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. 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. The U.S. Transportation Department announced Tuesday, July 5, 2022, that it will award Spirit rights to 16 takeoff and landing rights at Newark. Operating income (loss), non-GAAP (5), Adj. Refer to the section "Non-GAAP Financial Measures" for additional information. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. The passengers were set to receive refunds, travel vouchers, and the option of traveling on another flight to Fort Lauderdale following the bird strike, the Spirit rep said. The Company believes that providing analysis of financial and operational performance compared to third quarter 2019 is a more relevant measure of performance than comparing to third quarter 2021 due to the severe impacts from the COVID-19 pandemic on the Company's financial results and operational performance for 2021. Spirit Airlines (NYSE: SAVE) is committed to delivering the best value in the sky. Spirit undertakes no duty to update any forward-looking statements or estimates. Forward Looking Guidance The third quarter and full year 2022 guidance items provided below are based on the Company's current estimates and are not a guarantee of future performance. 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. Includes interest expense, capitalized interest, Interest income, and other income and expense. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Spirit took delivery of four new A320neo aircraft during the third quarter 2022. CNN Sans & 2016 Cable News Network. The Air Line Pilots Association said 78% of Delta pilots who voted supported the contract. Your region selection will be saved in your cookie for future visits. The Air Line Stay prepared. 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. We were struck by lightning twice, said the crew. All rights reserved. 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 cancelled approximately 550 flights and 400 flights in September and October, respectively, related to Hurricane Ian. 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. (1) 2021 includes amounts related to accelerated depreciation. Total GAAP operating expenses for the third quarter 2022 increased 59.1 percent compared to the third quarter 2019 to $1,379.6 million. We exclude aircraft fuel and related taxes and special items from operating expenses to determine Adjusted CASM ex-fuel. We were struck by lightning twice, said the crew. Unionized Spirit Airlines flight attendants protested management's handling of flight delays and cancellations in a demonstration at Fort Lauderdale-Hollywood International Airport. Second Quarter 2022 ResultsFor the second quarter 2022, Spirit reported a net loss of $52.4 million, or a net loss of $0.48 per diluted share. 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. Dozens of angry passengers waited at Spirit ticket counters this week, many vowing never to use the airline again, according to the AP. 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. Spirit undertakes no duty to update any forward-looking statements or estimates. 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. 2021 includes amounts related to the accelerated depreciation on current aircraft seats related to the retrofit of 36 aircraft with new Acro6 seats. 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. Required fields are marked *. 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. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. 1, Adj. Spirit Airlines, Inc. All Rights Reserved. For the full year 2022, the Company estimates its weighted average diluted share count will be 108.8 million. Adjusted Spirit Airlines, Inc. All Rights Reserved. A Warner Bros. 2. 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. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. Income (loss) before income taxes, non-GAAP (3), Add: Adj. Per unit amounts presented are calculated from the underlying amounts. The airline did not say how many passengers were on board. Provision (benefit) for income taxes (6), Adj. Aircraft utilization in the second quarter 2022 was 10.7 hours, down 16.4 percent compared to the 12.8 hours in the same period of 2019. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). Sign up to receive the latest financial news and events by email. Master of Science in Aeronautics graduate. A strike started in July as hundreds of Heathrow customer service agents decided to take action. I want to thank and acknowledge our entire team for caring for our Guests and each other and for doing a great job mitigating the operational impacts from Hurricane Ian. 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. Spirit Airlines Ended the third quarter 2022 with $1.3 billion of unrestricted cash, cash equivalents,short-term investment securities and liquidity available under the Company's revolving credit facility. 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. (2) Excludes operating special items and aircraft fuel expense. (3) 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. 2019 includes amounts primarily related to the disposal of excess and obsolete inventory. 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. The company reported a pre-tax loss of $67.5 million, with a negative pre-tax margin of 4.9%. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. Tiny Spirit is best known in the industry for its low fares and for its controversial plan announced in April to begin charging up to US$45 for carry-on bags. We are the leader in providing customizable travel options starting with an unbundled fare. EasyJet pilots in Spain have planned strike dates on August 12 to 14, 19 to 21 and 27 to 29, 2022. 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Reconciliation of Adjusted Net Income per Share to GAAP Net Income per Share (unaudited) (1), Net income (loss) per share, diluted, as reported, Add: GAAP to non-GAAP diluted weighted average shares difference, Adj. 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. Count on waiting a long time on the telephone, however, and some air providers such as Spirit have limited arrangements with other carriers. We commend our crew for handling the situation swiftly and safely, the rep added in the statement. The Company estimates the decrease in operating income attributable to the direct impact from the hurricane was approximately $5 million in the third quarter and will be approximately $5 million in the fourth quarter 2022. 5425 Wisconsin Ave An archive of the webcast will be available under "Events & Presentations" for 60 days. Your email address will not be published. You can review our Community Guidelines by clicking here. The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. Factors include, among others, the extent of the impact of the COVID-19 pandemic on the Company's business, results of operations and financial condition, and the extent of the impact of the COVID-19 pandemic on overall demand for air travel, restrictions on the Company's business by accepting financing under the CARES Act and other related legislation, the competitive environment in our industry, our ability to keep costs low and the impact of worldwide economic conditions, including the impact of economic cycles or downturns on customer travel behavior, the consummation of the merger with JetBlue and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September30, 2022. (3) See "Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses" table below for more details. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. (1) Non-ticket revenues equals the sum of non-fare passenger revenues and other revenues. Since the COVID-19 pandemic, the aviation industry, especially the airline sector, has been under high pressure given the financial impact of the global health crisis. MIRAMAR, Fla., Oct. 26, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported third quarter 2022 financial results. Operating income (loss), non-GAAP (5), Adj. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. In the first half of the year, Spirit Airlines had US$2.33 billion in total operating revenue, a 24.9% growth compared to the same period in 2019, prior to the COVID-19 pandemic. (6) 2021 includes amounts primarily related to the premiums paid to early extinguish a portion of the Company's 2025 Convertible Notes and the 8.00% Senior Secured Notes. Compared to the second quarter 2019, these increases were primarily driven by increases in flight volume, additional aircraft, higher fuel prices and inflationary wage pressures. Revenue passenger miles (RPMs) (thousands), Total operating revenue per ASM (TRASM) (cents), Fare revenue per passenger flight segment ($), Non-ticket revenue per passenger flight segment ($), Total revenue per passenger flight segment ($), Average daily aircraft utilization (hours). 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. FleetSpirit took delivery of four new A320neo aircraft during the second quarter 2022. Spirit Airlines 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 rights reserved. The right engine of a Spirit Airlines flight erupted into flames on October 2, 2021. If you would like to share a story idea, please submit it here. 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. WebJoin Free Spirit Members get up to 12 points on every dollar spent, all the way up to 20 points per dollar spent for Free Spirit Gold members. External site may not meet accessibility requirements. 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"). Excludes operating and non-operating special items. Did you encounter any technical issues? We were struck by lightning twice, said the crew. 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. Merger Agreement with JetBlueOn October 19, 2022, Spirit stockholders voted to approve the merger agreement between Spirit and JetBlue that was entered into on July 28, 2022. 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. Refer to the section "Non-GAAP Financial Measures" for additional information. 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. (2) Excludes fuel expense and operating special items. The Treasury Stock Method will be used to determine the dilutive impact. 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