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 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description |
99.1 | Investor Update regarding third quarter 2012 and full year 2012 guidance. |
Date: July 24, 2012 | SPIRIT AIRLINES, INC. |
Exhibit No. | Description |
99.1 | Investor Update regarding third quarter 2012 and full year 2012 guidance. |
Capacity - Available Seat Miles (ASMs) | 1Q12A | 2Q12A | 3Q12E | 4Q12E | FY2012E | ||||||||||
ASMs Year-over-Year % Change | 17.7 | % | 16.5 | % | 22.0 | % | 30.2 | % | 21.6 | % |
3Q12E | |||||||||
Operating Expense per ASM (CASM) (cents) | |||||||||
CASM* | 10.07 | - | 10.12 | ||||||
Less: Fuel expense per ASM | 4.03 | ||||||||
CASM ex-fuel* | 6.04 | - | 6.09 | ||||||
*Includes $4.5 million of one-time start-up costs related to the Company's seat maintenance program. | |||||||||
Average Stage Length (miles) | 892 | ||||||||
Fuel Expense per Gallon ($) | |||||||||
Fuel cost* | $3.15 | ||||||||
Less: Unrealized mark-to-market (gains) and losses (1) | n/a | ||||||||
Economic fuel cost | $3.15 | ||||||||
Fuel gallons (thousands) | 37,730 | ||||||||
*Includes fuel taxes, and into-plane fuel cost. Based on the jet fuel curve as of July 19, 2012 and includes fuel hedge (gains) and losses currently expected to be realized during the third quarter 2012. | |||||||||
3Q12E | FY2012E | ||||||||
Effective Tax Rate | 37.5% | 37.5% | |||||||
3Q12E | FY2012E | ||||||||
Wtd. Average Share Count (thousands) | |||||||||
Basic | 72,430 | 72,386 | |||||||
Diluted | 72,611 | 72,580 |
Capital Expenditures & Other Working Capital Requirements | Full Year 2012E | ||
(millions) | |||
Capital expenditures* | $28 | ||
Pre-delivery deposits for flight equipment, net of refunds | $12 | ||
Pre-paid maintenance reserves, net | $21 | ||
Pre-IPO Tax Receivable Agreement distribution | $27 |
Fuel Hedges | % of Est. | Average price | |||||||||||
Period | Volume | Instrument | Call/gal | Put /gal | |||||||||
3Q12 | 19 | % | Jet fuel collars | $ | 3.16 | $ | 2.95 | ||||||
Refining Margin | |||||||
Hedges | % of Est. | Average price | |||||
Period | Volume | Instrument | per gallon | ||||
3Q12 | 46 | % | Basis swaps | $0.0395 | |||
4Q12 | 24 | % | Basis swaps | $0.0395 |
(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 third quarter 2012, but is not yet able to estimate the amount. |
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