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 fourth quarter 2013, full year 2013, and full year 2014 guidance. |
Date: October 30, 2013 | SPIRIT AIRLINES, INC. |
Exhibit No. | Description |
99.1 | Investor Update regarding fourth quarter 2013, full year 2013, and full year 2014 guidance. |
Capacity - Available Seat Miles (ASMs) | 1Q13A | 2Q13A | 3Q13A | 4Q13E | FY2013E | ||||||||||
ASMs Year-over-Year % Change | 20.8 | % | 21.0 | % | 22.4 | % | 23.8 | % | 22.0 | % |
4Q13E | |||||||
Passenger segments Year-over-Year % Change | 18 | % | - | 19% | |||
Operating Expense per ASM (CASM) (cents) | |||||||
Adjusted CASM(1) | 10.09 | - | 10.15 | ||||
Less: Fuel expense per ASM | 3.92 | ||||||
Adjusted CASM ex-fuel(1) | 6.17 | - | 6.23 | ||||
On October 15, 2013, the Company had an aircraft experience an engine failure that resulted in damage to the engine and aircraft. The cost estimates above include $10 million of estimated expenses related to the repair of the engine and aircraft. | |||||||
Average Stage Length (miles) | 998 | ||||||
Fuel Expense per Gallon ($) | |||||||
Fuel cost* | $3.17 | ||||||
Less: Unrealized mark-to-market (gains) and losses(2) | n/a | ||||||
Economic fuel cost | $3.17 | ||||||
Fuel gallons (thousands) | 45,300 | ||||||
*Includes fuel taxes, and into-plane fuel cost. Based on the jet fuel curve as of October 22, 2013 and includes fuel hedge (gains) and losses currently expected to be realized during the fourth quarter 2013. | |||||||
Select Operating Expenses ($Millions) | 4Q13E | FY2013E | |||||
Aircraft rent | $46 | $171 | |||||
Depreciation and amortization | $13 | $35 | |||||
Effective Tax Rate | 37.5% | 37.5% | |||||
Wtd. Average Share Count (thousands) | |||||||
Basic | 72,649 | 72,590 | |||||
Diluted | 73,065 | 72,966 |
Capital Expenditures & Other Working Capital Requirements | Full Year 2013E | ||
(millions) | |||
Capital expenditures (3) | $21 | ||
Payments for heavy maintenance events(4) | $71 | ||
Pre-delivery deposits for flight equipment, net of refunds | $53 | ||
Pre-paid maintenance deposits, net of reimbursements | $11 |
Refining Margin Hedges | % of Est. | Average price | |||||
Period | Volume | Instrument | per barrel | ||||
4Q13 | 21 | % | Jet Fuel Swaps | $32.39 |
Select Operating Expenses | Full Year 2014E |
(millions) | |
Aircraft rent | $195 |
Depreciation and amortization | $50 |
Capacity - Available Seat Miles (ASMs) | Full Year 2014E |
ASMs Year-over-Year % Change | Approx. 15% |
(1) | Excludes special items and unrealized mark-to-market (gains) and losses. |
(2) | 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 fourth quarter 2013, but is not yet able to estimate the amount. |
(3) | Includes the purchase of a spare engine that was financed under a sale/leaseback transaction after it was delivered. |
(4) | Payments for heavy maintenance events are recorded as Long-term deposits and other assets within "Changes in operating assets and liabilities," on the Company's cash flow statement. |
Spirit Airlines, Inc. | ||||||||||||||||||||
Aircraft Delivery Schedule (net of Scheduled Retirements) as of October 30, 2013 | ||||||||||||||||||||
A319 | A320 CEO | A320 NEO | A321 CEO | A321 NEO | Total | |||||||||||||||
Total Year-end 2012 | 27 | 16 | — | 2 | — | 45 | ||||||||||||||
1Q13 | 2 | 2 | — | — | — | 4 | ||||||||||||||
2Q13 | — | 1 | — | — | — | 1 | ||||||||||||||
3Q13 | — | 1 | — | — | — | 1 | ||||||||||||||
4Q13 | — | 3 | — | — | — | 3 | ||||||||||||||
Total Year-end 2013 | 29 | 23 | — | 2 | — | 54 | ||||||||||||||
2014 | — | 7 | — | — | — | 7 | ||||||||||||||
2015 | — | 15 | 1 | 2 | — | 18 | ||||||||||||||
2016 | (3 | ) | 5 | 4 | 8 | — | 14 | |||||||||||||
2017 | (4 | ) | 8 | — | 8 | — | 12 | |||||||||||||
2018 | (5 | ) | — | 6 | 5 | — | 6 | |||||||||||||
2019 | (1 | ) | — | 8 | — | 5 | 12 | |||||||||||||
2020 | (7 | ) | — | 13 | — | — | 6 | |||||||||||||
2021 | (4 | ) | — | 18 | — | — | 14 | |||||||||||||
Total Year-end 2021 | 5 | 58 | 50 | 25 | 5 | 143 | ||||||||||||||
Future deliveries includes aircraft on firm order as well as 5 leased A320neo aircraft. 2017 reflects scheduled deliveries of 10 A320ceo and 10 A321ceo aircraft, net of 2 A320 and 2 A321 lease expirations. | ||||||||||||||||||||
Seat Configurations | ||||||||||||||||||||
A319 | 145 | |||||||||||||||||||
A320 | 178 | |||||||||||||||||||
A321 | 218* | |||||||||||||||||||
*A321s delivering in 2015 and beyond are expected to be configured with 219 seats. |
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