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 first quarter and full year 2018 guidance. |
Date: March 1, 2018 | SPIRIT AIRLINES, INC. | |||
By: /s/ Thomas Canfield | ||||
Name: Thomas Canfield | ||||
Title: Senior Vice President and General Counsel | ||||
Exhibit No. | Description | |||||
1Q18E | FY18E | ||||||||
Capacity - Available Seat Miles (ASMs) | |||||||||
Year-over-Year % Change | 21.7% | ~23% | |||||||
Total Revenue per ASM (TRASM) (cents) | |||||||||
Year-over-Year % Change | Down 1% - 2.5% | ||||||||
Adjusted Operating Expense Ex-Fuel per ASM | |||||||||
Adjusted CASM ex-fuel year-over-year % change(2) | Down ~ 3% | Flat to Down 1% | |||||||
Average Stage Length (miles) | 1,033 | 1,050 | |||||||
Fuel Expense | |||||||||
Fuel gallons (millions) | 96.1 | ~422 | |||||||
Economic fuel cost per gallon ($)(3) | $2.17 | ||||||||
Selected Operating Expenses ($Millions) | |||||||||
Aircraft rent | $50.8 | $203 to $209 | |||||||
Depreciation and amortization | $40.3 | $190 to $196 | |||||||
Interest Expense, net of Capitalized Interest ($Millions) | |||||||||
Interest expense | $18.2 | $72.7 | |||||||
Capitalized interest | $(2.4) | $(9.8) | |||||||
Interest Income | $(4.2) | $(19.4) | |||||||
Interest expense, net | $11.6 | $43.5 | |||||||
Effective Tax Rate | 25.5% | 24% | |||||||
Wtd. Average Diluted Share Count (Millions) | 68.3 | 68.4 |
Full Year 2018 Guidance | ||||
Full Year 2018E | ||||
Estimated Cash Tax Rate(4) | ~0% | |||
Capital Expenditures ($MM) | ||||
Aircraft capital commitments, net of pre-delivery deposits:(5) | $354 | |||
Other capital expenditures(6) | $128 | |||
Pre-delivery deposits paid in current year for flight equipment | $167 | |||
Total capital expenditures | $649 | |||
Anticipated proceeds from issuance of long-term debt ($MM) | $357 | |||
Other Working Capital Requirements ($MM) | ||||
Payments for heavy maintenance events(7) | $211 | |||
Pre-paid maintenance deposits, net of reimbursements | $20 | |||
(1) | Excludes special items which may include loss on disposal of assets, special charges, and other items. | ||||
(2) | Excludes all components of fuel expense, loss on disposal of assets, special items. | ||||
(3) | Includes fuel taxes and into-plane fuel cost. | ||||
(4) | Spirit's cash tax rate differs from its effective tax rate primarily due to the benefit related to bonus depreciation on the acquisition of purchased aircraft. | ||||
(5) | Includes amounts related to 10 of the aircraft delivered, or scheduled to be delivered in 2018, net of $130 million funded as pre-delivery deposits for these aircraft. | ||||
(6) | Includes the purchase of nine spare engines. | ||||
(7) | 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. | ||||
[=T%^#5!72]P[[UZ[0Y$0%&14!"Q Q,51+%1P,1N;"PP$0-4%+L0&T$L
M% ,+NPN[6^^U6V_]/OC.XSAW]IS-V3WGG>_S?)_W_Y[=LV=C=N;7OV?HZ.CH
MF(G_$GR!X*V>_K^.CFFX=?#E@R\=O%_P/8-?$GR;X&.##PQ^0_"'@M]]X[-/
M"+YW\$.#CPD^+?@OP1\(=G1T='1<"$SBGQ3\]N O!TWTOQ8TH?]M\!N#7Q>T
M_<>"]O&=_QKLN$Z\8/ U@K^[_._AW08+E4X+?'/RVH'%0VW\-?G#P
MZ#!^GSWXC$__W[_CF6_\R^+W:L$WNL%[!HW[NP9O&WS^X(L&[QW\M"#+S"."
M76COZ.BX2# SUR;S5K10?6"PXSAX \?H+>6.0%5SJ'2?NF-; @S''S$5)H&9^7
M?5:2JX- 3-.H;<]I
MSI$[; P\M_*[7&8Y!*:6^R2*V0%Q3&70*@M=:8W)4U3Z3=E#4BIW0(:NM5^=PJ-5^_D
M[V2?E=N-;;4^:J6YT=B8$D_"0BEXN7:L)70-CLT:=6J\LEYP;XKYJ2UX%(/:
M]_8F:^$8*!I8^_X>%#1]#G9YK*Z:K@-]1%<':":]-=0KXFT5^KS5Q
MKT&F-SGHH'3P5*F914.QJSFN([^]AOE*4:XI5I5S)/!)I3TW0>]!VC+-66&K
M4^=FFT#+VK:2:EDH15W;MI2RF=:&,;.&R=C8'0J.=I^]#UQ!IV)0F&"GN/.T
M?ZX=9PD)*6JA<#W5MB=ZQER;QH4Z)B4TX]NK4N8YZ<
ML63-3NG?M>UH;FT!F62UZV:M&Q)@YY!51ER&M-Y31;D4(+RIXBD@U6<7 .0%
M$1%;WIB;D28L*8\&HC0VP59>'*E"1\X37KO<^AID'J99'@UB.VH^T+UIX1R#
MVP:'M'F!:J+M!0S6ML^AR5,@9JT=^)S:,EP74^Z_:R+P:PRV9L^=KZM\=HKJ
MN8C1.3($2=;.?6T:?\;$D'4@D>0N9< ,%7H+2'ET+&X(+;L+7.*@KRO
M"2P$M>ML29:[5EVF2["LU<[I&JG%^B$AT&-*%+R"'RESY!+)C,M-<%2AR&0]
MMT'34-3^S4J" %RCD#!C4';DL8\U.[>NV 29W6H;:]1RN\:-5>&SFDL?5_G
MQ-HV=/VG+ <6CB77(4MK;_^TZU/J_9K \E*[UI84L\2]O@?V:H"Y!Y=V!]X4
M0UI8C7N8*-
M:BZFF)JZ$E-B-!QK[1;^,E)JO]62