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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spirit Airlines Inc | NYSE:SAVE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.13 | 5.63% | 2.44 | 2.475 | 2.34 | 2.37 | 6,724,050 | 22:32:40 |
001-35186 (Commission File Number) | 38-1747023 (IRS Employer Identification Number) |
[] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||
99.1 | Investor Update regarding first quarter and full year 2015 guidance |
Date: April 15, 2015 | SPIRIT AIRLINES, INC. | |||
By: /s/ Thomas Canfield | ||||
Name: Thomas Canfield | ||||
Title: Senior Vice President and General Counsel | ||||
Exhibit No. | Description | |||||
99.1 | Investor Update regarding first quarter and full year 2015 guidance |
Capacity - Available Seat Miles (ASMs) | 1Q15A | 2Q15E | 3Q15E | 4Q15E | FY2015E | ||||||||||
Year-over-Year % Change | 25.0 | % | 32.3 | % | 34.5 | % | 30.6 | % | 30.7 | % |
1Q15E | ||||
Operating Margin(1) | Approximately 22.5% | |||
Operating Expense per ASM (CASM) (cents) | ||||
Adjusted CASM(1) | 8.05 | - | 8.10 | |
Less: Economic fuel expense per ASM(2) | 2.34 | |||
Adjusted CASM ex-fuel(3) | 5.71 | 5.76 | ||
Average Stage Length (miles) | 991 | |||
Fuel Expense per Gallon ($) | ||||
Economic fuel cost(2) | $1.95 | |||
Fuel gallons (thousands) | 56,723 | |||
Selected Operating Expenses ($Millions) | ||||
Aircraft rent | $52.8 | |||
Depreciation and amortization | $14.9 | |||
Interest Expense, net of Capitalized Interest ($Millions) | ||||
Interest expense | $2.8 | |||
Capitalized interest | (2.5) | |||
Interest Expense, net of Capitalized Interest | $0.3 | |||
Effective Tax Rate | 37% | |||
Wtd. Average Share Count (Millions) | ||||
Basic | 73.1 | |||
Diluted | 73.4 |
Full Year 2015E | ||||||
Capital Expenditures | ($Millions) | |||||
Aircraft capital expenditures(4) | $ | 620 | ||||
Other capital expenditures(5) | 67 | |||||
Gross capital expenditures(4) | $ | 687 | ||||
Anticipated proceeds from issuance of long term debt and sale/leaseback transactions | $ | 545 | ||||
Other Working Capital Requirements | ||||||
Payments for heavy maintenance events(6) | $ | 20 | ||||
Pre-delivery deposits for flight equipment, net of refunds | $ | 102 | ||||
Pre-paid maintenance deposits, net of reimbursements | $ | 30 |
Fuel Hedges | |||
Period | % of Est. Volume | Instrument | Avg. Price / Gallon |
1Q15 | 83% | USGC Jet Call Options | $2.14 |
2Q15 | 70% | USGC Jet Call Options | $1.90 |
3Q15 | 20% | USGC Jet Call Options | $1.92 |
4Q15 | 17% | USGC Jet Call Options | $1.94 |
(1) | Excludes special items which may include unrealized gains or losses related to fuel derivative contracts, loss on disposal of assets, and special charges or credits. Includes realized gains or losses related to fuel derivative contracts. |
(2) | Includes fuel taxes, into-plane fuel cost, and realized gains and losses related to fuel derivative contracts. |
(3) | Excludes all components of fuel expense, loss on disposal of assets, and special charges or credits. |
(4) | Includes amounts related to 14 aircraft scheduled for delivery in 2015, including $152 million that was funded as pre-delivery deposits in prior years that is held by the aircraft manufacturer. The Company has 15 aircraft scheduled for delivery in 2015. The Company has debt commitments for the first 11 aircraft delivering in 2015 and assumes it will debt finance 3 additional aircraft and direct lease 1 aircraft from a third-party. |
(5) | Includes the purchase of a spare engine. |
(6) | Payments for heavy maintenance events are recorded as Long-term deposits and other assets within "Changes in operating assets and liabilities," on the Company's cash flow statement. |
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