction completed during second and third quarters 2021, the sale of auxiliary power units and the disposal of excess and obsolete inventory. Spirit flight attendants protest at Las Vegas airport on Friday, Flight attendants demand Spirit to stop stranding passengers and crew across the country, Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday to urge the company to get the operation together., Man visiting Las Vegas for sons bachelor party hits slot jackpot at Strip casino, Police: Juvenile finds both parents dead at North Las Vegas home, Las Vegas set to hold worlds largest rockabilly event, Las Vegas gentlemens club to be subject of new reality TV show, ONLY ON FOX5: Rover cam captures ending of pursuit that leads to police shooting in Henderson, Criminal defense attorney echoes judges words about self-representation of suspect in journalist slaying, Nevada Legislature bill would revise deadline for mail-in ballots. 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. For the same reasons, the Company is unable to address the probable significance of the unavailable information. 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. 2022. The objective is to get better working conditions and solutions to ongoing contractual disputes. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. Merger Agreement with JetBlueOn October 19, 2022, Spirit stockholders voted to approve the merger agreement between Spirit and JetBlue that was entered into on July 28, 2022. 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