ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 38-1747023 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2800 Executive Way Miramar, Florida | 33025 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | o |
Class | Number of Shares | ||
Common Stock, $0.0001 par value | 72,620,546 |
Page No. | |||||
ITEM 1. | UNAUDITED CONDENSED FINANCIAL STATEMENTS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating revenues: | |||||||||||||||
Passenger | $ | 241,119 | $ | 211,812 | $ | 460,016 | $ | 391,890 | |||||||
Non-ticket | 166,220 | 134,496 | 317,760 | 255,913 | |||||||||||
Total operating revenues | 407,339 | 346,308 | 777,776 | 647,803 | |||||||||||
Operating expenses: | |||||||||||||||
Aircraft fuel | 135,251 | 120,233 | 266,917 | 228,958 | |||||||||||
Salaries, wages and benefits | 64,456 | 53,489 | 125,953 | 106,143 | |||||||||||
Aircraft rent | 41,915 | 36,060 | 82,987 | 68,933 | |||||||||||
Landing fees and other rents | 21,346 | 17,066 | 39,402 | 32,180 | |||||||||||
Distribution | 17,277 | 14,738 | 32,958 | 28,939 | |||||||||||
Maintenance, materials and repairs | 15,202 | 13,115 | 26,982 | 23,043 | |||||||||||
Depreciation and amortization | 7,604 | 3,327 | 13,928 | 6,197 | |||||||||||
Other operating | 37,416 | 33,100 | 71,915 | 60,609 | |||||||||||
Loss on disposal of assets | 91 | 33 | 261 | 482 | |||||||||||
Special charges (credits) | 23 | 15 | 46 | (57 | ) | ||||||||||
Total operating expenses | 340,581 | 291,176 | 661,349 | 555,427 | |||||||||||
Operating income | 66,758 | 55,132 | 116,427 | 92,376 | |||||||||||
Other (income) expense: | |||||||||||||||
Interest expense | 95 | 794 | 104 | 1,334 | |||||||||||
Capitalized interest | (95 | ) | (794 | ) | (104 | ) | (1,334 | ) | |||||||
Interest income | (105 | ) | (180 | ) | (221 | ) | (595 | ) | |||||||
Other expense | 36 | 84 | 137 | 127 | |||||||||||
Total other (income) expense | (69 | ) | (96 | ) | (84 | ) | (468 | ) | |||||||
Income before income taxes | 66,827 | 55,228 | 116,511 | 92,844 | |||||||||||
Provision for income taxes | 24,759 | 20,637 | 43,889 | 34,834 | |||||||||||
Net income | $ | 42,068 | $ | 34,591 | $ | 72,622 | $ | 58,010 | |||||||
Basic earnings per share | $ | 0.58 | $ | 0.48 | $ | 1.00 | $ | 0.80 | |||||||
Diluted earnings per share | $ | 0.58 | $ | 0.48 | $ | 1.00 | $ | 0.80 |
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 524,905 | $ | 416,816 | |||
Accounts receivable, net | 32,807 | 22,740 | |||||
Deferred income taxes | 16,967 | 12,591 | |||||
Other current assets | 101,933 | 95,210 | |||||
Total current assets | 676,612 | 547,357 | |||||
Property and equipment: | |||||||
Flight equipment | 4,073 | 2,648 | |||||
Ground and other equipment | 47,735 | 43,580 | |||||
Less accumulated depreciation | (21,285 | ) | (17,825 | ) | |||
30,523 | 28,403 | ||||||
Deposits on flight equipment purchase contracts | 111,797 | 96,692 | |||||
Aircraft maintenance deposits | 143,631 | 122,379 | |||||
Deferred heavy maintenance | 102,332 | 80,533 | |||||
Other long-term assets | 42,166 | 44,520 | |||||
Total assets | $ | 1,107,061 | $ | 919,884 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 23,097 | $ | 24,166 | |||
Air traffic liability | 205,786 | 131,414 | |||||
Other current liabilities | 151,516 | 121,314 | |||||
Total current liabilities | 380,399 | 276,894 | |||||
Long-term deferred income taxes | 43,554 | 33,216 | |||||
Deferred credits and other long-term liabilities | 24,670 | 27,239 | |||||
Shareholders’ equity: | |||||||
Common stock | 7 | 7 | |||||
Additional paid-in-capital | 508,745 | 504,527 | |||||
Treasury stock | (2,088 | ) | (1,151 | ) | |||
Retained earnings | 151,774 | 79,152 | |||||
Total shareholders’ equity | 658,438 | 582,535 | |||||
Total liabilities and shareholders’ equity | $ | 1,107,061 | $ | 919,884 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Net cash provided by operating activities | $ | 134,260 | $ | 97,420 | |||
Investing activities: | |||||||
Proceeds from sale of slots | — | 9,074 | |||||
Pre-delivery deposits for flight equipment, net of refunds | (19,748 | ) | 4,738 | ||||
Purchase of property and equipment | (13,816 | ) | (19,218 | ) | |||
Net cash used in investing activities | (33,564 | ) | (5,406 | ) | |||
Financing activities: | |||||||
Proceeds from options exercised | 555 | 303 | |||||
Proceeds from sale and leaseback transactions | 6,900 | 5,627 | |||||
Payments to pre-IPO shareholders pursuant to tax receivable agreement | — | (26,905 | ) | ||||
Excess tax benefits from share-based compensation | 875 | 1,466 | |||||
Repurchase of common stock | (937 | ) | (856 | ) | |||
Net cash provided by (used in) financing activities | 7,393 | (20,365 | ) | ||||
Net increase in cash and cash equivalents | 108,089 | 71,649 | |||||
Cash and cash equivalents at beginning of period | 416,816 | 343,328 | |||||
Cash and cash equivalents at end of period | $ | 524,905 | $ | 414,977 | |||
Supplemental disclosures | |||||||
Cash payments for: | |||||||
Interest | $ | 17 | $ | 287 | |||
Taxes | $ | 44,806 | $ | 21,819 |
1. | Basis of Presentation |
2. | Recent Accounting Developments |
3. | Special Charges and Credits |
4. | Earnings per Share |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||
Numerator | |||||||||||||||
Net income | $ | 42,068 | $ | 34,591 | $ | 72,622 | $ | 58,010 | |||||||
Denominator | |||||||||||||||
Weighted-average shares outstanding, basic | 72,593 | 72,379 | 72,540 | 72,336 | |||||||||||
Effect of dilutive stock awards | 399 | 205 | 358 | 206 | |||||||||||
Adjusted weighted-average shares outstanding, diluted | 72,992 | 72,584 | 72,898 | 72,542 | |||||||||||
Net Income per Share | |||||||||||||||
Basic earnings per common share | $ | 0.58 | $ | 0.48 | $ | 1.00 | $ | 0.80 | |||||||
Diluted earnings per common share | $ | 0.58 | $ | 0.48 | $ | 1.00 | $ | 0.80 |
5. | Accrued Liabilities |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Federal excise and other passenger taxes and fees payable | $ | 34,748 | $ | 23,401 | |||
Aircraft maintenance | 24,331 | 22,319 | |||||
Salaries and wages | 21,942 | 21,057 | |||||
Airport expenses | 18,095 | 16,024 | |||||
Fuel | 14,697 | 11,219 | |||||
Aircraft and facility rent | 8,065 | 8,020 | |||||
Fuel derivatives | 8,049 | — | |||||
Tax receivable agreement | 7,979 | 7,987 | |||||
Other | 13,610 | 11,287 | |||||
Accrued liabilities | $ | 151,516 | $ | 121,314 |
6. | Financial Instruments and Risk Management |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Into-plane fuel cost | $ | 129,375 | $ | 116,622 | $ | 258,088 | $ | 227,539 | |||||||
Settlement losses (gains) | 113 | 2,488 | (315 | ) | 37 | ||||||||||
Unrealized mark-to-market losses (gains) | 5,763 | 1,123 | 9,144 | 1,382 | |||||||||||
Aircraft fuel | $ | 135,251 | $ | 120,233 | $ | 266,917 | $ | 228,958 |
7. | Commitments and Contingencies |
Operating Lease Obligations | |||
(in thousands) | |||
Remainder of 2013 | $ | 98,033 | |
2014 | 188,853 | ||
2015 | 183,716 | ||
2016 | 173,323 | ||
2017 | 149,688 | ||
2018 and thereafter | 529,144 | ||
Total minimum lease payments | $ | 1,322,757 |
Employee Groups | Representative | Amendable Date | Percentage of Workforce | |||
Pilots | Air Line Pilots Association, International (ALPA) | August 2015 | 23% | |||
Flight Attendants | Association of Flight Attendants (AFA-CWA) | August 2007 | 34% | |||
Dispatchers | Transport Workers Union (TWU) | July 2012 | 1% |
8. | Fair Value Measurements |
Fair Value Measurements as of June 30, 2013 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(in millions) | |||||||||||||||
Cash and cash equivalents | $ | 524.9 | $ | 524.9 | $ | — | $ | — | |||||||
Total assets | $ | 524.9 | $ | 524.9 | $ | — | $ | — | |||||||
Jet fuel swaps | $ | 8.6 | $ | — | $ | 8.6 | $ | — | |||||||
Aircraft fuel option contracts | 0.3 | — | — | 0.3 | |||||||||||
Total liabilities | $ | 8.9 | $ | — | $ | 8.6 | $ | 0.3 |
Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(in millions) | |||||||||||||||
Cash and cash equivalents | $ | 416.8 | $ | 416.8 | $ | — | $ | — | |||||||
Aircraft fuel option contracts | 0.3 | — | — | 0.3 | |||||||||||
Total assets | $ | 417.1 | $ | 416.8 | $ | — | $ | 0.3 | |||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — |
Aircraft Fuel Option Contracts Activity for the Six Months Ended June 30, 2013 | |||
(in millions) | |||
Balance at December 31, 2012 | $ | 0.3 | |
Total realized or unrealized gains (losses) included in earnings, net | (0.3 | ) | |
Settlements, net | (0.3 | ) | |
Balance at June 30, 2013 | $ | (0.3 | ) |
9. | Stock-Based Compensation |
Number of Shares | Weighted-Average Grant Date Fair Value ($) | ||||
Outstanding at December 31, 2012 | 449,629 | 16.93 | |||
Granted | 132,450 | 25.74 | |||
Vested | (146,460 | ) | 12.30 | ||
Forfeited | (53,994 | ) | 16.33 | ||
Outstanding at June 30, 2013 | 381,625 | 21.85 |
Number of Options | Weighted- Average Exercise Price ($) | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000) | |||||||
Outstanding at December 31, 2012 | 247,650 | 9.59 | 8.0 | 2,015 | ||||||
Exercised | (58,150 | ) | 9.53 | |||||||
Forfeited or expired | (94,250 | ) | 10.84 | |||||||
Outstanding at June 30, 2013 | 95,250 | 8.40 | 6.7 | 2,221 | ||||||
Exercisable at June 30, 2013 | 53,750 | 8.29 | 6.3 | 1,260 | ||||||
Vested or Expected to Vest at June 30, 2013 | 94,499 | 8.40 | 6.7 | 2,204 |
Weighted-Average at Grant Date 2013 | Weighted-Average at Grant Date 2012 | |||
Expected volatility factor | 0.41 | 0.39 | ||
Risk free interest rate | 0.31 | % | 0.45 | % |
Expected term (in years) | 2.72 | 2.75 | ||
Expected dividend yield | — | % | — | % |
Number of Awards | Weighted-Average Fair Value at Grant Date ($) | ||||
Outstanding at December 31, 2012 | 280,907 | 20.30 | |||
Granted | 107,750 | 25.76 | |||
Vested | — | — | |||
Forfeited | (43,150 | ) | 21.09 | ||
Outstanding at June 30, 2013 | 345,507 | 21.90 |
10. | Tax Receivable Agreement |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended June 30, | Percent Change | |||||||
2013 | 2012 | |||||||
Operating Statistics (unaudited) (A): | ||||||||
Average aircraft | 49.5 | 41.0 | 20.7 | % | ||||
Aircraft at end of period | 50 | 42 | 19.0 | % | ||||
Airports served in the period | 54 | 51 | 5.9 | % | ||||
Average daily aircraft utilization (hours) | 12.8 | 12.9 | (0.8 | )% | ||||
Average stage length (miles) | 935 | 902 | 3.7 | % | ||||
Block hours | 57,693 | 48,147 | 19.8 | % | ||||
Passenger flight segments (PFSs) (thousands) | 3,111 | 2,613 | 19.0 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 2,930,912 | 2,397,663 | 22.2 | % | ||||
Available seat miles (ASMs) (thousands) | 3,420,257 | 2,826,916 | 21.0 | % | ||||
Load factor (%) | 85.7 | % | 84.8 | % | 0.9 pts | |||
Average ticket revenue per passenger flight segment ($) | 77.51 | 81.06 | (4.4 | )% | ||||
Average non-ticket revenue per passenger flight segment ($) | 53.43 | 51.47 | 3.8 | % | ||||
Total revenue per passenger flight segment ($) | 130.94 | 132.53 | (1.2 | )% | ||||
Average yield (cents) | 13.90 | 14.44 | (3.7 | )% | ||||
RASM (cents) | 11.91 | 12.25 | (2.8 | )% | ||||
CASM (cents) | 9.96 | 10.30 | (3.3 | )% | ||||
Adjusted CASM (cents) | 9.79 | 10.26 | (4.6 | )% | ||||
Adjusted CASM ex fuel (cents) | 6.00 | 6.05 | (0.8 | )% | ||||
Fuel gallons consumed (thousands) | 42,683 | 35,829 | 19.1 | % | ||||
Average economic fuel cost per gallon ($) | 3.03 | 3.32 | (8.7 | )% |
Six Months Ended June 30, | Percent Change | |||||||
2013 | 2012 | |||||||
Operating Statistics (unaudited) (A): | ||||||||
Average aircraft | 48.1 | 39.6 | 21.5 | % | ||||
Aircraft at end of period | 50 | 42 | 19.0 | % | ||||
Airports served in the period | 54 | 51 | 5.9 | % | ||||
Average daily aircraft utilization (hours) | 12.7 | 12.9 | (1.6 | )% | ||||
Average stage length (miles) | 938 | 907 | 3.4 | % | ||||
Block hours | 110,544 | 92,620 | 19.4 | % | ||||
Passenger flight segments (PFSs) (thousands) | 5,879 | 4,962 | 18.5 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 5,592,403 | 4,592,013 | 21.8 | % | ||||
Available seat miles (ASMs) (thousands) | 6,547,470 | 5,415,930 | 20.9 | % | ||||
Load factor (%) | 85.4 | % | 84.8 | % | 0.6 pts | |||
Average ticket revenue per passenger flight segment ($) | 78.25 | 78.97 | (0.9 | )% | ||||
Average non-ticket revenue per passenger flight segment ($) | 54.05 | 51.57 | 4.8 | % | ||||
Total revenue per passenger flight segment ($) | 132.30 | 130.54 | 1.3 | % | ||||
Average yield (cents) | 13.91 | 14.11 | (1.4 | )% | ||||
RASM (cents) | 11.88 | 11.96 | (0.7 | )% | ||||
CASM (cents) | 10.10 | 10.26 | (1.6 | )% | ||||
Adjusted CASM (cents) | 9.96 | 10.22 | (2.5 | )% | ||||
Adjusted CASM ex fuel (cents) | 6.02 | 6.02 | — | % | ||||
Fuel gallons consumed (thousands) | 81,311 | 68,559 | 18.6 | % | ||||
Average economic fuel cost per gallon ($) | 3.17 | 3.32 | (4.5 | )% |
Three Months Ended June 30, | Percent Change | |||||||||
2013 | 2012 | |||||||||
(in thousands, except per-gallon amounts) | ||||||||||
Into-plane fuel expense | $ | 129,375 | $ | 116,622 | 10.9 | % | ||||
Cash received from settled derivatives, net of cash settlements paid | 113 | 2,488 | (95.5 | )% | ||||||
Economic fuel expense | 129,488 | 119,110 | 8.7 | % | ||||||
Impact on fuel expense from unrealized (gains) and losses arising from mark-to-market adjustments to our outstanding fuel derivatives | 5,763 | 1,123 | 413.2 | % | ||||||
Aircraft fuel expense (per Statement of Operations) | $ | 135,251 | $ | 120,233 | 12.5 | % | ||||
Fuel gallons consumed | 42,683 | 35,829 | 19.1 | % | ||||||
Economic fuel cost per gallon | $ | 3.03 | $ | 3.32 | (8.7 | )% | ||||
Into-plane fuel cost per gallon | $ | 3.03 | $ | 3.25 | (6.8 | )% |
Three Months Ended June 30, | Per-ASM Change | Percent Change | |||||||||
2013 | 2012 | ||||||||||
(in cents, except for percentages) | |||||||||||
Aircraft fuel | 3.95 | 4.25 | (0.30 | ) | (7.1 | )% | |||||
Salaries, wages, and benefits | 1.88 | 1.89 | (0.01 | ) | (0.5 | )% | |||||
Aircraft rent | 1.23 | 1.28 | (0.05 | ) | (3.9 | )% | |||||
Landing fees and other rents | 0.62 | 0.60 | 0.02 | 3.3 | % | ||||||
Distribution | 0.51 | 0.52 | (0.01 | ) | (1.9 | )% | |||||
Maintenance, materials and repairs | 0.44 | 0.48 | (0.04 | ) | (8.3 | )% | |||||
Depreciation and amortization | 0.22 | 0.12 | 0.10 | 83.3 | % | ||||||
Other operating | 1.09 | 1.16 | (0.07 | ) | (6.0 | )% | |||||
Loss on disposal of assets | — | — | — | N/A | |||||||
Special charges (credits) | — | — | — | N/A | |||||||
CASM | 9.96 | 10.30 | (0.34 | ) | (3.3 | )% | |||||
Adjusted CASM (1) | 9.79 | 10.26 | (0.47 | ) | (4.6 | )% | |||||
Adjusted CASM ex fuel (2) | 6.00 | 6.05 | (0.05 | ) | (0.8 | )% |
(1) | Excludes mark-to-market losses of less than 0.01 cent per-ASM for the three months ended June 30, 2013 and 2012. |
(2) | Excludes all components of fuel expense, including realized and unrealized mark-to-market gains and losses. |
Six Months Ended June 30, | Percent Change | |||||||||
2013 | 2012 | |||||||||
(in thousands, except per-gallon amounts) | ||||||||||
Into-plane fuel expense | $ | 258,088 | $ | 227,540 | 13.4 | % | ||||
Cash received from settled derivatives, net of cash settlements paid | (315 | ) | 37 | (951.4 | )% | |||||
Economic fuel expense | 257,773 | 227,577 | 13.3 | % | ||||||
Impact on fuel expense from unrealized (gains) and losses arising from mark-to-market adjustments to our outstanding fuel derivatives | 9,144 | 1,381 | 562.1 | % | ||||||
Aircraft fuel expense (per Statement of Operations) | $ | 266,917 | $ | 228,958 | 16.6 | % | ||||
Fuel gallons consumed | 81,311 | 68,559 | 18.6 | % | ||||||
Economic fuel cost per gallon | $ | 3.17 | $ | 3.32 | (4.5 | )% | ||||
Into-plane fuel cost per gallon | $ | 3.17 | $ | 3.32 | (4.5 | )% |
Six Months Ended June 30, | Per-ASM Change | Percent Change | |||||||||
2013 | 2012 | ||||||||||
(in cents, except for percentages) | |||||||||||
Aircraft fuel | 4.08 | 4.23 | (0.15 | ) | (3.5 | )% | |||||
Salaries, wages, and benefits | 1.92 | 1.96 | (0.04 | ) | (2.0 | )% | |||||
Aircraft rent | 1.27 | 1.27 | — | — | % | ||||||
Landing fees and other rents | 0.60 | 0.59 | 0.01 | 1.7 | % | ||||||
Distribution | 0.50 | 0.53 | (0.03 | ) | (5.7 | )% | |||||
Maintenance, materials and repairs | 0.41 | 0.44 | (0.03 | ) | (6.8 | )% | |||||
Depreciation and amortization | 0.21 | 0.11 | 0.10 | 90.9 | % | ||||||
Other operating | 1.10 | 1.10 | — | — | % | ||||||
Loss on disposal of assets | — | 0.01 | (0.01 | ) | (100.0 | )% | |||||
Special charges (credits) | — | — | — | N/A | |||||||
CASM | 10.10 | 10.26 | (0.16 | ) | (1.6 | )% | |||||
Adjusted CASM (1) | 9.96 | 10.22 | (0.26 | ) | (2.5 | )% | |||||
Adjusted CASM ex fuel (2) | 6.02 | 6.02 | — | — | % |
(1) | Excludes mark-to-market losses of less than 0.01 cent and gains of 0.03 cents per-ASM for the six months ended June 30, 2013 and 2012, respectively. |
(2) | Excludes all components of fuel expense, including realized and unrealized mark-to-market gains and losses. |
Remainder of 2013 | 2014 - 2015 | 2016 - 2017 | 2018 and beyond | Total | ||||||||||||||||
Operating lease obligations | $ | 98 | $ | 373 | $ | 324 | $ | 529 | $ | 1,324 | ||||||||||
Flight equipment purchase obligations | 233 | 1,254 | 1,617 | 2,346 | 5,450 | |||||||||||||||
Total future payments on contractual obligations (1) | $ | 331 | $ | 1,627 | $ | 1,941 | $ | 2,875 | $ | 6,774 |
(1) | Does not include remaining contractual payments to the Pre-IPO Stockholders under the Tax Receivable Agreement. See Note 10. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 6. | EXHIBITS |
Exhibit Number | Description of Exhibits | |
10.1*** | Amendment No. 12, dated as of June 29, 2012, to the Airbus A320 Family Purchase Agreement, by and between the Company and Airbus S.A.S. (legal successor to AVSA S.A.R.L.), dated as of May 5, 2004. | |
10.2*** | Amendment No. 13, dated as of January 10, 2013, to the Airbus A320 Family Purchase Agreement, by and between the Company and Airbus S.A.S. (legal successor to AVSA S.A.R.L.), dated as of May 5, 2004, together with an amended and restated letter agreement referenced therein. | |
10.3*** | Amendment No. 14, dated as of June 20, 2013, to the Airbus A320 Family Purchase Agreement, by and between the Company and Airbus S.A.S. (legal successor to AVSA S.A.R.L.), dated as of May 5, 2004, and five letter agreements related thereto. | |
10.4 | Separation and Transition Agreement Tony Lefebvre 130426. | |
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS** | XBRL Instance Document | |
101.SCH** | XBRL Taxonomy Extension Schema | |
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase | |
101.LAB** | XBRL Taxonomy Extension Label Linkbase | |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase |
* | Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise specifically stated in such filing. |
** | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
*** | Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. |
SPIRIT AIRLINES, INC. | ||
Date: July 25, 2013 | By: | /s/ Edward Christie |
Edward Christie | ||
Senior Vice President and Chief Financial Officer |
1 - | A320 GROUP 3 AIRCRAFT PROPULSION SYSTEMS |
(i) | the Buyer will give written notice to the Seller by no later than ***** of its selection of the CFM International CFM56-5B4/3 powerplant; and |
(ii) | the parties will execute and deliver an amendment to the Agreement by no later than ***** that includes the matters set forth in Appendix 1 hereto. |
2 - | NEO PROPULSION SYSTEMS |
2.3.3 | If the Buyer has not selected the A320 NEO Propulsion Systems as of the date of Amendment No. 11, such choice shall be made no later than *****. |
3 - | PREDELIVERY PAYMENTS |
4 - | CONDITION PRECEDENT |
5 - | EEFFECT OF THE AMENDMENTU |
1. | The Agreement as amended by this Amendment contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any previous understanding, commitments or representations whatsoever, whether oral or written between the Buyer and the Seller. |
2. | The Agreement will be deemed amended to the extent provided in this Amendment and, except as specifically amended hereby, will continue in full force and effect in accordance with its original terms. Both parties agree that this Amendment will constitute an integral, nonseverable part of the Agreement and be governed by its provisions, except that if the Agreement and this Amendment have specific provisions that are inconsistent, the specific provisions contained in this Amendment will govern. |
6 - | UCONFIDENTIALITYU |
7 - | GOVERNING LAWU |
1. | THIS AMENDMENT AND THE AGREEMENTS CONTEMPLATED HEREIN WILL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF WILL BE DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE 22.4 OF THE AGREEMENT. |
2. | IT IS AGREED THAT THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS WILL NOT APPLY TO THIS AMENDMENT. |
8 - | UCOUNTERPARTS |
SPIRIT AIRLINES, INC. | AIRBUS S.A.S. | |||
By: | /s/ Thomas Canfield | By: | /s/ Christopher Mourey | |
Its: | SVP & General Counsel | Its: | Senior Vice President - Contracts |
1. | The definition of A320 Propulsion Systems will be deleted in its entirety and replaced with the following quoted text: |
2. | Clause 2.3.1 of the Agreement will be deleted in its entirety and replaced with the following quoted text: |
2.3.1.1 | The Airframe for the A320 Group 1 Aircraft and A320 Group 2 Aircraft will be equipped with a set of two (2) International Aero Engine V2527-A5 Propulsion Systems. |
2.3.1.2 | The Airframe for the A320 Group 3 Aircraft will be equipped with a set of two (2) CFM International CFM56-5B4/3 Propulsion Systems. |
3. | Clause 3.1.1.3.2 of the Agreement will be deleted in its entirety and replaced with the following quoted text: |
3.1.1.3.2.1 | The Base Price of the IAE V2527-A5 Propulsion Systems, at delivery conditions prevailing in January 2011, is: |
3.1.1.3.2.2 | The Base Price of the CFM56-5B4/3 Propulsion Systems, at delivery conditions prevailing in January 2011, is: |
4. | Exhibit H-3 to the Agreement will be deleted in its entirety and replaced with the Exhibit H-3 attached to this Appendix 1. |
1 - | A320 GROUP 3 AIRCRAFT PROPULSION SYSTEMS |
(i) | the Buyer will give written notice to the Seller by no later than ***** of its selection of the CFM International CFM56-5B4/3 powerplant; and |
(ii) | the parties will execute and deliver an amendment to the Agreement by no later than ***** that includes the matters set forth in Appendix 1 hereto. |
2 - | NEO PROPULSION SYSTEMS |
3 - | PREDELIVERY PAYMENTS |
4 - | LETTER AGREEMENT |
5 - | CONDITION PRECEDENT |
6 - | EEFFECT OF THE AMENDMENTU |
1. | The Agreement as amended by this Amendment contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any previous understanding, commitments or representations whatsoever, whether oral or written between the Buyer and the Seller. |
2. | The Agreement will be deemed amended to the extent provided in this Amendment and, except as specifically amended hereby, will continue in full force and effect in accordance with its original terms. Both parties agree that this Amendment will constitute an integral, nonseverable part of the Agreement and be governed by its provisions, except that if the Agreement and this Amendment have specific provisions that are inconsistent, the specific provisions contained in this Amendment will govern. |
7 - | UCONFIDENTIALITYU |
8 - | GOVERNING LAWU |
1. | THIS AMENDMENT AND THE AGREEMENTS CONTEMPLATED HEREIN WILL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF WILL BE DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE 22.4 OF THE AGREEMENT. |
2. | IT IS AGREED THAT THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS WILL NOT APPLY TO THIS AMENDMENT. |
9 - | UCOUNTERPARTS |
SPIRIT AIRLINES, INC. | AIRBUS S.A.S. | |||
By: | /s/ Thomas Canfield | By: | /s/ Christopher Mourey | |
Its: | SVP & General Counsel | Its: | Senior Vice President - Contracts |
1. | The definition of A320 Propulsion Systems will be deleted in its entirety and replaced with the following quoted text: |
2. | Clause 2.3.1 of the Agreement will be deleted in its entirety and replaced with the following quoted text: |
2.3.1.1 | The Airframe for the A320 Group 1 Aircraft and A320 Group 2 Aircraft will be equipped with a set of two (2) International Aero Engine V2527-A5 Propulsion Systems. |
2.3.1.2 | The Airframe for the A320 Group 3 Aircraft will be equipped with a set of two (2) CFM International CFM56-5B4/3 Propulsion Systems. |
3. | Clause 3.1.1.3.2 of the Agreement will be deleted in its entirety and replaced with the following quoted text: |
3.1.1.3.2.1 | The Base Price of the IAE V2527-A5 Propulsion Systems, at delivery conditions prevailing in January 2011, is: |
3.1.1.3.2.2 | The Base Price of the CFM56-5B4/3 Propulsion Systems, at delivery conditions prevailing in January 2011, is: |
4. | Exhibit H-3 to the Agreement will be deleted in its entirety and replaced with the Exhibit H-3 attached to this Appendix 1. |
1 - | AIRCRAFT CONFIGURATION |
1. | A320 NEO Aircraft with CFM International CFM LEAP-X1A26 engines |
2. | A320 NEO Aircraft with Pratt and Whitney PW 1127G engines |
2 - | GUARANTEED PERFORMANCE |
1. | ***** |
2. | ***** |
3. | ***** |
4. | ***** |
3 - | MANUFACTURER'S WEIGHT EMPTY |
4 - | GUARANTEE CONDITIONS |
5 - | GUARANTEE COMPLIANCE |
6 - | ADJUSTMENT OF GUARANTEES |
7 - | EXCLUSIVE GUARANTEES |
8 - | UNDERTAKING REMEDIES |
9 - | DUPLICATE REMEDIES |
10 - | ASSIGNMENT |
11 - | CONFIDENTIALITY |
12 - | GOVERNING LAW |
13 - | COUNTERPARTS |
1 - | SCOPE |
2 - | AMENDMENTS |
2.2.1 | Clause 2.1.1 of the Agreement is deleted in its entirety and replaced with the following: |
“2.1.1 | The Aircraft will be manufactured in accordance with the following Specifications: |
Aircraft | Specification |
A319 Aircraft | A319 Specification |
A319 NEO Aircraft | A319 Aircraft Iss. 7 Specification |
A320 Aircraft | A320 Specification |
A320 Group 1 Aircraft | A320 Aircraft Iss. 7 Specification |
A320 Group 2 Aircraft, A320 Group 3 Aircraft, and A320 NEO Aircraft | A320 Aircraft Iss. 8 Specification |
A321 Aircraft | A321 Specification |
A321 Amd 14 Aircraft | A321 Aircraft Iss. 5 Specification |
Converted A321 Aircraft | A321 Aircraft Iss. 5 Specification |
A321 NEO Aircraft | A321 Aircraft Iss. 5 Specification” |
2.2.2 | Clause 2.3.1 of the Agreement is renumbered as “2.3.1(i)” and the following is inserted immediately before the period at the end thereof: |
(ii) | Each A321 Amd 14 Airframe and Converted A321 Airframe will be equipped with an A321 Propulsion System.” |
2.2.3 | Clause 2.3.2 of the Agreement is deleted in its entirety and replaced with the following: |
“2.3.2 | NEO Propulsion Systems |
(i) | Each A319 NEO Airframe will be equipped with a set of two (2) Pratt & Whitney PW1124G-JM engines, with an AET of 24,500 lbf. (such set, upon selection, an “A319 NEO Propulsion System”). |
(ii) | Each A320 NEO Airframe will be equipped with a set of two (2) Pratt & Whitney PW1127G-JM engines, with an AET of 26,800 lbf. (such set, upon selection, an “A320 NEO Propulsion System”). |
(iii) | Each A321 NEO Airframe will be equipped with a set of two (2) Pratt & Whitney PW1133G-JM engines, with an AET of 32,700 lbf. (such set, upon selection, an “A321 NEO Propulsion System”).” |
2.3.1 | Clause 3.1.1.2.6 of the Agreement is renumbered as “3.1.1.2.7”. |
2.3.2 | Clause 3.1.1.2.7 of the Agreement is renumbered as “3.1.1.2.8”. |
2.3.3 | Clause 3.1.1.2.8(ii) of the Agreement is deleted in its entirety and replaced with the following: |
“(ii) | the sum of the base prices of any and all SCNs (other than Irrevocable SCNs to the extent included in clause (iii) below) set forth in Exhibit A-4E is: |
2.3.4 | The following is inserted immediately after the end of Clause 3.1.1.2.8: |
“3.1.1.2.9 | A321 Amd 14 Airframe and Converted A321 Airframe |
(i) | the Base Price of the A321 Amd 14 Airframe or the Converted A321 Airframe, as applicable, as defined in the A321 Aircraft Iss. 5 Standard Specification (excluding Buyer Furnished Equipment and SCNs), at delivery conditions prevailing in January 2011, is: |
(ii) | the Base Price of anticipated SCNs for the A321 Amd 14 Aircraft and the Converted A321 Aircraft as set forth in Exhibit A-4F, at delivery conditions prevailing in January 2011, is: |
2.3.5 | Clause 3.2.4 of the Agreement is deleted in its entirety and replaced with the following: |
“3.2.4 | The Final Contract Price of an A320 Group 1 Aircraft, A320 Group 2 Aircraft, A320 Group 3 Aircraft, A321 Amd 14 Aircraft or Converted A321 Aircraft will be the sum of: |
(i) | the Base Price of the A320 Group 1 Airframe, A320 Group 2 Airframe, A320 Group 3 Airframe, A321 Amd 14 Airframe or Converted A321 Airframe, as applicable, as adjusted to the Delivery Date of such Aircraft, in accordance with the Seller Price Revision Formula 2011; |
(ii) | the price of any SCNs for the A320 Group 1 Aircraft, A320 Group 2 Aircraft, A320 Group 3 Aircraft, A321 Amd 14 Aircraft or Converted A321 Aircraft, as applicable, entered into after the date of signature of this Agreement, as adjusted to the Delivery Date of such Aircraft, in accordance with the Seller Price Revision Formula 2011; |
(iii) | the Reference Price of the A320 Propulsion Systems constituting a part of such A320 Group 1 Aircraft, A320 Group 2 Aircraft or A320 Group 3 Aircraft, or the A321 Propulsion System constituting a part of such A321 Amd 14 Aircraft or Converted A321 Aircraft, as applicable, and as adjusted to the Delivery Date of such Aircraft, in accordance with the Propulsion Systems Price Revision Formula; |
(iv) | the aggregate of all increases or decreases to the Propulsion Systems Reference Price as agreed in any Specification Change Notice or part thereof applicable to the Propulsion Systems subsequent to the date of this Agreement as revised as of the Delivery Date in accordance with Clause 4.2; and |
(v) | any other amount resulting from any other provisions of this Agreement and/or any other written agreement between the Buyer and the Seller relating to the A320 Group 1 Aircraft, A320 Group 2 Aircraft, A320 Group 3 Aircraft, A321 Amd 14 Aircraft or Converted A321 Aircraft, as applicable.” |
“9.1.1.4 | The Scheduled Delivery Quarters for the A320 Group 3 Aircraft, A321 Amd 14 Aircraft and Converted A321 Aircraft are as follows: |
Aircraft Type | Number of Aircraft | Quarter/Year | CAC ID No. |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
A320 Group 3 Aircraft | 1 | ***** | ***** |
A321 Amd 14 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
Converted A321 Aircraft | 1 | ***** | ***** |
2.5.1 | Exhibit A-4E to the Agreement is deleted in its entirety and replaced with the Exhibit A-4E set forth in Appendix 1. |
2.5.2 | Exhibit A-4F, set forth in Appendix 1, is added to the Agreement immediately following the end of Exhibit A-4E. |
3 - | CONDITION PRECEDENT |
4 - | EEFFECT OF THE AMENDMENTU |
1. | The Agreement as amended by this Amendment contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any previous understanding, commitments or representations whatsoever, whether oral or written between the Buyer and the Seller. |
2. | The Agreement will be deemed amended to the extent provided in this Amendment and, except as specifically amended hereby, will continue in full force and effect in accordance with its original terms. |
5 - | UCONFIDENTIALITYU |
6 - | GOVERNING LAWU |
1. | THIS AMENDMENT AND THE AGREEMENTS CONTEMPLATED HEREIN WILL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF WILL BE DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE 22.4 OF THE AGREEMENT. |
2. | IT IS AGREED THAT THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS WILL NOT APPLY TO THIS AMENDMENT. |
7 - | UCOUNTERPARTS |
SPIRIT AIRLINES, INC. | AIRBUS S.A.S. | |||
By: | /s/ Thomas Canfield | By: | /s/ John J. Leahy | |
Its: | SVP & General Counsel | Its: | Chief Operating Officer - Customers |
1 | CREDIT MEMORANDUMS |
1.1.1 | In consideration of the Buyer's order for twenty (20) A321 Amd 14 Aircraft, ***** of each A320 Group 3 Aircraft, the Seller will provide the Buyer with a credit in the amount of ***** (the “*****”). |
1.1.2 | ***** |
1.1.3 | ***** |
1.2.1 | ***** of each A321 Amd 14 Aircraft, the Seller will provide to the Buyer a credit of ***** (the “*****”). |
1.2.2 | ***** |
1.2.3 | ***** |
1.3.1 | ***** of each Converted A321 Aircraft, the Seller will provide to the Buyer a credit of ***** (the “*****”). |
1.3.2 | ***** |
1.3.3 | ***** |
2 | AIRCRAFT NON-DELIVERY |
3 | AMENDMENTS |
6.1 | ***** |
6.2 | ***** |
6.3 | The Save Credit will be deemed an A320 Group 3 Aircraft Credit Memoranda as set forth in Paragraph 2 of this Letter Agreement. |
4 | ASSIGNMENT |
5 | CONFIDENTIALITY |
6 | GOVERNING LAW |
7 | COUNTERPARTS |
1 | PAYMENT TERMS |
1. | Clause 5.2.3C of the Agreement is deleted in its entirety and replaced with the following: |
“C. | Predelivery Payments for each A320 Group 3 Aircraft, A321 Amd 14 Aircraft and Converted A321 Aircraft will be paid to the Seller according to the following schedule: |
Payment Date | Percentage of Predelivery Payment Reference Price | |
***** | ***** | ***** |
***** | ||
***** | ***** | ***** |
***** | ***** | ***** |
***** | ***** | ***** |
***** | ***** | ***** |
***** | ***** | ***** |
***** | ***** |
1.2 | All Predelivery Payments that are due prior to signature of the Amendment will be paid at signature of the Amendment. |
2 | ASSIGNMENT |
3 | CONFIDENTIALITY |
4 | GOVERNING LAW |
5 | COUNTERPARTS |
1 | AMENDMENT |
1.3.1 | Clause 11.1.1 of the Agreement is deleted in its entirety and replaced with the following quoted text: |
1.3.2 | Clause 11.1.2 of the Agreement is deleted in its entirety and replaced with the following quoted text: |
2 | PERFORMANCE GUARANTEES |
(i) | A321 Amd 14 Aircraft and Converted A321 Aircraft on substantially similar terms to those set forth in Letter Agreement No. 6 to the Agreement, and |
(ii) | A321 Amd 14 NEO Aircraft on substantially similar terms to those set forth in the Amended and Restated Letter Agreement No. 7 to Amendment No. 11 to the Agreement. |
3 | ASSIGNMENT |
4 | CONFIDENTIALITY |
5 | GOVERNING LAW |
6 | COUNTERPARTS |
1 | SCOPE |
2 | SELLER REPRESENTATIVES |
3 | SERVICE LIFE POLICY |
4 | AMENDMENTS |
“(ii) | With respect to the A320 Group 3 Aircraft, A321 Amd 14 Aircraft, Converted A321 Aircraft and NEO Aircraft, the warranties described in Clauses 12.1.1 and 12.1.2 hereinabove will be limited to those defects that become apparent within ***** after Delivery of such affected A320 Group 3 Aircraft, A321 Amd 14 Aircraft, Converted A321 Aircraft or NEO Aircraft (the “Extended Warranty Period”).” |
“8.1 | In respect of each A320 Group 3 Aircraft, A321 Amd 14 Aircraft, Converted A321 Aircraft and NEO Aircraft, the Seller will provide to the Buyer upon Delivery of each such Aircraft the following credit memorandum (the “Goods and Services Credit Memoranda”): |
5 | ASSIGNMENT |
6 | CONFIDENTIALITY |
7 | GOVERNING LAW |
8 | COUNTERPARTS |
1 | FLIGHT OPERATIONS TRAINING |
1.1 | Flight Crew Training |
1.2 | Low Visibility Operations Training |
1.3 | Flight Crew Line Initial Operating Experience |
1.4 | Type Specific Cabin Crew Training Course |
2 | PERFORMANCE / OPERATIONS COURSE(S) |
3 | MAINTENANCE TRAINING |
3.1 | The Seller will provide to the Buyer ***** trainee days of maintenance training ***** for the Buyer's personnel in consideration of the Buyer's order for A320 Group 3 Aircraft, Converted A321 Aircraft and NEO Aircraft. |
3.2 | The Seller will provide to the Buyer ***** Engine Run-up course. |
4 | TRAINEE DAYS ACCOUNTING |
4.1 | For instruction at the Seller's Training Centers: one (1) day of instruction for one (1) trainee equals one (1) trainee day. The number of trainees ***** will be counted as the number of trainees to have taken the course. |
4.2 | For instruction outside of the Seller's Training Centers: one (1) day of instruction by one (1) Seller Instructor equals the actual number of trainees attending the course or a minimum of ***** trainee days, except for structure maintenance training course(s). |
4.3 | For structure maintenance training courses outside the Seller's Training Center(s), one (1) day of instruction by one (1) Seller Instructor equals the actual number of trainees attending the course or the minimum number of trainees *****. |
4.4 | For practical training, whether on training devices or on aircraft, one (1) day of instruction by one (1) Seller Instructor equals the actual number of trainees attending the course or a minimum of ***** trainee days. |
1 | CONVERSION RIGHT |
1.1 | ***** |
1.3.1 | ***** of each 2013 Converted Aircraft, the Seller will grant to the Buyer, a credit memorandum in the amount of ***** (the “*****”). |
1.3.2 | ***** |
1.3.3 | ***** |
2 | AMENDMENT |
3 | ASSIGNMENT |
4 | CONFIDENTIALITY |
5 | GOVERNING LAW |
6 | COUNTERPARTS |
2. | Transition Bonus |
A. | Company Information; Assistance |
B. | Confidentiality |
C. | Non-Solicitation of Company Employees |
Date: July 25, 2013 | /s/ B. Ben Baldanza |
B. Ben Baldanza | |
President and Chief Executive Officer |
Date: July 25, 2013 | /s/ Edward M. Christie |
Edward M. Christie | |
Senior Vice President and | |
Chief Financial Officer |
(i.) | the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2013 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii.) | the information contained in the Report fairly present, in all material respects, the financial condition and results of operations of the Company. |
Date: July 25, 2013 | /s/ B. Ben Baldanza |
B. Ben Baldanza | |
President and Chief Executive Officer |
(i.) | the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2013 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii.) | the information contained in the Report fairly present, in all material respects, the financial condition and results of operations of the Company. |
Date: July 25, 2013 | /s/ Edward Christie |
Edward Christie | |
Senior Vice President and | |
Chief Financial Officer |
Financial Instruments and Risk Management (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of aircraft fuel expense | The following table summarizes the components of aircraft fuel expense for the three and six months ended June 30, 2013 and 2012:
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Financial Instruments and Risk Management
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Risk Management | Financial Instruments and Risk Management As part of the Company’s risk management program, the Company from time to time uses a variety of financial instruments to reduce its exposure to fluctuations in the price of jet fuel. The Company does not hold or issue derivative financial instruments for trading purposes. The Company is exposed to credit losses in the event of nonperformance by counterparties to these financial instruments. The Company periodically reviews and seeks to mitigate exposure to the financial deterioration and nonperformance of any counterparty by monitoring the absolute exposure levels, each counterparty's credit ratings, and the historical performance of the counterparties relating to hedge transactions. The credit exposure related to these financial instruments is limited to the fair value of contracts in a net receivable position at the reporting date. The Company also maintains security agreements that require the Company to post collateral if the value of selected instruments falls below specified mark-to-market thresholds. As of June 30, 2013, the Company had $0.8 million posted as collateral for these instruments, presented as a reduction of other current liabilities on the accompanying balance sheet. The Company records financial derivative instruments at fair value, which includes an evaluation of each counterparty's credit risk. Fair value of the instruments is determined using standard option valuation models. The Company chose not to elect hedge accounting on any derivative instruments entered into during the three and six months ended June 30, 2013 and 2012 and, as a result, changes in the fair value of these fuel hedge contracts are recorded each period in aircraft fuel expense. The following table summarizes the components of aircraft fuel expense for the three and six months ended June 30, 2013 and 2012:
All realized gains and losses are reflected in the accompanying statements of cash flows in cash flow from operating activities. As of June 30, 2013 and December 31, 2012, the Company had fuel hedges using jet fuel swaps and collars using crude oil and refined products as the underlying commodities. As of June 30, 2013, the Company had agreements in place to protect the refining price risk between the price of crude oil and the price of refined jet fuel for approximately 71% of its anticipated refined fuel consumption during peak hurricane season (August through October) and agreements to protect an additional 17% of the anticipated jet fuel consumption for the third quarter of 2013. As of June 30, 2013, the Company had agreements in place to protect 7.7 million gallons or approximately 8.7% of its anticipated jet fuel consumption for the remainder of 2013 at a weighted-average ceiling and floor price of $2.95 and $2.68 per gallon, respectively. As of December 31, 2012, the Company had agreements in place to protect 7.8 million gallons or approximately 4.6% of its 2013 anticipated jet fuel consumption at a weighted-average ceiling and floor price of $3.09 and $2.84 per gallon, respectively. |
Commitments and Contingencies (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease payments under noncancelable operating leases | Future minimum lease payments under noncancelable operating leases as of June 30, 2013 and the periods in which payments are due were as follows:
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Employee groups and status of the collective bargaining agreements | The table below sets forth our employee groups and status of the collective bargaining agreements as of June 30, 2013.
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Tax Receivable Agreement (Details)
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12 Months Ended |
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Dec. 31, 2011
|
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Tax Receivable Agreement [Abstract] | |
Percentage of cash savings from pre-IPO NOLs due to pre-IPO stockholders | 90.00% |
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
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Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Payments Due, Remainder of 2013 | $ 98,033 |
Future Minimum Payments Due, 2014 | 188,853 |
Future Minimum Payments Due, 2015 | 183,716 |
Future Minimum Payments Due, 2016 | 173,323 |
Future Minimum Payments Due, 2017 | 149,688 |
Future Minimum Payments Due, 2018 and thereafter | 529,144 |
Total minimum lease payments | $ 1,322,757 |
Commitments and Contingencies - Sale Leaseback Transactions Aircraft (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
aircraft_engine
aircraft
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Number of aircrafts delivered | 5 |
Number of aircrafts financed with direct operating leases | 2 |
Number of spare aircraft engines entered into sale and leaseback agreement | 1 |
Aircraft [Member]
|
|
Sale Leaseback Transaction [Line Items] | |
Number of aircraft entered into sale and leaseback agreement | 3 |
Sale leaseback transaction on aircraft, net deferred gain (loss) | $ (1.2) |
Sale leaseback transaction on aircraft, refund in pre-delivery deposits | $ 16.0 |
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