For the same reasons, the Company is unable to address the probable significance of the unavailable information. ITR is free to our subscribers. "Looking ahead to the third quarter, we continue to face constraints that limit our ability to both optimize our network and operate our fleet at full utilization. You should do tests on private browsing mode. (2) Reflects the difference between the Company's GAAP Provision for Income Taxes and Adjusted Provision for Income Taxes as presented in the Reconciliation of Adjusted Net income to GAAP Net Income, on a per share basis and before discrete items excluded in the Non-GAAP measure. Daily Weather Forecast Includes interest expense, capitalized interest, Interest income, and other income and expense. Severe Weather Sign up to receive the latest financial news and events by email. Your email address will not be published. Net income (loss) per share, diluted, non-GAAP (1). LEILA FADEL, HOST: The Justice Department says it will decide this month whether to sue to block Spirit Airlines from merging with JetBlue. The Federal Aviation Administration says the incident happened at 11 a.m.local time Friday and that the agency will investigate. If you are receiving this message, simply enter your email address to sign in or register if you are not. Spirit Airlines (NYSE: SAVE) is committed to delivering the best value in the sky. 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. 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. In any case, if your next travel involves any of the airlines mentioned above, or the destinations and dates corresponding to any strike already announced, it is a good idea to keep an eye on your flight status and prepare for a more disrupted trip than expected. 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. 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. WebSecond Quarter 2022 Results For the second quarter 2022, Spirit reported a net loss of $52.4 million, or a net loss of $0.48 per diluted share. (4) 2022 includes amounts related to the loss on seven aircraft sale leaseback transactions and the impairment of one spare engine. Enter your email and get curated content straight to your inbox! Lets see what is happening with some of them. Refer to the section "Non-GAAP Financial Measures" for additional information. The airline did not say how many passengers were on board. 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. Agents say if you have time you can re-book through another carrier. All rights reserved. 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. See "Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses" table below for more details. Excluding special items, adjusted net View original content to download multimedia:https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact DeAnne Gabel(954) 447-7920investorrelations@spirit.com. 1, Adj. (1) 2021 includes amounts related to accelerated depreciation. The Company does not provide a reconciliation of non-GAAP 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 GAAP financial measures without unreasonable efforts. Total revenue per ASM ("TRASM") was 11.07 cents, up 19.3 percent compared to third quarter 2019 on 13.5 percent more capacity. Join us by reading below as we share the details of past and current airline strikes. "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. Load factor for the second quarter 2022 was 86.0 percent, up 1.0 percentage point compared to the second quarter 2019. 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. 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. 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. 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. As Reported (unaudited) First Quarter 2022 First Quarter 2021 First Quarter 2019 John Laughter, the Atlanta-based airline's chief of operations, said the contract "recognizes our pilots contributions to Delta. He said the airline set out to reach a deal that keeps Delta as a top destination for aviation employees. Before we go over the most relevant strike action in the past and the industrial action planned for the near future, it is essential to understand what happens when airline employees go on strike. Yet, we can go further to the past and find other relevant strikes. 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. Total capital expenditures, including net pre-delivery purchase deposits, for the six months ended June30, 2022, were $113.6 million, primarily related to the purchase of spare parts, including two spare engines, and expenditures related to the building of Spirit's new facilities in Dania Beach, Florida. 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. Merger Agreement with JetBlue As previously announced, Spirit Airlines, Inc. entered into a merger agreement with JetBlue Airways Corporation on July 28, 2022. In addition, 2022 includes costs associated with the retention bonus program under the Frontier Merger Agreementand the JetBlue Merger Agreement. The workers have protested against a pay cut that took place during the pandemic and has been an ongoing pay dispute until now. 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 current environment in the airline industry is definitely making air travel complicated for many people. Calculation of Total Non-Ticket Revenue per Passenger Flight Segment. Learn more. Spirit ended third quarter 2022 with unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility of $1.3 billion. Provision (benefit) for income taxes (6), Adj. (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. The Company ended the quarter with 180 aircraft in its fleet, an increase of 33.3 percent since the end of second quarter 2019. 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"). Total capital expenditures, including net pre-delivery purchase deposits, for the nine months ended September30, 2022, were $190.4 million, primarily related to the purchase of spare parts, including three spare engines, two flight simulators, and expenditures related to the building of Spirit's new facilities in Dania Beach, Florida. The flight was bound for Fort Lauderdale when the captain made an emergency stop We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. Provision (benefit) for income taxes, net, non-GAAP (1). 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. Were gonna have to come back to the airfield.. LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. The aircraft landed safely, and we are currently working to reaccommodate our guests, Spirit said in a statement to CNN. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.". 2019 includes amounts primarily related to the disposal of excess and obsolete inventory. 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. 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. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. 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