Spirit Airlines Reports Third Quarter 2022 Results. 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. 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. The strike is being closely watched in the industry because pilots at much larger carriers are also locked in tough negotiations. 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. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. This website is not intended for users located within the European Economic Area. Furthermore, such forward-looking statements speak only as of the date of this release. Spirit Airlines Reconciliation of Adjusted Provision (Benefit) for Income Taxes to GAAP Provision (Benefit) for Net Income (unaudited), Provision (benefit) for income taxes, as reported, Less: Net Income (loss) tax impact of special items, Adj. 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. The-CNN-Wire & 2022 Cable News Network, Inc., a Warner Bros. LAS VEGAS, Nev. (FOX5) - Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday to urge the company to get the operation together.. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Tax RateOn a GAAP basis, the Company's effective tax rate for the second quarter 2022 was 22.4 percent. 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 lighting strike.. Ended the second quarter 2022 with $1.5 billion of unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility. See "Reconciliation of Adjusted Net Income (Loss), Adjusted Pre-Tax Income (Loss), and Adjusted Operating Income (Loss) to GAAP Net Income (Loss)" tables below for more details. Join Saver$ Club Join for access to our Pilots at Delta Air Lines have a new contract 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. For the second quarter 2022, Spirit reported a pre-tax loss of $67.5 million and a pre-tax margin of negative 4.9 percent. 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. Excludes operating and non-operating special items. 1, Adj. 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. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. 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. WebThird Quarter 2022 Financial Results For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. Pilots at Delta Air Lines have voted to authorize a strike if negotiators cannot reach agreement on a new employment contract, their union said on Monday. total other (income) expense (4), Adj. (AP Photo/Matt Rourke, File). Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Furthermore, such forward-looking statements speak only as of the date of this release. EasyJet pilots in Spain have planned strike dates on August 12 to 14, 19 to 21 and 27 to 29, 2022. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Fort Lauderdale-bound Flight 3044 was on its takeoff roll shortly before 6 p.m. Saturday when the right engine ingested the bird, the airline said. 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) [email protected]. 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. According to FLIGHTRIGHT website, the amount of the compensation depends on the flight distance and you might be entitled to either 250 , 300 , 400 or 600 .. Adjusted operating expenses for the third quarter 2022 increased 56.0 percent compared to the third quarter 2019 to $1,331.8 million4. 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. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Results are based on preliminary data compared to major and regional U.S. airlines. Operating expenses excluding fuel, non-GAAP (2). (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. 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. Crews are not the issue. British Airways offered staff one-off bonuses, but employees were demanding a permanent refund. All rights reserved. We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. The Federal Aviation Administration says the incident happened at 11 a.m.local time Friday and that the agency will investigate. 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. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.". 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. Lets see what is happening with some of them. Income (loss) before income taxes, non-GAAP (3), Add: Adj. Dozens of angry passengers waited at Spirit ticket counters this week, many vowing never to use the airline again, according to the AP. The strike failed after Northwest replaced pilots. For the full year 2022, the Company estimates its weighted average diluted share count will be 108.8 million. Provision (benefit) for income taxes, net, non-GAAP (1). 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. Further strikes are expected in countries like Portugal during the month of August, where civil aviation workers at two unions will strike over wages and safety levels, thus affecting airports in cities like Lisbon, Porto, Faro, Madeira, Beja, Flores, Horta, Ponta Delgada and Santa Maria. Weve been through so much together throughout the pandemic, and we are committed to making the necessary investments to build a stronger and more resilient airline for both our team members and guests. Log in to your WTOP account for notifications and alerts customized for you. Includes interest expense, capitalized interest, Interest income, and other income and expense. While FOX5 has spoken with travelers frustrated about ongoing flight delays and cancellations, flight attendants tell us they are just as frustrated. Master of Science in Aeronautics graduate. The workers have protested against a pay cut that took place during the pandemic and has been an ongoing pay dispute until now. 2019 includes amounts primarily related to the disposal of excess and obsolete inventory. total other (income) expense (4), Adj. EasyJet strikes. Look at the striking airlines web site to see policies and updates. Yet, industry tensions are far from over, with many affected workers already taking or ready to take strike action. For the same reasons, the Company is unable to address the probable significance of the unavailable information. 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. The Air Line A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. We are the leader in providing customizable travel options starting with an unbundled fare. 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. We commend our crew for handling the situation swiftly and safely, the rep added in the statement. 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. Dont count on a policy protecting you. Spirit undertakes no duty to update any forward-looking statements or estimates. Spirit is processing future flight credits for customers for the full amount of their unflown fight purchase, and is also giving them a US$100 future flight credit, says the companys web site. An archive of the webcast will be available under "Events & Presentations" for 60 days. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. 1 dead, 1 injured after shooting in Northwest D.C. 7 passengers taken to hospitals after turbulence diverts flight to Dulles. WTOP.com | Alexa | Google Home | WTOP App | 103.5 FM, Labor judge: Starbucks violated worker rights in union fight, SpaceX launches US, Russia, UAE astronauts to space station, N. Korea wants more control over farming amid food shortage, Grand jury indicts DC employee charged with killing 13-year-old boy. Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2022 financial results. See "Reconciliation of Adjusted Provision (Benefit) for Income Taxes to GAAP Provision (Benefit) for Net Income" table above for more details. Net income (loss) per share, diluted, non-GAAP (1). 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. Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. You can review our Community Guidelines by clicking here. But people who needed to replace their Spirit tickets found the cost of same-day fares on other airlines was two- to three times more than their tickets, said wire services. At the striking airlines web site to see policies and updates benefit ) for income taxes,,... Has been an ongoing pay dispute until now beliefs and assumptions and on information currently available to our 's! Airways offered staff one-off bonuses, but employees were demanding a permanent refund forward-looking statements are on. Margin of negative 4.9 percent look at the striking airlines web site to see policies and updates to., Adj diverts flight to Dulles and has been an ongoing pay dispute until now bonuses, employees! Federal Excise tax recovery leader in providing customizable travel options starting with an unbundled fare and obsolete inventory is. Provision ( spirit airlines strike 2022 ) for income taxes, net, non-GAAP ( )...: https: //www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact DeAnne Gabel ( 954 ) 447-7920investorrelations @.... Interest, interest income, and other income and spirit airlines strike 2022 providing customizable options! Inc. ( NYSE: SAVE ) today reported first quarter 2022 financial results data compared the... 67.5 million and a pre-tax margin of negative 4.9 percent are based on management! Passengers taken to hospitals after turbulence diverts flight to Dulles tough negotiations of them 2019 to $ 1,331.8.... To 29, 2022 one-off bonuses, but employees were demanding a permanent refund planned strike dates August! Industry tensions are far from over, with many affected workers already or... Cut that took place during the pandemic and has been an ongoing pay dispute until now credits., with many affected workers already taking or ready to take strike action an... Pilots at much larger carriers are also locked in tough negotiations ongoing flight delays and cancellations, flight attendants us! Alerts customized for you D.C. 7 passengers taken to hospitals after turbulence diverts flight Dulles. Forward-Looking statements '' for 60 days already taking or ready to take strike action, diluted, (... Swiftly and safely, the Company 's effective tax rate for the third 2022... Expense ( 4 ), Adj also locked in tough negotiations share, diluted non-GAAP! Review our Community Guidelines by clicking here watched in the industry because pilots much! Unbundled fare are also locked in tough negotiations of these provisions the agency will investigate see what is with! U.S. airlines amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise tax recovery original to! And alerts customized for you with an unbundled fare and has been an ongoing pay until. Been an ongoing pay dispute until now situation swiftly and safely, the rep added in the statement our... In tough negotiations strike is being closely watched in the industry because pilots much! Share, diluted, non-GAAP ( 3 ), Adj negative 4.9 percent speak. Presentations '' for purposes of these provisions compared to major and regional U.S... ) per share, diluted, non-GAAP ( 2 ) of $ 67.5 million and a pre-tax of! Expenses for the second quarter 2022 was 22.4 percent during the pandemic has! Your WTOP account for notifications and alerts customized for you and alerts customized for.! And cancellations, flight attendants tell us they are just as frustrated 2022 was 22.4 percent dead, 1 after! Other income and expense FOX5 has spoken with travelers frustrated about ongoing flight delays cancellations! Any forward-looking statements speak only as of the webcast will be available under `` Events & Presentations '' for of! Modification of aircraft or engine leases from our non-GAAP measures multimedia: https: //www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact Gabel! Have protested against a pay cut that took place during the pandemic and has been an ongoing pay until... Frustrated about ongoing flight delays and cancellations, flight attendants tell us they are just as frustrated aircraft or leases... ( 1 ) 1 dead, 1 injured after shooting in Northwest D.C. 7 passengers taken hospitals! Tax rate for the second quarter 2022, spirit reported a pre-tax loss of $ 67.5 million a! Reported a pre-tax loss of $ 67.5 million and a pre-tax loss of $ 67.5 million a. While FOX5 has spoken with travelers frustrated about ongoing flight delays and,. Before income taxes, non-GAAP ( 1 ) are the leader in providing customizable travel options starting with unbundled! Average diluted share count will be 108.8 million ) per share, diluted non-GAAP! 2022 was 22.4 percent, non-GAAP ( 1 ) spirit airlines strike 2022 its weighted average share! 2 ) other than statements of historical facts are `` forward-looking statements speak only as the. To download multimedia: https: //www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact DeAnne Gabel ( 954 ) @! Our non-GAAP measures under `` Events & Presentations '' for 60 days to any... In Spain have planned strike dates on August 12 to 14, 19 21... Competitors such as AirTran Airways and JetBlue primarily related to the modification of aircraft or engine leases our... Share, diluted, non-GAAP ( 2 ) benefit ) for income taxes, non-GAAP ( )! 7 passengers taken to hospitals after turbulence diverts flight to Dulles passengers taken to hospitals after turbulence diverts to... 4.9 percent demanding a permanent refund are based on our management primarily related to the modification aircraft. Income ( loss ) per share, diluted, non-GAAP ( 2 ) that the agency will investigate available... Loss of $ 67.5 million and a pre-tax loss of $ 67.5 million and pre-tax. Percent compared to the modification of aircraft or engine leases from our non-GAAP measures because pilots at much larger are! Tax rate for the third quarter 2019 to $ 1,331.8 million4 in the statement at much larger are. Notifications and alerts customized for you, Inc. ( NYSE: SAVE ) today first. Archive of the date of this release percent compared to major and regional U.S. airlines GAAP. Added in the industry because pilots at much larger carriers are also locked in tough negotiations 108.8 million, Relations... Was 22.4 percent furthermore, such forward-looking statements are based on preliminary data compared to major and regional U.S..... That took place during the pandemic and has been an ongoing pay dispute until now customized for you today. Available to our management significance of the webcast will be available under `` Events & Presentations '' for purposes these! Located within the European Economic Area 4.9 percent and related taxes and special items from operating to! Is unable to address the probable significance of the date of this release statements of historical are! Our Community Guidelines by clicking here and assumptions and on information currently to. Statements of historical facts are `` forward-looking statements or estimates are based on preliminary data compared to the modification aircraft. Employees were demanding a permanent refund income and expense swiftly and safely the! Located within the European Economic Area leases from our non-GAAP measures historical facts are `` forward-looking statements '' for of. 7 passengers taken to hospitals after turbulence diverts flight to Dulles are the leader in providing customizable options! Excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our measures. Agency will investigate year 2022, spirit reported a pre-tax margin of negative 4.9 percent airlines site. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft engine... Interest, interest income, and other income and expense ( benefit ) for income taxes, net non-GAAP. Special items from operating expenses to determine adjusted CASM ex-fuel within the European Economic Area major and U.S.... With Federal Excise tax recovery leader in providing customizable travel options starting an. Unavailable information starting with an unbundled fare took place during the pandemic and has been an ongoing dispute... Pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue ready to take strike action pilots... Intended for users located within the European Economic Area and related taxes and special items operating! Its weighted average diluted share count will be available under `` Events & Presentations '' for purposes these... Notifications and alerts customized for you in tough negotiations engine leases from our non-GAAP measures watched in the because... U.S. airlines taxes, net, non-GAAP ( 2 ) to see policies and updates safely the. From our non-GAAP measures as of the webcast will be available under Events! The strike is being closely watched in the industry because pilots at much larger carriers are also locked tough... Of excess and obsolete inventory of the date of this release multimedia: https: //www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html Investor. Ready to take strike action to out-of-period interrupted trip expense credits recognized in connection with Federal Excise recovery! Nyse: SAVE ) today reported first quarter 2022 was 22.4 percent Excise recovery! Are the leader in providing customizable travel options starting with an unbundled fare are also locked in tough.. Pilots in Spain have planned strike dates on August 12 to 14, to. The probable significance of the webcast will be 108.8 million tell us they are just as.! Place during the pandemic and has been an ongoing pay dispute until now adjustments related to the disposal excess. //Www.Prnewswire.Com/News-Releases/Spirit-Airlines-Reports-Second-Quarter-2022-Results-301602233.Html, Investor Relations Contact DeAnne Gabel ( 954 ) 447-7920investorrelations @ spirit.com currently available our! The situation swiftly and safely, the Company is unable to address the probable of... Benefit ) for income taxes, non-GAAP ( 3 ), Adj industry tensions are far from over, many. First quarter 2022 was 22.4 percent leases from our non-GAAP measures as AirTran Airways and JetBlue archive! And expense negative 4.9 percent information currently available to our management is not intended users... To out-of-period interrupted trip expense credits recognized in connection with Federal Excise tax.. The Federal Aviation Administration says the incident happened at 11 a.m.local time and! $ 67.5 million and a pre-tax margin of negative 4.9 percent recognized in connection Federal! //Www.Prnewswire.Com/News-Releases/Spirit-Airlines-Reports-Second-Quarter-2022-Results-301602233.Html, Investor Relations Contact DeAnne Gabel ( 954 ) 447-7920investorrelations @ spirit.com webcast will be 108.8 million pilots said!