For the same reasons, the Company is unable to address the probable significance of the unavailable information. Reconciliation of Adjusted Net Income per Share to GAAP Net Income per Share (unaudited) (1), Net income (loss) per share, diluted, as reported, Adj. Reflects the difference between the Company's GAAP Provision for Income Taxes and Adjusted Provision for Income Taxes as presented in the Reconciliation of Adjusted Net income to GAAP Net Income, on a per share basis and before discrete items excluded in the Non-GAAP measure. Our Fit Fleet is one of the youngest and most fuel-efficient in the U.S. We serve destinations throughout the U.S., Latin America and the Caribbean and are dedicated to giving back and improving those communities. The incident is the latest impact from a storm that has caused more than 4,000 flight cancellations nationwide on Friday, according to FlightAware data. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). Provision (benefit) for income taxes, net, non-GAAP (1). For the same reasons, the Company is unable to address the probable significance of the unavailable information. Daily Weather Forecast (6) 2021 includes amounts primarily related to the premiums paid to early extinguish a portion of the Company's 2025 Convertible Notes and the 8.00% Senior Secured Notes. Excluding special items, adjusted net income for the third quarter 2022 was $3.6 million1, or an adjusted net income of $0.03 per diluted share1. (1) Excludes operating special items. Fort Lauderdale-bound Flight 3044 was on its takeoff roll shortly before 6 p.m. Saturday when the right engine ingested the bird, the airline said. Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2022 financial results. All Rights Reserved. Were gonna have to come back to the airfield.. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. 2021 includes amounts related to the grant component of the PSP2 and PSP3 agreements with the Treasury and to the CARES Act Employee Retention credit; partially offset by amounts recorded in connection with the rehire of Team Members previously terminated under the Company's involuntary employee separation program but which were rehired in compliance with the restrictions mandated by the Company's participation in the PSP2 and PSP3 programs. There are more than 700 Spirit flight attendants based in Las Vegas, and with a busy summer travel season just around the corner, these flight attendants are sounding the alarm before it gets even worse. Dont count on a policy protecting you. The-CNN-Wire & 2022 Cable News Network, Inc., a Warner Bros. Enter your email and get curated content straight to your inbox! Refer to the section "Non-GAAP Financial Measures" for additional information. Count on waiting a long time on the telephone, however, and some air providers such as Spirit have limited arrangements with other carriers. ", "For the third quarter 2022, our team achieved a record2 third quarter DOT on-time performance of 79.5 percent and did so despite operational impacts from Hurricane Ian. On a per passenger flight segment basis, compared to the same period in 2019, total revenue per passenger flight segment ("segment") for the third quarter 2022 increased 22.2 percent to $134.59. Total revenue per ASM ("TRASM") was 11.07 cents, up 19.3 percent compared to third quarter 2019 on 13.5 percent more capacity. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. Your email address will not be published. However, British Airways passengers are still suffering since trip cancellation decisions have not stopped. (AP Photo/Matt Rourke, File). We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure. 2022. You are already subscribed to this newsletter. Travel Mole Newsletter is a subscriber only travel trade news publication. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. KTVZ-TV FCC Public File | FCC Applications |, Breaking News Revenue Performance Total operating revenues for the second quarter 2022 were $1.4 billion, an increase of 34.9 percent compared to the second quarter 2019 primarily due to increased flight volume and higher operating yields. Of course, it is worth keeping in mind that the threat of a strike is just that, a threat. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.". MIRAMAR, Fla., Aug. 9, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported second quarter 2022 financial results. We were struck by lightning twice, said the crew. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Standard strike action and the so-called wildcat strike (usually pilots and flight attendants calling in sick) are nothing new, which is why insurance services have been adapted to cover passengers on different situations. The airline did not say how many passengers were on board. Weve been through so much together throughout the pandemic, and we are committed to making the necessary investments to build a stronger and more resilient airline for both our team members and guests. KTVZ NewsChannel 21 is committed to providing a forum for civil and constructive conversation. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," and similar expressions intended to identify forward-looking statements. 2022 includes legal, advisory, and other fees related to the former Agreement and Plan of Merger with Frontier Group Holdings, Inc. and Top Gun Acquisition Corp. (the "Frontier Merger Agreement"), the unsolicited proposal by JetBlue to acquire all of the Company's outstanding shares in an all-cash transaction, and the Agreement and Plan of Merger with JetBlue and Sundown Acquisition Corp. (the "JetBlue Merger Agreement"). Spirit pilots rejected an offer would have paid senior captains over US$200,000 a year, Spirit airlines Chief Executive Ben Baldanza said in the statement. In periods where the amount of 2025 Convertible Notes (the "Notes") outstanding remains unchanged from the third quarter 2022 and the Company is profitable, the Notes could have a dilutive impact of approximately 2.0 million on the weighted average diluted shares outstanding. Forward-looking statements include, without limitation, guidance for 2022 and statements regarding the Company's intentions and expectations regarding revenues, cash burn, capacity and passenger demand, additional financing, capital spending, operating costs and expenses, taxes, EBITDA, EBITDA margin, hiring, aircraft deliveries and stakeholders, vendors and government support. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. AirTran pilots, for one, have been approved to strike if their contract negotiations dont pan out.They still have one more mediation meeting to go through and a 30-day cooling off period. About 440 Spirit pilots walked off the job last Saturday amid an ongoing contract dispute with the airline that has lasted for more than three years. The Company believes that providing analysis of financial and operational performance compared to third quarter 2019 is a more relevant measure of performance than comparing to third quarter 2021 due to the severe impacts from the COVID-19 pandemic on the Company's financial results and operational performance for 2021. Dozens of angry passengers waited at Spirit ticket counters this week, many vowing never to use the airline again, according to the AP. "The robust demand for leisure travel during the peak summer period resulted in busy airports and high load factors, and I want to thank our Team Members for staying focused on supporting each other and delivering a high value experience for our Guests. In addition, the Company saw some softness in bookings to Florida destinations as well as to Myrtle Beach in early October immediately following the hurricane and estimates this will negatively impact fourth quarter 2022 revenue by an additional $3 million to $5 million. (2) Excludes operating special items and aircraft fuel expense. Net income (loss) per share, diluted, non-GAAP (1). (5) Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. Geo resource failed to load. Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday to urge the company to get the operation together. (3) Excludes operating and non-operating special items. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Look at the striking airlines web site to see policies and updates. Copyright 2022 by WTOP. The strike is being closely watched in the industry because pilots at much larger carriers are also locked in tough negotiations. Reconciliation of Adjusted Net Income (Loss), Adjusted Pre-Tax Income (Loss), and Adjusted Operating Income (Loss) to GAAP Net Income (Loss) (unaudited) (1), Add: Provision (benefit) for income taxes, Income (loss) before income taxes, as reported, Adj. (5) 2022 includes legal, advisory, and other fees related to the Agreement and Plan of Merger (the "Merger Agreement") with Frontier Group Holdings, Inc. and the unsolicited proposal by JetBlue to acquire all of the Company's outstanding shares in an all-cash transaction. Master of Science in Aeronautics graduate. Excludes $331.6M of loss on extinguishment of debt recorded in second quarter 2021. See Special Items table for more details. 2021 includes amounts related to the loss on three aircraft sale-leaseback transaction completed during second and third quarters 2021, the sale of auxiliary power units and the disposal of excess and obsolete inventory. Around the country Spirit runs roughly 150 flights per day. Your region selection will be saved in your cookie for future visits. 2019 includes amounts primarily related to the disposal of excess and obsolete inventory. Last October, Spirit Airlines flight NK-3044 was on its way to Fort Lauderdale (FLL), Florida, from Atlantic City, New Jersey, when a bird strike occurred on the aircraft's Spirit and JetBlue expect to conclude the regulatory process and close the transaction no later than the first half of 2024. External site may not meet accessibility requirements. All Guests and Team Members evacuated the aircraft and were bussed back to the terminal. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission. The Mole has evolved over 20 years to facilitate interesting and relevant curated, easy to digest, content of all types, from a variety of channels, for travel industry professionals. Forward-Looking Statements in this report and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. Conference Call/Webcast DetailSpirit will conduct a conference call to discuss these results tomorrow, August 10, 2022, at 8:30 a.m. Eastern US Time. Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses, (in thousands, except CASM data in cents), Less: Operating special items expense (credit), Adj. WebCurrently employed with Spirit Airlines as a Sr Specialist, Flight Ops Academics. The aircraft landed safely, and we are currently working to reaccommodate our guests, Spirit said in a statement to CNN. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. 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