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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 | |
---|---|---|---|---|---|---|---|---|
0.1398 | 3.80% | 3.8198 | 3.86 | 3.66 | 3.76 | 6,362,202 | 00:59:50 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
38-1747023
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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|
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2800 Executive Way
Miramar, Florida
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33025
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
|
o
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Non-accelerated filer
|
o
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Smaller reporting company
|
o
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(Do not check if a smaller reporting company)
|
Emerging growth company
|
o
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Class
|
|
Number of Shares
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Common Stock, $0.0001 par value
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|
69,369,610
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Page No.
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ITEM 1.
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UNAUDITED CONDENSED FINANCIAL STATEMENTS
|
|
Three Months Ended March 31,
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||||||
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2017
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|
2016
|
||||
Operating revenues:
|
|
|
|
||||
Passenger
|
$
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299,762
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|
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$
|
272,626
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Non-ticket
|
291,984
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|
|
265,517
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||
Total operating revenues
|
591,746
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|
|
538,143
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||||
Operating expenses:
|
|
|
|
||||
Salaries, wages and benefits
|
127,138
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|
|
116,410
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|
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Aircraft fuel
|
139,782
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|
|
85,982
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|
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Aircraft rent
|
57,070
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|
|
52,202
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|
||
Landing fees and other rents
|
40,448
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|
34,807
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||
Depreciation and amortization
|
31,509
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|
|
23,109
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|
||
Maintenance, materials and repairs
|
26,312
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|
|
20,940
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|
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Distribution
|
26,498
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|
|
22,933
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|
||
Special charges
|
4,776
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|
|
16,202
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|
||
Loss on disposal of assets
|
1,105
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|
|
214
|
|
||
Other operating
|
77,703
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|
|
64,045
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|
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Total operating expenses
|
532,341
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|
|
436,844
|
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||
|
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|
||||
Operating income
|
59,405
|
|
|
101,299
|
|
||
|
|
|
|
||||
Other (income) expense:
|
|
|
|
||||
Interest expense
|
12,473
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|
|
8,060
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|
||
Capitalized interest
|
(3,580
|
)
|
|
(3,325
|
)
|
||
Interest income
|
(1,313
|
)
|
|
(1,566
|
)
|
||
Other expense
|
3
|
|
|
70
|
|
||
Total other (income) expense
|
7,583
|
|
|
3,239
|
|
||
|
|
|
|
||||
Income before income taxes
|
51,822
|
|
|
98,060
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|
||
Provision for income taxes
|
19,887
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|
|
36,140
|
|
||
|
|
|
|
||||
Net income
|
$
|
31,935
|
|
|
$
|
61,920
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Basic earnings per share
|
$
|
0.46
|
|
|
$
|
0.87
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|
Diluted earnings per share
|
$
|
0.46
|
|
|
$
|
0.86
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|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net income
|
$
|
31,935
|
|
|
$
|
61,920
|
|
Unrealized gain (loss) on short-term investment securities, net of deferred taxes of ($8) and $0
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(13
|
)
|
|
—
|
|
||
Interest rate derivative losses reclassified into earnings, net of taxes of $31 and $33
|
53
|
|
|
57
|
|
||
Other comprehensive income (loss)
|
$
|
40
|
|
|
$
|
57
|
|
Comprehensive income
|
$
|
31,975
|
|
|
$
|
61,977
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
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|
||||
Current assets:
|
|
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|
||||
Cash and cash equivalents
|
$
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818,110
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$
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700,900
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Short-term investment securities
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100,294
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100,155
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|
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Accounts receivable, net
|
48,692
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|
41,136
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|
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Aircraft maintenance deposits
|
125,758
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|
|
87,035
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|
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Prepaid expenses and other current assets
|
53,677
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|
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46,619
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|
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Total current assets
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1,146,531
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975,845
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|
||||
Property and equipment:
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||||
Flight equipment
|
1,608,959
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1,461,525
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Ground property and equipment
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136,126
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126,206
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Less accumulated depreciation
|
(140,535
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)
|
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(122,509
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)
|
||
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1,604,550
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1,465,222
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Deposits on flight equipment purchase contracts
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330,523
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325,688
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Long-term aircraft maintenance deposits
|
170,631
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|
199,415
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Deferred heavy maintenance, net
|
71,870
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|
75,534
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|
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Other long-term assets
|
114,509
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|
|
110,223
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|
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Total assets
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$
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3,438,614
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$
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3,151,927
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|
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Liabilities and shareholders’ equity
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|
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Current liabilities:
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|
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Accounts payable
|
$
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39,612
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|
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$
|
15,193
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Air traffic liability
|
308,958
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|
206,392
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|
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Current maturities of long-term debt
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92,672
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84,354
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|
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Other current liabilities
|
231,932
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|
|
226,011
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Total current liabilities
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673,174
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531,950
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|
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Long-term debt, less current maturities
|
991,722
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|
897,359
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|
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Deferred income taxes
|
327,660
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|
|
308,143
|
|
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Deferred gains and other long-term liabilities
|
17,712
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|
|
19,868
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|
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Shareholders’ equity:
|
|
|
|
||||
Common stock
|
7
|
|
|
7
|
|
||
Additional paid-in-capital
|
553,820
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|
|
551,004
|
|
||
Treasury stock, at cost
|
(219,726
|
)
|
|
(218,692
|
)
|
||
Retained earnings
|
1,095,568
|
|
|
1,063,633
|
|
||
Accumulated other comprehensive loss
|
(1,323
|
)
|
|
(1,345
|
)
|
||
Total shareholders’ equity
|
1,428,346
|
|
|
1,394,607
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|
||
Total liabilities and shareholders’ equity
|
$
|
3,438,614
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|
|
$
|
3,151,927
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|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
31,935
|
|
|
$
|
61,920
|
|
Adjustments to reconcile net income to net cash provided by operations:
|
|
|
|
||||
Losses reclassified from other comprehensive income
|
84
|
|
|
90
|
|
||
Equity-based compensation
|
2,816
|
|
|
1,790
|
|
||
Allowance for doubtful accounts (recoveries)
|
(30
|
)
|
|
25
|
|
||
Amortization of deferred gains and losses and debt issuance costs
|
3,351
|
|
|
1,968
|
|
||
Depreciation and amortization
|
31,509
|
|
|
23,109
|
|
||
Deferred income tax expense
|
19,474
|
|
|
21,066
|
|
||
Loss on disposal of assets
|
1,105
|
|
|
214
|
|
||
Lease termination costs
|
4,776
|
|
|
16,202
|
|
||
|
|
|
|
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(7,526
|
)
|
|
(4,229
|
)
|
||
Aircraft maintenance deposits
|
(12,774
|
)
|
|
(12,311
|
)
|
||
Prepaid income taxes
|
(846
|
)
|
|
72,278
|
|
||
Long-term deposits and other assets
|
(21,267
|
)
|
|
(8,495
|
)
|
||
Accounts payable
|
18,937
|
|
|
4,703
|
|
||
Air traffic liability
|
102,207
|
|
|
46,473
|
|
||
Other liabilities
|
298
|
|
|
33,296
|
|
||
Other
|
113
|
|
|
—
|
|
||
Net cash provided by operating activities
|
174,162
|
|
|
258,099
|
|
||
Investing activities:
|
|
|
|
||||
Purchase of available-for-sale investment securities
|
(24,490
|
)
|
|
—
|
|
||
Proceeds from the maturity of available-for-sale investment securities
|
24,219
|
|
|
—
|
|
||
Pre-delivery deposits for flight equipment, net of refunds
|
(44,752
|
)
|
|
(50,358
|
)
|
||
Capitalized interest
|
(1,647
|
)
|
|
(2,575
|
)
|
||
Purchase of property and equipment
|
(112,265
|
)
|
|
(159,829
|
)
|
||
Net cash used in investing activities
|
(158,935
|
)
|
|
(212,762
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
115,526
|
|
|
73,914
|
|
||
Proceeds from stock options exercised
|
—
|
|
|
88
|
|
||
Payments on debt and capital lease obligations
|
(10,235
|
)
|
|
(9,749
|
)
|
||
Excess tax (deficiency) benefit from equity-based compensation
|
—
|
|
|
(778
|
)
|
||
Repurchase of common stock
|
(1,034
|
)
|
|
(9,601
|
)
|
||
Debt issuance costs
|
(2,274
|
)
|
|
(34
|
)
|
||
Net cash provided by financing activities
|
101,983
|
|
|
53,840
|
|
||
Net (decrease) increase in cash and cash equivalents
|
117,210
|
|
|
99,177
|
|
||
Cash and cash equivalents at beginning of period
|
700,900
|
|
|
803,632
|
|
||
Cash and cash equivalents at end of period
|
$
|
818,110
|
|
|
$
|
902,809
|
|
Supplemental disclosures
|
|
|
|
||||
Cash payments for:
|
|
|
|
||||
Interest, net of capitalized interest
|
$
|
3,943
|
|
|
$
|
3,430
|
|
Income taxes paid, net of refunds
|
$
|
2,881
|
|
|
$
|
(64,158
|
)
|
Non-cash transactions:
|
|
|
|
||||
Capital expenditures funded by capital lease borrowings
|
$
|
(130
|
)
|
|
$
|
(31
|
)
|
1.
|
Basis of Presentation
|
2.
|
Recent Accounting Developments
|
3.
|
Special Charges
|
4.
|
Earnings per Share
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands, except per share amounts)
|
||||||
Numerator
|
|
|
|
||||
Net income
|
$
|
31,935
|
|
|
$
|
61,920
|
|
Denominator
|
|
|
|
||||
Weighted-average shares outstanding, basic
|
69,348
|
|
|
71,572
|
|
||
Effect of dilutive stock awards
|
244
|
|
|
204
|
|
||
Adjusted weighted-average shares outstanding, diluted
|
69,592
|
|
|
71,777
|
|
||
Net income per share
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.46
|
|
|
$
|
0.87
|
|
Diluted earnings per common share
|
$
|
0.46
|
|
|
$
|
0.86
|
|
|
|
|
|
||||
Anti-dilutive weighted-average shares
|
88
|
|
|
85
|
|
5.
|
Short-term Investment Securities
|
6.
|
Accrued Liabilities
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Federal excise and other passenger taxes and fees payable
|
$
|
59,919
|
|
|
$
|
42,064
|
|
Salaries and wages
|
48,810
|
|
|
54,578
|
|
||
Airport obligations
|
37,906
|
|
|
43,989
|
|
||
Aircraft maintenance
|
26,132
|
|
|
30,233
|
|
||
Aircraft and facility lease obligations
|
17,441
|
|
|
10,378
|
|
||
Interest payable
|
14,240
|
|
|
8,499
|
|
||
Fuel
|
9,845
|
|
|
14,828
|
|
||
Other
|
17,639
|
|
|
21,442
|
|
||
Other current liabilities
|
$
|
231,932
|
|
|
$
|
226,011
|
|
7.
|
Financial Instruments and Risk Management
|
8.
|
Commitments and Contingencies
|
|
|
Airbus
|
|
|||||
|
|
A320ceo
|
|
A320neo
|
|
A321ceo
|
|
Total
|
remainder of 2017
|
|
6
|
|
|
|
8
|
|
14
|
2018
|
|
5
|
|
|
|
5
|
|
10
|
2019
|
|
1
|
|
14
|
|
|
|
15
|
2020
|
|
|
|
16
|
|
|
|
16
|
2021
|
|
|
|
18
|
|
|
|
18
|
|
|
12
|
|
48
|
|
13
|
|
73
|
|
|
Aircraft and Spare Engine Leases
|
|
Property Facility Leases
|
|
Total
Operating Lease Obligations
|
||||||
|
(in thousands)
|
|||||||||||
remainder of 2017
|
|
$
|
164,411
|
|
|
$
|
30,615
|
|
|
$
|
195,026
|
|
2018
|
|
206,845
|
|
|
39,626
|
|
|
246,471
|
|
|||
2019
|
|
188,212
|
|
|
32,076
|
|
|
220,288
|
|
|||
2020
|
|
180,235
|
|
|
20,144
|
|
|
200,379
|
|
|||
2021
|
|
170,613
|
|
|
9,589
|
|
|
180,202
|
|
|||
2022 and thereafter
|
|
570,087
|
|
|
55,572
|
|
|
625,659
|
|
|||
Total minimum lease payments
|
|
$
|
1,480,403
|
|
|
$
|
187,622
|
|
|
$
|
1,668,025
|
|
Employee Groups
|
|
Representative
|
|
Amendable Date
|
|
Percentage of Workforce
|
Pilots
|
|
Air Line Pilots Association, International (ALPA)
|
|
August 2015
|
|
26%
|
Flight Attendants
|
|
Association of Flight Attendants (AFA-CWA)
|
|
May 2021
|
|
42%
|
Dispatchers
|
|
Transport Workers Union (TWU)
|
|
August 2018
|
|
1%
|
Ramp Service Agents
|
|
International Association of Machinists and Aerospace Workers (IAMAW)
|
|
June 2020
|
|
4%
|
9.
|
Fair Value Measurements
|
|
March 31, 2017
|
|
December 31, 2016
|
|
Fair Value Level Hierarchy
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
|||||||||
|
(in millions)
|
|
|
||||||||||||||
Senior term loans
|
$
|
443.4
|
|
|
$
|
461.6
|
|
|
$
|
451.9
|
|
|
$
|
463.9
|
|
|
Level 3
|
Junior term loans
|
45.2
|
|
|
48.3
|
|
|
47.1
|
|
|
48.1
|
|
|
Level 3
|
||||
Fixed-rate loans
|
77.0
|
|
|
77.4
|
|
|
—
|
|
|
—
|
|
|
Level 3
|
||||
Class A enhanced equipment trust certificates
|
440.2
|
|
|
451.2
|
|
|
409.8
|
|
|
416.0
|
|
|
Level 2
|
||||
Class B enhanced equipment trust certificates
|
111.8
|
|
|
114.0
|
|
|
103.6
|
|
|
105.7
|
|
|
Level 2
|
||||
Total long-term debt
|
$
|
1,117.6
|
|
|
$
|
1,152.5
|
|
|
$
|
1,012.4
|
|
|
$
|
1,033.7
|
|
|
|
|
Fair Value Measurements as of March 31, 2017
|
||||||||||||||
|
Total
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
||||||||
|
(in millions)
|
||||||||||||||
Cash and cash equivalents
|
$
|
818.1
|
|
|
$
|
818.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term investment securities
|
100.3
|
|
|
100.3
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
918.4
|
|
|
$
|
918.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements as of December 31, 2016
|
||||||||||||||
|
Total
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
||||||||
|
(in millions)
|
||||||||||||||
Cash and cash equivalents
|
$
|
700.9
|
|
|
$
|
700.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term investment securities
|
100.2
|
|
|
100.2
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
801.1
|
|
|
$
|
801.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
10.
|
Debt and Other Obligations
|
|
|
As of
|
|
Three Months Ended March 31,
|
||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
|
2017
|
|
2016
|
|||||||
|
|
(in millions)
|
|
(weighted-average interest rates)
|
||||||||||
Fixed-rate senior term loans due through 2027
|
|
$
|
443.4
|
|
|
$
|
451.9
|
|
|
4.10
|
%
|
|
4.10
|
%
|
Fixed-rate junior term loans due through 2022
|
|
45.2
|
|
|
47.1
|
|
|
6.90
|
%
|
|
6.90
|
%
|
||
Fixed-rate loans due through 2029
|
|
77.0
|
|
|
—
|
|
|
3.88
|
%
|
|
N/A
|
|
||
Fixed-rate class A enhanced equipment trust certificates due through 2028
|
|
440.2
|
|
|
409.8
|
|
|
4.10
|
%
|
|
4.03
|
%
|
||
Fixed-rate class B enhanced equipment trust certificates due through 2024
|
|
111.8
|
|
|
103.6
|
|
|
4.45
|
%
|
|
4.37
|
%
|
||
Long-term debt
|
|
$
|
1,117.6
|
|
|
$
|
1,012.4
|
|
|
|
|
|
||
Less current maturities
|
|
92.7
|
|
|
84.4
|
|
|
|
|
|
||||
Less unamortized discounts
|
|
33.2
|
|
|
30.6
|
|
|
|
|
|
||||
Total
|
|
$
|
991.7
|
|
|
$
|
897.4
|
|
|
|
|
|
|
|
March 31, 2017
|
||
|
|
(in millions)
|
||
Remainder of 2017
|
|
$
|
85.8
|
|
2018
|
|
90.0
|
|
|
2019
|
|
88.4
|
|
|
2020
|
|
87.0
|
|
|
2021
|
|
85.7
|
|
|
2022 and beyond
|
|
680.7
|
|
|
Total debt principal payments
|
|
$
|
1,117.6
|
|
|
Three Months Ended March 31,
|
||||||
2017
|
|
2016
|
|||||
|
(in thousands)
|
||||||
Senior term loans
|
$
|
4,672
|
|
|
$
|
5,048
|
|
Junior term loans
|
803
|
|
|
937
|
|
||
Fixed-rate loans
|
159
|
|
|
—
|
|
||
Class A enhanced equipment trust certificates
|
4,308
|
|
|
1,183
|
|
||
Class B enhanced equipment trust certificates
|
1,185
|
|
|
336
|
|
||
Commitment fees
|
30
|
|
|
35
|
|
||
Amortization of debt discounts
|
1,231
|
|
|
516
|
|
||
Total
|
$
|
12,388
|
|
|
$
|
8,055
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three Months Ended March 31,
|
|
Percent Change
|
|||||
|
2017
|
|
2016
|
|
||||
Operating Statistics (unaudited) (A):
|
|
|
|
|
|
|||
Average aircraft
|
97.2
|
|
|
80.6
|
|
|
20.6
|
%
|
Aircraft at end of period
|
100
|
|
|
83
|
|
|
20.5
|
%
|
Average daily aircraft utilization (hours)
|
11.9
|
|
|
12.8
|
|
|
(7.0
|
)%
|
Average stage length (miles)
|
985
|
|
|
995
|
|
|
(1.0
|
)%
|
Block hours
|
104,035
|
|
|
93,545
|
|
|
11.2
|
%
|
Departures
|
39,330
|
|
|
35,160
|
|
|
11.9
|
%
|
Passenger flight segments (PFSs) (thousands)
|
5,570
|
|
|
4,988
|
|
|
11.7
|
%
|
Revenue passenger miles (RPMs) (thousands)
|
5,613,422
|
|
|
5,070,313
|
|
|
10.7
|
%
|
Available seat miles (ASMs) (thousands)
|
6,875,899
|
|
|
5,983,005
|
|
|
14.9
|
%
|
Load factor (%)
|
81.6
|
%
|
|
84.7
|
%
|
|
(3.1) pts
|
|
Average ticket revenue per passenger flight segment ($)
|
53.82
|
|
|
54.65
|
|
|
(1.5
|
)%
|
Average non-ticket revenue per passenger flight segment ($)
|
52.42
|
|
|
53.23
|
|
|
(1.5
|
)%
|
Total revenue per passenger flight segment ($)
|
106.24
|
|
|
107.88
|
|
|
(1.5
|
)%
|
Average yield (cents)
|
10.54
|
|
|
10.61
|
|
|
(0.7
|
)%
|
TRASM (cents)
|
8.61
|
|
|
8.99
|
|
|
(4.2
|
)%
|
CASM (cents)
|
7.74
|
|
|
7.30
|
|
|
6.0
|
%
|
Adjusted CASM (cents)
|
7.66
|
|
|
7.03
|
|
|
9.0
|
%
|
Adjusted CASM ex-fuel (cents)
|
5.62
|
|
|
5.59
|
|
|
0.5
|
%
|
Fuel gallons consumed (thousands)
|
79,064
|
|
|
70,550
|
|
|
12.1
|
%
|
Average economic fuel cost per gallon ($)
|
1.77
|
|
|
1.22
|
|
|
45.1
|
%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2017
|
|
2016
|
|
||||||
|
(in thousands, except per gallon amounts)
|
|
Percent Change
|
|||||||
Fuel gallons consumed
|
79,064
|
|
|
70,550
|
|
|
12.1
|
%
|
||
Into-plane fuel cost per gallon
|
1.77
|
|
|
1.22
|
|
|
45.1
|
%
|
||
Into-plane fuel expense
|
139,782
|
|
|
85,982
|
|
|
62.6
|
%
|
||
Realized losses (gains) related to fuel derivative contracts, net
|
—
|
|
|
—
|
|
|
NM
|
|
||
Unrealized losses (gains) related to fuel derivative contracts, net
|
—
|
|
|
—
|
|
|
NM
|
|
||
Aircraft fuel expense (per statement of operations)
|
$
|
139,782
|
|
|
$
|
85,982
|
|
|
62.6
|
%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2017
|
|
2016
|
|
||||||
|
(in thousands, except per gallon amounts)
|
|
Percent Change
|
|||||||
Into-plane fuel expense
|
$
|
139,782
|
|
|
$
|
85,982
|
|
|
62.6
|
%
|
Realized losses (gains) related to fuel derivative contracts, net
|
—
|
|
|
—
|
|
|
NM
|
|
||
Economic fuel expense
|
$
|
139,782
|
|
|
$
|
85,982
|
|
|
62.6
|
%
|
Fuel gallons consumed
|
79,064
|
|
|
70,550
|
|
|
12.1
|
%
|
||
Economic fuel cost per gallon
|
$
|
1.77
|
|
|
$
|
1.22
|
|
|
45.1
|
%
|
|
Three Months Ended March 31,
|
|
Change
|
|
Cost per ASM
|
|
Per-ASM Change
|
|
Percent Change
|
|||||||||||||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|||||||||||||||||
|
(in thousands)
|
|
(in cents)
|
|||||||||||||||||||||||
Salaries, wages, and benefits
|
$
|
127,138
|
|
|
$
|
116,410
|
|
|
$
|
10,728
|
|
|
9.2
|
%
|
|
1.85
|
|
|
1.95
|
|
|
(0.10
|
)
|
|
(5.1
|
)%
|
Aircraft fuel
|
139,782
|
|
|
85,982
|
|
|
53,800
|
|
|
62.6
|
%
|
|
2.03
|
|
|
1.44
|
|
|
0.59
|
|
|
41.0
|
%
|
|||
Aircraft rent
|
57,070
|
|
|
52,202
|
|
|
4,868
|
|
|
9.3
|
%
|
|
0.83
|
|
|
0.87
|
|
|
(0.04
|
)
|
|
(4.6
|
)%
|
|||
Landing fees and other rents
|
40,448
|
|
|
34,807
|
|
|
5,641
|
|
|
16.2
|
%
|
|
0.59
|
|
|
0.58
|
|
|
0.01
|
|
|
1.7
|
%
|
|||
Depreciation and amortization
|
31,509
|
|
|
23,109
|
|
|
8,400
|
|
|
36.3
|
%
|
|
0.46
|
|
|
0.39
|
|
|
0.07
|
|
|
17.9
|
%
|
|||
Maintenance, materials and repairs
|
26,312
|
|
|
20,940
|
|
|
5,372
|
|
|
25.7
|
%
|
|
0.38
|
|
|
0.35
|
|
|
0.03
|
|
|
8.6
|
%
|
|||
Distribution
|
26,498
|
|
|
22,933
|
|
|
3,565
|
|
|
15.5
|
%
|
|
0.39
|
|
|
0.38
|
|
|
0.01
|
|
|
2.6
|
%
|
|||
Special charges
|
4,776
|
|
|
16,202
|
|
|
(11,426
|
)
|
|
NM
|
|
|
0.07
|
|
|
0.27
|
|
|
(0.20
|
)
|
|
NM
|
|
|||
Loss on disposal of assets
|
1,105
|
|
|
214
|
|
|
891
|
|
|
NM
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
NM
|
|
|||
Other operating
|
77,703
|
|
|
64,045
|
|
|
13,658
|
|
|
21.3
|
%
|
|
1.13
|
|
|
1.07
|
|
|
0.06
|
|
|
5.6
|
%
|
|||
Total operating expenses
|
$
|
532,341
|
|
|
$
|
436,844
|
|
|
$
|
95,497
|
|
|
21.9
|
%
|
|
7.74
|
|
|
7.30
|
|
|
0.44
|
|
|
6.0
|
%
|
Adjusted CASM (1)
|
|
|
|
|
|
|
|
|
7.66
|
|
|
7.03
|
|
|
0.63
|
|
|
9.0
|
%
|
|||||||
Adjusted CASM ex-fuel (2)
|
|
|
|
|
|
|
|
|
5.62
|
|
|
5.59
|
|
|
0.03
|
|
|
0.5
|
%
|
(1)
|
Reconciliation of CASM to Adjusted CASM:
|
|
Three Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
(in millions)
|
|
Per ASM
|
|
(in millions)
|
|
Per ASM
|
||||||
CASM (cents)
|
|
|
7.74
|
|
|
|
|
7.30
|
|
||||
Unrealized losses (gains) related to fuel derivative contracts, net
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Loss on disposal of assets
|
1.1
|
|
|
0.02
|
|
|
0.2
|
|
|
—
|
|
||
Special charges
|
4.8
|
|
|
0.07
|
|
|
16.2
|
|
|
0.27
|
|
||
Adjusted CASM (cents)
|
|
|
7.66
|
|
|
|
|
7.03
|
|
(2)
|
Excludes aircraft fuel expense, loss on disposal of assets and special charges and credits.
|
|
|
remainder of 2017
|
|
2018 - 2019
|
|
2020 - 2021
|
|
2022 and beyond
|
|
Total
|
||||||||||
Long-term debt (1)
|
|
$
|
86
|
|
|
$
|
178
|
|
|
$
|
173
|
|
|
$
|
681
|
|
|
$
|
1,118
|
|
Interest commitments (2)
|
|
40
|
|
|
81
|
|
|
65
|
|
|
110
|
|
|
296
|
|
|||||
Operating lease obligations
|
|
195
|
|
|
467
|
|
|
380
|
|
|
626
|
|
|
1,668
|
|
|||||
Flight equipment purchase obligations
|
|
576
|
|
|
1,287
|
|
|
1,616
|
|
|
25
|
|
|
3,504
|
|
|||||
Other (3)
|
|
9
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
15
|
|
|||||
Total future payments on contractual obligations
|
|
$
|
906
|
|
|
$
|
2,018
|
|
|
$
|
2,235
|
|
|
$
|
1,442
|
|
|
$
|
6,601
|
|
|
|
Airbus
|
|
|
|||||
|
|
A320ceo
|
|
A320neo
|
|
A321ceo
|
|
|
Total
|
remainder of 2017
|
|
6
|
|
|
|
8
|
|
|
14
|
2018
|
|
5
|
|
|
|
5
|
|
|
10
|
2019
|
|
1
|
|
14
|
|
|
|
|
15
|
2020
|
|
|
|
16
|
|
|
|
|
16
|
2021
|
|
|
|
18
|
|
|
|
|
18
|
|
|
12
|
|
48
|
|
13
|
|
|
73
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under Plans or Programs
|
||||||
January 1-31, 2017
|
|
7,423
|
|
|
$
|
57.09
|
|
|
—
|
|
|
$
|
—
|
|
February 1-28, 2017
|
|
8,750
|
|
|
$
|
51.74
|
|
|
—
|
|
|
$
|
—
|
|
March 1-31, 2017
|
|
2,984
|
|
|
$
|
52.68
|
|
|
—
|
|
|
$
|
—
|
|
Total
|
|
19,157
|
|
|
$
|
53.96
|
|
|
—
|
|
|
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit Number
|
|
Description of Exhibits
|
10.1
|
|
Framework Agreement
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1*
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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32.2*
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Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase
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101.LAB
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XBRL Taxonomy Extension Label Linkbase
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase
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*
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Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise specifically stated in such filing.
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SPIRIT AIRLINES, INC.
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Date: April 28, 2017
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By:
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/s/ Edward M. Christie
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Edward M. Christie
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Executive Vice President and
Chief Financial Officer
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1 Year Spirit Airlines Chart |
1 Month Spirit Airlines Chart |
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