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 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release regarding fourth quarter and full year 2016 financial results. |
Date: February 7, 2017 | SPIRIT AIRLINES, INC. |
Exhibit No. | Description | |
99.1 | Press Release regarding fourth quarter and full year 2016 financial results. |
• | GAAP net income for the fourth quarter 2016 was $48.5 million ($0.70 per diluted share), or $53.9 million ($0.77 per diluted share)1, excluding special items. |
• | GAAP net income for the full year 2016 was $264.9 million ($3.76 per diluted share), or $291.0 million ($4.13 per diluted share)1, excluding special items. |
• | Spirit ended 2016 with unrestricted cash, cash equivalents, and short-term investments of $801.1 million. |
• | Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended December 31, 2016 was 23.0 percent2. |
• | Added Seattle, Washington; Akron-Canton, Ohio; Newark, New Jersey; and Havana, Cuba to its list of destinations. |
• | Added 16 (3 A320ceos, 5 A320neos, and 8 A321ceos) new Airbus aircraft to its fleet, ending the year with 95 aircraft. As of year-end 2016, Spirit's Fit Fleet™ averaged 5.2 years, the youngest fleet of any major U.S. airline. |
• | Returned approximately $100 million to shareholders by repurchasing approximately 2.3 million shares. |
• | Ratified agreements with its flight attendants, represented by the Association of Flight Attendants - CWA, and with its ramp service team members at Fort Lauderdale Hollywood International Airport, represented by the International Association of Machinists and Aerospace Workers. |
• | Created over 850 new jobs, bringing our total number of team members to over 5,800. |
(1) | See "Reconciliation of Adjusted Net Income to GAAP Net Income" table below for more details. |
(2) | See "Calculation for Return on Invested Capital" table below for more details. |
(5) | See "Special Items" table for more details. |
(6) | See "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below for more details. |
Three Months Ended | Year Ended | ||||||||||||||||||||
December 31, | Percent | December 31, | Percent | ||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Operating revenues: | |||||||||||||||||||||
Passenger | $ | 300,590 | $ | 267,487 | 12.4 | $ | 1,200,621 | $ | 1,169,338 | 2.7 | |||||||||||
Non-ticket | 277,761 | 252,359 | 10.1 | 1,121,335 | 972,125 | 15.3 | |||||||||||||||
Total operating revenues | 578,351 | 519,846 | 11.3 | 2,321,956 | 2,141,463 | 8.4 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Salaries, wages and benefits | 122,941 | 97,035 | 26.7 | 472,471 | 377,508 | 25.2 | |||||||||||||||
Aircraft fuel | 126,535 | 105,215 | 20.3 | 447,553 | 461,447 | (3.0 | ) | ||||||||||||||
Aircraft rent | 50,242 | 52,091 | (3.5 | ) | 201,675 | 211,531 | (4.7 | ) | |||||||||||||
Landing fees and other rents | 37,583 | 32,590 | 15.3 | 151,679 | 131,077 | 15.7 | |||||||||||||||
Depreciation and amortization | 27,766 | 22,278 | 24.6 | 101,136 | 73,908 | 36.8 | |||||||||||||||
Maintenance, materials and repairs | 26,577 | 18,544 | 43.3 | 98,587 | 80,448 | 22.5 | |||||||||||||||
Distribution | 23,437 | 20,656 | 13.5 | 96,627 | 86,576 | 11.6 | |||||||||||||||
Special charges | 5,580 | — | nm | 37,189 | 673 | nm | |||||||||||||||
Loss on disposal of assets | 3,021 | 304 | nm | 4,187 | 1,604 | nm | |||||||||||||||
Other operating | 69,358 | 50,796 | 36.5 | 267,191 | 207,569 | 28.7 | |||||||||||||||
Total operating expenses | 493,040 | 399,509 | 23.4 | 1,878,295 | 1,632,341 | 15.1 | |||||||||||||||
Operating income | 85,311 | 120,337 | (29.1 | ) | 443,661 | 509,122 | (12.9 | ) | |||||||||||||
Other (income) expense: | |||||||||||||||||||||
Interest expense | 12,066 | 7,200 | 67.6 | 41,654 | 20,382 | nm | |||||||||||||||
Capitalized interest | (3,542 | ) | (3,161 | ) | 12.1 | (12,705 | ) | (11,553 | ) | 10.0 | |||||||||||
Interest income | (1,041 | ) | (1,581 | ) | (34.2 | ) | (5,276 | ) | (2,125 | ) | nm | ||||||||||
Other expense | 121 | (267 | ) | nm | 528 | 15 | nm | ||||||||||||||
Total other (income) expense | 7,604 | 2,191 | nm | 24,201 | 6,719 | nm | |||||||||||||||
Income before income taxes | 77,707 | 118,146 | (34.2 | ) | 419,460 | 502,403 | (16.5 | ) | |||||||||||||
Provision for income taxes | 29,214 | 43,746 | (33.2 | ) | 154,581 | 185,183 | (16.5 | ) | |||||||||||||
Net income | $ | 48,493 | $ | 74,400 | (34.8 | ) | $ | 264,879 | $ | 317,220 | (16.5 | ) | |||||||||
Basic earnings per share | $ | 0.70 | $ | 1.04 | (32.7 | ) | $ | 3.77 | $ | 4.39 | (14.1 | ) | |||||||||
Diluted earnings per share | $ | 0.70 | $ | 1.04 | (32.7 | ) | $ | 3.76 | $ | 4.38 | (14.2 | ) | |||||||||
— | |||||||||||||||||||||
Weighted average shares, basic | 69,325 | 71,543 | (3.1 | ) | 70,344 | 72,208 | (2.6 | ) | |||||||||||||
Weighted average shares, diluted | 69,551 | 71,672 | (3.0 | ) | 70,508 | 72,426 | (2.6 | ) |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 48,493 | $ | 74,400 | $ | 264,879 | $ | 317,220 | |||||||
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $0, $0, $0 and ($550) | — | — | — | (910 | ) | ||||||||||
Unrealized gain (loss) on short-term investment securities, net of deferred taxes of ($16), $0, ($13) and $0 | (27 | ) | — | (23 | ) | — | |||||||||
Interest rate derivative losses reclassified into earnings, net of taxes of $33, $34, $130 and $50 | 55 | 58 | 224 | 82 | |||||||||||
Other comprehensive income (loss) | $ | 28 | $ | 58 | $ | 201 | $ | (828 | ) | ||||||
Comprehensive income | $ | 48,521 | $ | 74,458 | $ | 265,080 | $ | 316,392 |
December 31, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 700,900 | $ | 803,632 | |||
Short-term investment securities | 100,155 | — | |||||
Accounts receivable, net | 41,136 | 28,266 | |||||
Aircraft maintenance deposits | 87,035 | 73,415 | |||||
Prepaid income taxes | — | 72,278 | |||||
Prepaid expenses and other current assets | 46,619 | 48,749 | |||||
Total current assets | 975,845 | 1,026,340 | |||||
Property and equipment: | |||||||
Flight equipment | 1,461,525 | 834,927 | |||||
Ground property and equipment | 126,206 | 74,814 | |||||
Less accumulated depreciation | (122,509 | ) | (65,524 | ) | |||
1,465,222 | 844,217 | ||||||
Deposits on flight equipment purchase contracts | 325,688 | 286,837 | |||||
Long-term aircraft maintenance deposits | 199,415 | 206,485 | |||||
Deferred heavy maintenance, net | 75,534 | 89,127 | |||||
Other long-term assets | 110,223 | 77,539 | |||||
Total assets | $ | 3,151,927 | $ | 2,530,545 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | 15,193 | 17,043 | |||||
Air traffic liability | 206,392 | 216,831 | |||||
Current maturities of long-term debt | 84,354 | 49,637 | |||||
Other current liabilities | 226,011 | 182,729 | |||||
Total current liabilities | 531,950 | 466,240 | |||||
Long-term debt, less current maturities | 897,359 | 596,693 | |||||
Long-term deferred income taxes | 308,143 | 221,481 | |||||
Deferred gains and other long-term liabilities | 19,868 | 20,821 | |||||
Shareholders’ equity: | |||||||
Common stock | 7 | 7 | |||||
Additional paid-in-capital | 551,004 | 544,277 | |||||
Treasury stock, at cost | (218,692 | ) | (116,182 | ) | |||
Retained earnings | 1,063,633 | 798,754 | |||||
Accumulated other comprehensive loss | (1,345 | ) | (1,546 | ) | |||
Total shareholders’ equity | 1,394,607 | 1,225,310 | |||||
Total liabilities and shareholders’ equity | $ | 3,151,927 | $ | 2,530,545 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 264,879 | $ | 317,220 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Unrealized losses on open derivative contracts, net | — | 2,202 | |||||
Losses reclassified from other comprehensive income | 354 | 132 | |||||
Equity-based compensation | 7,105 | 9,222 | |||||
Allowance for doubtful accounts (recoveries) | 80 | 12 | |||||
Amortization of deferred gains and losses and debt issuance costs | 5,732 | 1,165 | |||||
Depreciation and amortization | 101,136 | 73,908 | |||||
Deferred income tax expense | 86,545 | 155,614 | |||||
Loss on disposal of assets | 4,187 | 1,604 | |||||
Lease termination costs | 37,189 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (12,951 | ) | (5,592 | ) | |||
Aircraft maintenance deposits | (45,869 | ) | (32,101 | ) | |||
Long-term deposits and other assets | (75,780 | ) | (103,613 | ) | |||
Prepaid income taxes | 72,278 | — | |||||
Accounts payable | (6,823 | ) | 2,706 | ||||
Air traffic liability | (11,582 | ) | 36,387 | ||||
Other liabilities | 46,992 | 14,119 | |||||
Other | 206 | — | |||||
Net cash provided by operating activities | 473,678 | 472,985 | |||||
Investing activities: | |||||||
Purchase of short-term investment securities | (103,258 | ) | — | ||||
Proceeds from the maturity of short-term investment securities | 2,842 | — | |||||
Proceeds from sale of property and equipment | 50 | — | |||||
Pre-delivery deposits for flight equipment, net of refunds | (173,947 | ) | (142,323 | ) | |||
Capitalized interest | (10,834 | ) | (10,159 | ) | |||
Purchase of property and equipment | (541,122 | ) | (548,800 | ) | |||
Net cash used in investing activities | (826,269 | ) | (701,282 | ) | |||
Financing activities: | |||||||
Proceeds from issuance of long-term debt | 417,275 | 536,780 | |||||
Proceeds from stock options exercised | 92 | 32 | |||||
Payments on debt and capital lease obligations | (64,421 | ) | (26,364 | ) | |||
Proceeds from sale leaseback transactions | — | 7,300 | |||||
Excess tax (deficiency) benefit from equity-based compensation | (470 | ) | 8,850 | ||||
Repurchase of common stock | (102,510 | ) | (112,261 | ) | |||
Debt issuance costs | (107 | ) | (15,192 | ) | |||
Net cash provided by financing activities | 249,859 | 399,145 | |||||
Net (decrease) increase in cash and cash equivalents | (102,732 | ) | 170,848 | ||||
Cash and cash equivalents at beginning of period | 803,632 | 632,784 | |||||
Cash and cash equivalents at end of period | $ | 700,900 | $ | 803,632 | |||
Supplemental disclosures | |||||||
Cash payments for: | |||||||
Interest, net of capitalized interest | $ | 39,963 | $ | 7,061 | |||
Income taxes paid, net of refunds | $ | (5,579 | ) | $ | 95,933 | ||
Non-cash transactions: | |||||||
Capital expenditures funded by capital lease borrowings | $ | (31 | ) | $ | — |
Three Months Ended December 31, | ||||||||
Operating Statistics | 2016 | 2015 | Change | |||||
Available seat miles (ASMs) (thousands) | 6,585,018 | 5,705,398 | 15.4 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 5,362,518 | 4,727,996 | 13.4 | % | ||||
Load factor (%) | 81.4 | 82.9 | (1.5) pts | |||||
Passenger flight segments (thousands) | 5,350 | 4,651 | 15.0 | % | ||||
Block hours | 99,385 | 89,016 | 11.6 | % | ||||
Departures | 38,019 | 33,662 | 12.9 | % | ||||
Total operating revenue per ASM (TRASM) (cents) | 8.78 | 9.11 | (3.6 | )% | ||||
Average yield (cents) | 10.79 | 11.00 | (1.9 | )% | ||||
Average ticket revenue per passenger flight segment ($) | 56.19 | 57.52 | (2.3 | )% | ||||
Average non-ticket revenue per passenger flight segment ($) | 51.92 | 54.26 | (4.3 | )% | ||||
Total revenue per passenger flight segment ($) | 108.11 | 111.78 | (3.3 | )% | ||||
CASM (cents) | 7.49 | 7.00 | 7.0 | % | ||||
Adjusted CASM (cents) (1) | 7.36 | 7.03 | 4.7 | % | ||||
Adjusted CASM ex-fuel (cents) (2) | 5.44 | 5.15 | 5.6% | |||||
Fuel gallons consumed (thousands) | 76,930 | 67,467 | 14.0 | % | ||||
Average economic fuel cost per gallon ($) | 1.64 | 1.59 | 3.1 | % | ||||
Aircraft at end of period | 95 | 79 | 20.3 | % | ||||
Average daily aircraft utilization (hours) | 11.7 | 12.5 | (6.4)% | |||||
Average stage length (miles) | 981 | 1,000 | (1.9 | )% |
Year Ended December 31, | ||||||||
Operating Statistics | 2016 | 2015 | Change | |||||
Available seat miles (ASMs) (thousands) | 25,494,645 | 21,246,156 | 20.0 | % | ||||
Revenue passenger miles (RPMs) (thousands) | 21,581,611 | 17,995,311 | 19.9 | % | ||||
Load factor (%) | 84.7 | 84.7 | — | |||||
Passenger flight segments (thousands) | 21,618 | 17,921 | 20.6 | % | ||||
Block hours | 389,914 | 337,956 | 15.4 | % | ||||
Departures | 149,514 | 128,902 | 16.0 | % | ||||
Total operating revenue per ASM (TRASM) (cents) | 9.11 | 10.08 | (9.6 | )% | ||||
Average yield (cents) | 10.76 | 11.90 | (9.6 | )% | ||||
Average ticket revenue per passenger flight segment ($) | 55.54 | 65.25 | (14.9 | )% | ||||
Average non-ticket revenue per passenger flight segment ($) | 51.87 | 54.24 | (4.4 | )% | ||||
Total revenue per passenger flight segment ($) | 107.41 | 119.49 | (10.1 | )% | ||||
CASM (cents) | 7.37 | 7.68 | (4.0 | )% | ||||
Adjusted CASM (cents) (1) | 7.21 | 7.69 | (6.2 | )% | ||||
Adjusted CASM ex-fuel (cents) (2) | 5.45 | 5.50 | (0.9 | )% | ||||
Fuel gallons consumed (thousands) | 302,781 | 255,008 | 18.7 | % | ||||
Average economic fuel cost per gallon ($) | 1.48 | 1.82 | (18.7 | )% | ||||
Average daily aircraft utilization (hours) | 12.4 | 12.7 | (2.4)% | |||||
Average stage length (miles) | 979 | 987 | (0.8 | )% |
(1) | Excludes special items. |
(2) | Excludes economic fuel expense and special items. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating special items include the following (1): | |||||||||||||||
Unrealized losses (gains) related to fuel derivative contracts | — | (1,988 | ) | — | (3,880 | ) | |||||||||
Loss on disposal of assets | 3,021 | 304 | 4,187 | 1,604 | |||||||||||
Special charges | 5,580 | — | 37,189 | 673 | |||||||||||
Total operating special items | $ | 8,601 | $ | (1,684 | ) | $ | 41,376 | $ | (1,603 | ) |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands, except CASM data in cents) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Total operating expenses, as reported | $ | 493,040 | $ | 399,509 | $ | 1,878,295 | $ | 1,632,341 | |||||||
Less operating special items (1) | 8,601 | (1,684 | ) | 41,376 | (1,603 | ) | |||||||||
Adjusted operating expenses, non-GAAP (2) | 484,439 | 401,193 | 1,836,919 | 1,633,944 | |||||||||||
Less: Economic fuel expense | 126,535 | 107,203 | 447,553 | 465,327 | |||||||||||
Adjusted operating expenses excluding fuel, non-GAAP (3) | $ | 357,904 | $ | 293,990 | $ | 1,389,366 | $ | 1,168,617 | |||||||
Available seat miles | 6,585,018 | 5,705,398 | 25,494,645 | 21,246,156 | |||||||||||
CASM (cents) | 7.49 | 7.00 | 7.37 | 7.68 | |||||||||||
Adjusted CASM (cents) (2) | 7.36 | 7.03 | 7.21 | 7.69 | |||||||||||
Adjusted CASM ex-fuel (cents) (3) | 5.44 | 5.15 | 5.45 | 5.50 |
(1) | Special items include unrealized gains and losses related to outstanding fuel derivative contracts, loss on disposal of assets, and special charges. Special charges for 2016 are primarily related to lease termination costs. |
(2) | Excludes operating special items. |
(3) | Excludes operating special items and economic fuel expense as described in the "Reconciliation of Economic Fuel Expense to GAAP Fuel Expense" table below. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net income, as reported | $ | 48,493 | $ | 74,400 | $ | 264,879 | $ | 317,220 | |||||||
Add: Provision for income taxes | 29,214 | 43,746 | 154,581 | 185,183 | |||||||||||
Income before income taxes, as reported | 77,707 | 118,146 | 419,460 | 502,403 | |||||||||||
Pre-tax margin, GAAP | 13.4 | % | 22.7 | % | 18.1 | % | 23.5 | % | |||||||
Add operating special items (1) | 8,601 | (1,684 | ) | 41,376 | (1,603 | ) | |||||||||
Income before income taxes, non-GAAP (2) | 86,308 | 116,462 | 460,836 | 500,800 | |||||||||||
Adjusted pre-tax margin, non-GAAP (2) | 14.9 | % | 22.4 | % | 19.8 | % | 23.4 | % | |||||||
Provision for income taxes (3) | 32,448 | 43,122 | 169,829 | 184,592 | |||||||||||
Adjusted net income, non-GAAP (2)(3) | $ | 53,860 | $ | 73,340 | $ | 291,007 | $ | 316,208 | |||||||
Weighted average shares, diluted | 69,551 | 71,672 | 70,508 | 72,426 | |||||||||||
Adjusted net income per share, diluted (2)(3) | $0.77 | $1.02 | $4.13 | $4.37 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating income, as reported | $ | 85,311 | $ | 120,337 | $ | 443,661 | $ | 509,122 | |||||||
Operating margin, GAAP | 14.8 | % | 23.1 | % | 19.1 | % | 23.8 | % | |||||||
Add operating special items (1) | 8,601 | (1,684 | ) | 41,376 | (1,603 | ) | |||||||||
Operating income, non-GAAP (2) | $ | 93,912 | $ | 118,653 | $ | 485,037 | $ | 507,519 | |||||||
Operating margin (2) | 16.2 | % | 22.8 | % | 20.9 | % | 23.7 | % |
(1) | See "Special Items" for more details. |
(2) | Excludes operating special items. |
(3) | Assumes same marginal tax rate as is applicable to GAAP net income. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands, except per gallon data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Fuel expense | |||||||||||||||
Aircraft fuel, as reported | $ | 126,535 | $ | 105,215 | $ | 447,553 | $ | 461,447 | |||||||
Less: | |||||||||||||||
Unrealized losses (gains) related to fuel derivative contracts | — | (1,988 | ) | — | (3,880 | ) | |||||||||
Economic fuel expense, non-GAAP | $ | 126,535 | $ | 107,203 | $ | 447,553 | $ | 465,327 | |||||||
Fuel gallons consumed | 76,930 | 67,467 | 302,781 | 255,008 | |||||||||||
Economic fuel cost per gallon, non-GAAP | $ | 1.64 | $ | 1.59 | $ | 1.48 | $ | 1.82 |
Twelve Months Ended | |||
(in thousands) | December 31, 2016 | ||
Operating income | $ | 443,661 | |
Add operating special items (1) | 41,376 | ||
Adjustment for aircraft rent | 201,675 | ||
Adjusted operating income (2) | 686,712 | ||
Tax (36.9%) (3) | 253,397 | ||
Adjusted operating income, after-tax | 433,315 | ||
Invested capital | |||
Total debt | $ | 981,713 | |
Book equity | 1,394,607 | ||
Less: Unrestricted cash, cash equivalents & short-term investments | 801,055 | ||
Add: Capitalized aircraft operating leases (7x Aircraft Rent) | 1,411,725 | ||
Total invested capital | 2,986,990 | ||
Return on invested capital (ROIC), pre-tax (2) | 23.0 | % | |
Return on invested capital (ROIC), after-tax (2)(3) | 14.5 | % |
(1) | See "Special Items" for more details. |
(2) | Excludes special items. |
(3) | Assumes same marginal tax rate as is applicable to GAAP net income for the twelve months ended December 31, 2016. |
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