001-35186 (Commission File Number) | 38-1747023 (IRS Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description |
99.1 | Press Release regarding fourth quarter 2011 and full year 2011 financial results. |
99.2 | Investor Update regarding first quarter 2012 and full year 2012 guidance. |
Date: February 16, 2012 | SPIRIT AIRLINES, INC. |
Exhibit No. | Description |
99.1 | Press Release regarding fourth quarter 2011 and full year 2011 financial results. |
99.2 | Investor Update regarding first quarter 2012 and full year 2012 guidance. |
• | Net income for the fourth quarter 2011 was $24.0 million, or $0.33 per diluted share. |
• | Full year pro forma adjusted net income was $95.5 million, or $1.32 per diluted share. Full year 2011 GAAP net income was $76.4 million, or $1.43 per diluted share. See "Reconciliation of Adjusted Net Income to GAAP Net Income" table below for additional information. |
• | EBITDAR for the fourth quarter 2011 was $70.8 million resulting in an EBITDAR margin of 25.8% excluding unrealized fuel hedge gains and special items. For the full year 2011 EBITDAR was $275.3 million, resulting in an EBITDAR margin of 25.7% excluding unrealized fuel hedge losses and special items. |
• | Spirit ended the year with $343.3 million in unrestricted cash. |
• | Recently added/announced new service between: |
◦ | Chicago and Orlando (11/10/11) |
◦ | Dallas/Fort Worth and Atlanta (2/9/12) |
◦ | Dallas/Fort Worth and Orlando (2/9/12) |
◦ | Dallas/Fort Worth and New York LaGuardia (2/9/12) |
◦ | Phoenix-Mesa and Las Vegas (2/9/12) |
◦ | Phoenix-Mesa and Dallas/Fort Worth (3/22/12) |
◦ | Dallas/Fort Worth and Boston (3/22/12) |
◦ | Dallas/Fort Worth and Myrtle Beach (5/3/12) |
◦ | Dallas/Fort Worth and Tampa (5/4/12) |
◦ | Atlantic City and Atlanta (5/17/12) |
◦ | Latrobe/Pittsburgh and Orlando (5/17/12) |
• | Amended its Airbus purchase agreement for an order of 75 aircraft consisting of 30 A320 and 45 A320NEO aircraft. These aircraft are scheduled for delivery from 2016 through 2021 and are in addition to the 31 aircraft under Spirit's previous order that are scheduled for delivery from 2012 through 2015. |
• | Opened a Crew and Maintenance Base at Las Vegas McCarran International Airport. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
December 31, | Percent | December 31, | Percent | ||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 (1) | Change | ||||||||||||||||
Operating revenues: | |||||||||||||||||||||
Passenger | $ | 169,270 | $ | 136,456 | 24.0 | $ | 689,650 | $ | 537,969 | 28.2 | |||||||||||
Non-ticket | 104,649 | 79,744 | 31.2 | 381,536 | 243,296 | 56.8 | |||||||||||||||
Total operating revenue | 273,919 | 216,200 | 26.7 | 1,071,186 | 781,265 | 37.1 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Aircraft fuel | 94,827 | 70,047 | 35.4 | 388,046 | 248,206 | 56.3 | |||||||||||||||
Salaries, wages and benefits | 48,228 | 41,724 | 15.6 | 181,742 | 156,443 | 16.2 | |||||||||||||||
Aircraft rent | 30,476 | 28,409 | 7.3 | 116,485 | 101,345 | 14.9 | |||||||||||||||
Landing fees and other rents | 14,166 | 12,467 | 13.6 | 52,794 | 48,118 | 9.7 | |||||||||||||||
Distribution | 12,203 | 10,758 | 13.4 | 51,349 | 41,179 | 24.7 | |||||||||||||||
Maintenance, materials and repairs | 8,575 | 7,545 | 13.7 | 35,553 | 28,189 | 26.1 | |||||||||||||||
Depreciation and amortization | 2,464 | 1,303 | 89.1 | 7,760 | 5,620 | 38.1 | |||||||||||||||
Other operating | 23,936 | 21,487 | 11.4 | 89,636 | 82,594 | 8.5 | |||||||||||||||
Loss on disposal of assets | 216 | — | na | 255 | 77 | na | |||||||||||||||
Special charges (2) | 805 | 484 | na | 3,184 | 621 | na | |||||||||||||||
Total operating expenses | 235,896 | 194,224 | 21.5 | 926,804 | 712,392 | 30.1 | |||||||||||||||
Operating income | 38,023 | 21,976 | 73.0 | 144,382 | 68,873 | 109.6 | |||||||||||||||
Other (income) expense: | |||||||||||||||||||||
Interest expense | 373 | 12,306 | (97.0 | ) | 24,781 | 50,313 | (50.7 | ) | |||||||||||||
Capitalized interest | (371 | ) | (564 | ) | (34.2 | ) | (2,890 | ) | (1,491 | ) | 93.8 | ||||||||||
Interest income | (319 | ) | (86 | ) | 270.9 | (575 | ) | (328 | ) | 75.3 | |||||||||||
Other expense | 70 | 92 | (23.9 | ) | 235 | 194 | 21.1 | ||||||||||||||
Total other (income) expense | (247 | ) | 11,748 | (102.1 | ) | 21,551 | 48,688 | (55.7 | ) | ||||||||||||
Income before income taxes | 38,270 | 10,228 | 274.2 | 122,831 | 20,185 | 508.5 | |||||||||||||||
Provision (benefit) for income taxes | 14,279 | 697 | na | 46,383 | (52,296 | ) | na | ||||||||||||||
Net income | $ | 23,991 | $ | 9,531 | 151.7 | $ | 76,448 | $ | 72,481 | 5.5 | |||||||||||
Weighted average shares, basic | 72,242 | 26,270 | 175.0 | 53,241 | 26,184 | 103.3 | |||||||||||||||
Weighted average shares, diluted | 72,473 | 26,678 | 171.7 | 53,515 | 26,690 | 100.5 | |||||||||||||||
Net income per share, basic | $ | 0.33 | $ | 0.36 | (8.3 | ) | $ | 1.44 | $ | 2.77 | (48.0 | ) | |||||||||
Net income per share, diluted | $ | 0.33 | $ | 0.36 | (8.3 | ) | $ | 1.43 | $ | 2.72 | (47.4 | ) |
Three Months Ended December 31, | ||||||||
Operating Statistics | 2011 | 2010 | Change | |||||
Available seat miles (ASMs) (thousands) | 2,303,852 | 2,200,640 | 4.7 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 1,966,545 | 1,855,346 | 6.0 | % | ||||
Load factor (%) | 85.4 | 84.3 | 1.1 | pts | ||||
Passenger flight segments (thousands) | 2,170 | 1,905 | 13.9 | % | ||||
Operating revenue per ASM (RASM) (cents) | 11.89 | 9.82 | 21.1 | % | ||||
Average ticket revenue per passenger flight segment ($) | 78.00 | 71.62 | 8.9 | % | ||||
Average non-ticket revenue per passenger flight segment ($) | 48.22 | 41.86 | 15.2 | % | ||||
Total revenue per passenger flight segment ($) | 126.22 | 113.48 | 11.2 | % | ||||
CASM (cents) | 10.24 | 8.83 | 16.0 | % | ||||
CASM excluding unrealized (gains) and losses and special items (cents) (2) | 10.25 | 8.86 | 15.7 | % | ||||
CASM excluding fuel and special items (cents) (3) | 6.08 | 5.62 | 8.2 | % | ||||
Fuel gallons consumed (thousands) | 29,954 | 28,672 | 4.5 | % | ||||
Average economic fuel cost per gallon ($) | 3.21 | 2.48 | 29.4 | % | ||||
Aircraft at end of period | 37 | 32 | 15.6 | % | ||||
Average daily Aircraft utilization (hours) | 12.3 | 12.9 | (4.7 | )% | ||||
Average stage length (miles) | 885 | 952 | (7.0 | )% | ||||
Airports served at end of period | 48 | 39 | 23.1 | % | ||||
Twelve Months Ended December 31, | ||||||||
Operating Statistics | 2011 | 2010 (1) | Change | |||||
Available seat miles (ASMs) (thousands) | 9,352,553 | 8,119,923 | 15.2 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 8,006,748 | 6,664,395 | 20.1 | % | ||||
Load factor (%) | 85.6 | 82.1 | 3.5 pts | |||||
Passenger flight segments (thousands) | 8,518 | 6,952 | 22.5 | % | ||||
Operating revenue per ASM (RASM) (cents) | 11.45 | 9.62 | 19.0 | % | ||||
Average ticket revenue per passenger flight segment ($) | 80.97 | 77.39 | 4.6 | % | ||||
Average non-ticket revenue per passenger flight segment ($) | 44.79 | 35.00 | 28.0 | % | ||||
Total revenue per passenger flight segment ($) | 125.76 | 112.39 | 11.9 | % | ||||
CASM (cents) | 9.91 | 8.77 | 13.0 | % | ||||
CASM excluding unrealized (gains) and losses and special items (cents) (2) | 9.84 | 8.79 | 11.9 | % | ||||
CASM excluding fuel and special items (cents) (3) | 5.72 | 5.71 | 0.2 | % | ||||
Fuel gallons consumed (thousands) | 121,030 | 106,628 | 13.5 | % | ||||
Average economic fuel cost per gallon ($) | 3.18 | 2.35 | 35.3 | % | ||||
Aircraft at end of period | 37 | 32 | 15.6 | % | ||||
Average daily Aircraft utilization (hours) | 12.7 | 12.8 | (0.8 | )% | ||||
Average stage length (miles) | 921 | 941 | (2.1 | )% | ||||
Airports served at end of period | 48 | 39 | 23.1 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Pro forma | Pro forma | Pro forma | |||||||||||||
2011 | 2010 (1) | 2011 (1) | 2010 (1)(2) | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net income, as reported | $ | 23,991 | $ | 9,531 | $ | 76,448 | $ | 72,481 | |||||||
Add: Provision (benefit) for income taxes | 14,279 | 697 | 46,383 | (52,296 | ) | ||||||||||
Income before income taxes, as reported | 38,270 | 10,228 | 122,831 | 20,185 | |||||||||||
Add: Unrealized mark-to-market (gains) and losses | (1,203 | ) | (1,137 | ) | 3,204 | (2,065 | ) | ||||||||
Add special items: | |||||||||||||||
Loss on disposal of assets | 216 | — | 255 | 77 | |||||||||||
Special charges | 805 | 484 | 3,184 | 621 | |||||||||||
Income before income taxes, non-GAAP (3) | 38,088 | 9,575 | 129,474 | 18,818 | |||||||||||
Add: Interest expense | — | 12,306 | 23,964 | 50,313 | |||||||||||
Income before income taxes, non-GAAP (1) (3) | $ | 38,088 | $ | 21,881 | $ | 153,438 | $ | 69,131 | |||||||
Provision for income taxes | 14,211 | 8,164 | 57,941 | 25,793 | |||||||||||
Adjusted net income, non-GAAP (1) (3) | $ | 23,877 | $ | 13,717 | $ | 95,497 | $ | 43,338 | |||||||
Weighted average shares, basic | 72,242 | 71,950 | 72,138 | 71,155 | |||||||||||
Weighted average shares, diluted | 72,473 | 72,358 | 72,413 | 71,662 | |||||||||||
Adjusted net income per share, basic | $ | 0.33 | $ | 0.19 | $ | 1.32 | $ | 0.61 | |||||||
Adjusted net income per share, diluted | $ | 0.33 | $ | 0.19 | $ | 1.32 | $ | 0.60 |
(1) | Pro forma earnings for fourth quarter 2010 and full year 2010 and 2011 are presented to give effect to the following as if the IPO occurred as of January 1, 2010: (i) the elimination of all of Spirit's outstanding indebtedness and preferred stock, and the termination of any outstanding letter of credit facility supporting collateral obligations due to Spirit's credit card processors through (x) the application of a portion of the IPO net proceeds, (y) the exchange of any notes not repaid with IPO net proceeds for shares of common stock and (z) the exchange of any shares of preferred stock not redeemed with IPO net proceeds for shares of common stock; (ii) adding back to net income the interest expense recorded in Spirit's statement of operations related to the indebtedness and preferred stock retired; (iii) the issuance of shares of common stock by Spirit in the IPO and in connection with the related recapitalization; and (iv) the estimated tax impact resulting from the above transactions. |
(2) | Reflects the adverse effect of the 2010 pilot strike. |
(3) | Excludes unrealized mark-to-market (gains) and losses and special items as described in the “Reconciliation of non-GAAP Operating Income to GAAP Operating Income” table below. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 (1) | ||||||||||||
(in thousands, except CASM data in cents) | |||||||||||||||
Total operating expenses, as reported | $ | 235,896 | $ | 194,224 | $ | 926,804 | $ | 712,392 | |||||||
Less: Unrealized mark-to-market (gains) and losses (2) | (1,203 | ) | (1,137 | ) | 3,204 | (2,065 | ) | ||||||||
Less special items: (3) | |||||||||||||||
Loss on disposal of assets | 216 | — | 255 | 77 | |||||||||||
Special charges (4) | 805 | 484 | 3,184 | 621 | |||||||||||
Operating expenses, non-GAAP | 236,078 | 194,877 | 920,161 | 713,759 | |||||||||||
Less: Economic fuel expense, non-GAAP | 96,030 | 71,184 | 384,842 | 250,271 | |||||||||||
Operating expenses excluding fuel, non-GAAP (6) | $ | 140,048 | $ | 123,693 | $ | 535,319 | $ | 463,488 | |||||||
Available seat miles | 2,303,852 | 2,200,640 | 9,352,553 | 8,119,923 | |||||||||||
CASM (cents) | 10.24 | 8.83 | 9.91 | 8.77 | |||||||||||
CASM excluding unrealized hedge (gains) and losses | 10.25 | 8.86 | 9.84 | 8.79 | |||||||||||
and special items | |||||||||||||||
CASM ex-fuel (cents) | 6.08 | 5.62 | 5.72 | 5.71 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 (1) | ||||||||||||
(in thousands) | |||||||||||||||
Operating Income, as reported | $ | 38,023 | $ | 21,976 | $ | 144,382 | $ | 68,873 | |||||||
Add: Unrealized mark-to-market (gains) and losses (2) | (1,203 | ) | (1,137 | ) | 3,204 | (2,065 | ) | ||||||||
Add special items: (3) | |||||||||||||||
Loss on disposal of assets | 216 | — | 255 | 77 | |||||||||||
Special charges (4) | 805 | 484 | 3,184 | 621 | |||||||||||
Operating income, non-GAAP (5) | $ | 37,841 | $ | 21,323 | $ | 151,025 | $ | 67,506 | |||||||
Operating margin (5) | 13.8 | % | 9.9 | % | 14.1 | % | 8.6 | % |
(1) | Reflects the adverse effect of the 2010 pilot strike. |
(2) | Unrealized mark-to-market (gains) and losses are comprised of non-cash adjustments to aircraft fuel expenses. |
(3) | Special items include loss on disposal of assets and special charges. |
(4) | Special charges include: (i) for 2010 and 2011 amounts relating to exit facility costs associated with moving our Detroit, Michigan maintenance operations to Fort Lauderdale, Florida; and (ii) termination costs in connection with the IPO during the three months ended June 30, 2011 comprised of amounts paid to Indigo Partners, LLC to terminate its professional services agreement with us and fees paid to three individual, unaffiliated holders of our subordinated notes. Special charges for 2011 also include legal, accounting, printing, and filing fees connected with the secondary offering which was consummated on January 25, 2012. |
(5) | Excludes unrealized fuel hedge (gains) and losses and special items. |
(6) | Excludes all components of fuel expense, including realized and unrealized fuel hedge (gains) and losses, and special items. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(in thousands, except per gallon data) | |||||||||||||||
Fuel Expense | |||||||||||||||
Aircraft fuel, as reported | $ | 94,827 | $ | 70,047 | $ | 388,046 | $ | 248,206 | |||||||
Less: Unrealized mark-to-market (gains) and losses | (1,203 | ) | (1,137 | ) | 3,204 | (2,065 | ) | ||||||||
Economic fuel expense, non-GAAP | $ | 96,030 | $ | 71,184 | $ | 384,842 | $ | 250,271 | |||||||
Fuel gallons consumed | 29,954 | 28,672 | 121,030 | 106,628 | |||||||||||
Economic fuel cost per gallon, non-GAAP | $ | 3.21 | $ | 2.48 | $ | 3.18 | $ | 2.35 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2011 | 2010 | 2011 (1) | 2010 (1) | |||||||||||
Net income, as reported | $ | 23,991 | $ | 9,531 | $ | 76,448 | $ | 72,481 | |||||||
Add: Provision (benefit) for income taxes | 14,279 | 697 | 46,383 | (52,296 | ) | ||||||||||
Income before income taxes, as reported | 38,270 | 10,228 | 122,831 | 20,185 | |||||||||||
Add: | |||||||||||||||
Interest expense | 373 | 12,306 | 24,781 | 50,313 | |||||||||||
Capitalized interest | (371 | ) | (564 | ) | (2,890 | ) | (1,491 | ) | |||||||
Interest income | (319 | ) | (86 | ) | (575 | ) | (328 | ) | |||||||
Depreciation and amortization | 2,464 | 1,303 | 7,760 | 5,620 | |||||||||||
EBITDA | 40,417 | 23,187 | 151,907 | 74,299 | |||||||||||
Other expense | 70 | 92 | 235 | 194 | |||||||||||
Unrealized mark-to-market (gains) and losses | (1,203 | ) | (1,137 | ) | 3,204 | (2,065 | ) | ||||||||
Loss on disposal of assets | 216 | — | 255 | 77 | |||||||||||
Special charges | 805 | 484 | 3,184 | 621 | |||||||||||
Adjusted EBITDA | 40,305 | 22,626 | 158,785 | 73,126 | |||||||||||
Aircraft rent | 30,476 | 28,409 | 116,485 | 101,345 | |||||||||||
Adjusted EBITDAR (2) (3) | $ | 70,781 | $ | 51,035 | $ | 275,270 | $ | 174,471 | |||||||
Adjusted EBITDAR margin (3) | 25.8 | % | 23.6 | % | 25.7 | % | 22.3 | % |
(1) | Reflects the adverse effect of the 2010 pilot strike. |
(2) | Commencing with this presentation, the Company no longer includes management fees and equity based stock compensation in Adjusted EBITDA and Adjusted EBITDAR. Management fees were $0 and $200 thousand for three months ended December 31, 2011 and 2010 and $334 thousand and $800 thousand for the twelve months ended December 31, 2011 and 2010. Equity based stock compensation was $119 thousand and $161 thousand for the three months ended December 31, 2011 and 2010 and was $530 thousand and $569 thousand for the twelve months ending December 31, 2011 and 2010. The Company believes this new presentation is appropriate because the payment of management fees terminated in connection with the completion of the IPO and the exclusion of equity based stock compensation enables the Company to provide an Adjusted EBITDA and Adjusted EBITDAR presentation that is more comparable to similarly labeled non-GAAP financial measures disclosed by other competitors in the airline industry. The Company has applied these new definitions to all periods presented in this release. |
(3) | Excludes unrealized mark-to-market fuel hedge (gains) and losses and special items as described in the "Reconciliation of non-GAAP Operating Income to GAAP Operating Income" table above. |
Capacity - Available Seat Miles (ASMs) | 1Q12E | 2Q12E | 3Q12E | 4Q12E | FY2012E | ||||||||||
ASMs Year-over-Year % Change | 17.8 | % | 17.0 | % | 25.0 | % | 30.0 | % | 23.0 | % |
1Q12E | |||||||||
Operating Expense per ASM (CASM) (cents) | |||||||||
CASM | 10.11 | — | 10.16 | ||||||
Less: Fuel expense per ASM | 4.14 | ||||||||
CASM ex-fuel | 5.97 | — | 6.02 | ||||||
Average Stage Length (miles) | 912 | ||||||||
Fuel Expense per Gallon ($) | |||||||||
Fuel cost* | $3.28 | ||||||||
Less: Unrealized mark-to-market (gains) and losses (1) | n/a | ||||||||
Economic fuel cost | $3.28 | ||||||||
Fuel gallons (thousands) | 32,727 | ||||||||
*Includes fuel taxes, and into-plane fuel cost. Based on the jet fuel curve as of February 14, 2012 and includes fuel hedge (gains) and losses currently expected to be realized during the first quarter 2012. | |||||||||
1Q12E | FY2012E | ||||||||
Effective Tax Rate | 37.5% | 37% | |||||||
1Q12E | FY2012E | ||||||||
Wtd. Average Share Count (thousands) | |||||||||
Basic | 72,295 | 72,380 | |||||||
Diluted | 72,486 | 72,523 |
Capital Expenditures & Other Working Capital Requirements | Full Year 2012E | ||
(millions) | |||
Capital expenditures | $13 | ||
Pre-delivery deposits paid | $50 | ||
Pre-delivery deposits (refunded) | $(44) | ||
Pre-paid maintenance reserves, net | $20 | ||
Pre-IPO Tax Receivable Agreement distribution | $27 |
Fuel Hedges | % of Est. | Average price | |||||||||||
Period | Volume | Instrument | Call/gal | Put /gal | |||||||||
1Q12 | 41 | % | Jet fuel collars | $ | 2.99 | $ | 2.81 | ||||||
(1) | Unrealized mark-to-market (gains) and losses are comprised of estimated non-cash adjustments to aircraft fuel expense. The Company may have unrealized mark-to-market (gains) or losses in the first quarter 2012, but is not yet able to estimate the amount. |
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