The captain braked safely and brought the plane to a stop, received an indication of damage to the engine, and ordered an evacuation in accordance with our standard procedures, a Spirit spokesperson told the Post. 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. 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. MIRAMAR, Fla., Oct. 26, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported third quarter 2022 financial results. The aircraft landed safely, and we are currently working to reaccommodate our guests, Spirit said in a statement to CNN. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). (1) Non-ticket revenues equals the sum of non-fare passenger revenues and other revenues. On Sunday, 341 or 40 percent of Spirit Airlines flights were delayed with about 165 canceled, according to the flight-tracking website FlightAware.com. Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. 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. Net income (loss) per share, diluted (3). 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. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. The Treasury Stock Method will be used to determine the dilutive impact of any outstanding equity awards and warrants. Forward-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. Net income (loss) per share, diluted, "Top line revenue growth in the second quarter 2022 exceeded our expectations, driving a better-than-expected adjusted pre-tax margin despite much higher than anticipated fuel prices. Airlines have issued travel waivers for many parts of the US allowing passengers to rebook without penalty for a short window. External site may not meet accessibility requirements. 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. (3) Excludes operating and non-operating special items. total other (income) expense (4), Adj. "Looking ahead to the fourth quarter 2022, leisure demand remains strong and we expect unit revenue in the fourth quarter to be up 15.0 percent to 16.5 percent on 24.5 percent more capacity, compared to the fourth quarter 2019. However, we no longer exclude supplemental rent adjustments and, as such, non-GAAP measures for 2021 have been revised to reflect this change and no longer exclude any previously reported supplemental rent adjustments. 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. In addition, if the Company is profitable, the dilutive impact, if any, from outstanding equity awards and warrants will also impact the weighted average diluted shares outstanding. 2 May 2022. A Spirit Airlines Airbus A319-100, registration N521NK performing flight NK-932 from Las Vegas,NV to Houston Intercontinental,TX (USA), landed on A Spirit Airlines Airbus A321-200, registration N663NK performing flight NK-336 from Orlando,FL to Detroit,MI (USA) with 208 people on board, was in Provision (benefit) for income taxes, net, non-GAAP (1). Spirit Airlines The fourth quarter and full year 2022 guidance items provided in this release are based on the Company's current estimates and are not a guarantee of future performance. Second 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. All Guests and Team Members evacuated the aircraft and were bussed back to the terminal. Income (loss) before income taxes, non-GAAP (3), Add: Adj. 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. Strong demand and sound revenue management coupled with excellent operational reliability and overall cost management helped mitigate the impacts of these headwinds. Tax RateOn a GAAP basis, the Company's effective tax rate for the second quarter 2022 was 22.4 percent. ", "For the third quarter 2022, our team achieved a record2 third quarter DOT on-time performance of 79.5 percent and did so despite operational impacts from Hurricane Ian. 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. (2) 2021 includes amounts related to the accelerated depreciation on current aircraft seats related to the retrofit of 36 aircraft with new Acro6 seats. (1) The Company determined the Adjusted Provision (Benefit) for Income Taxes by calculating our estimated annual effective tax rate on adjusted pre-tax income and applying it to Adjusted Income (Loss) Before Income Taxes, before giving effect to discrete items. 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. 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. Net income (loss) per share, diluted, non-GAAP (1). 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. Excluding special items, adjusted net Required fields are marked *. Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. Apart from demanding better working conditions and higher pay that has been requested recently across the industry, the Sindical Obrera and Sitcpla unions are calling for 11 staff members fired during recent strikes to be given their jobs back, according to an update from The Points Guy UK. Look at the striking airlines web site to see policies and updates. Refer to the section "Non-GAAP Financial Measures" for additional information. Crews are not the issue. Liquidity and Capital DeploymentSpirit ended second quarter 2022 with unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility of $1.5 billion. Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses, (in thousands, except CASM data in cents), Less: Operating special items expense (credit), Adj. 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. Copyright 2020 Includes fuel taxes and into-plane fuel cost. The last strike at a major carrier was in 2005, when Northwest Airlines mechanics walked off the job rather than accept deep pay cuts. Excludes any potential change in the mark to market adjustment related to the derivative portion of the 2026 Convertible Notes. The incident is the latest impact from a storm that has caused more than 4,000 flight cancellations nationwide on Friday, according to FlightAware data. Cost PerformanceTotal GAAP operating expenses for the second quarter 2022 increased 66.3 percent compared to the second quarter 2019 to $1,412.0 million. Net income (loss) per share, diluted (3). 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. 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. Spirit undertakes no duty to update any forward-looking statements or estimates. 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. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. 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. 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. 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. Conference Call/Webcast DetailSpirit will conduct a conference call to discuss these results tomorrow, October 27, 2022, at 10:00 a.m. Eastern US Time. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. Did you encounter any technical issues? (AP Photo/Matt Rourke, File). https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Expanded its network by initiating service to Memphis, Tennessee and Salt Lake City, Utah and announced service to Albuquerque, New Mexico, Reno, Nevada, and Boise, Idaho, Added Los Angeles International Airport to its growing list of airports where its award-winning self-bag drop system is offered; Spirit's machines are also equipped with a biometric options, further streamlining the check-in process for Guests. 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. Spirit Airlines Reports Second Quarter 2022 Results. 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. 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. And further strikes have been planned by the employees of low-cost carrier Ryanair, British Airways, and other major airlines. Youll likely find your options are limited. Dozens of angry passengers waited at Spirit ticket counters this week, many vowing never to use the airline again, according to the AP. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Standard strike action and the so-called wildcat strike (usually pilots and flight attendants calling in sick) are nothing new, which is why insurance services have been adapted to cover passengers on different situations. An archive of the webcast will be available under "Events & Presentations" for 60 days. Spirit Airlines, Inc. All Rights Reserved. 15, 2022 at 12:22 PM PDT LAS VEGAS, Nev. (FOX5) - Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday (2) Excludes operating special items and aircraft fuel expense. 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.. 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. https://www.prnewswire.com/news-releases/spirit-airlines-reports-third-quarter-2022-results-301660489.html, Entered into a definitive merger agreement with JetBlue Airways Corporation ("JetBlue") to create the most compelling national low-fare challenger to the dominant U.S. carriers (subject to regulatory approval), Opened new Pilot and Flight Attendant crew bases in Atlanta, Georgia and Miami, Florida and announced it will be adding a new Pilot and Flight Attendant base in Houston, Texas, Opened an aircraft maintenance facility at George Bush Intercontinental Airport to help maintain and service its growing fleet, Announced it will be expanding its network by adding service to San Antonio, Texas in November 2022, Initiated service to Albuquerque, New Mexico, Reno, Nevada, and Boise, Idaho and resumed service to Managua, Nicaragua, As part of its continued commitment to support service members, the Spirit Airlines Charitable Foundation partnered with Honor Flight South Florida to fly 72 veterans in an all-inclusive trip to visit memorials and military landmarks in Washington, D.C. and donated over $150,000 to various other organizations making a meaningful social impact in the communities where we live and work, including supporting the Red Cross in the Hurricane Ian recovery efforts. 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 $1.3 billion. Published Total other (income) expense ($Millions)(3), Total capital expenditures ($Millions)(5). For the same reasons, the Company is unable to address the probable significance of the unavailable information. LiveATC air traffic control recordings capture the exchange between the flight crew and Philadelphia air traffic controllers. Spirit airlines Chief Executive Ben Baldanza said in the statement. 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. Third Quarter 2022 Financial Results. (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. However, they also explain that for industrial action taken by airport and ground personnel, the airline has no obligation whatsoever. 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..

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