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Spirit Airlines Reports Second Quarter 2017 Results

MIRAMAR, Fla., July 27, 2017 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (NASDAQ:SAVE) today reported second quarter 2017 financial results.

  • GAAP net income for the second quarter 2017 was $78.1 million ($1.12 per diluted share), or $79.1 million ($1.14 per diluted share)1 excluding special items.
     
  • GAAP operating margin for the second quarter 2017 was 18.9 percent, or 19.1 percent excluding special items1.
     
  • Spirit ended the second quarter 2017 with unrestricted cash, cash equivalents, and short-term investments of $969.6 million.
     
  • Spirit's return on invested capital (non-GAAP, before taxes and excluding special items) for the twelve months ended June 30, 2017 was 20.3 percent2.

/EIN News/ -- “The progress we made with our revenue initiatives, as well as the underlying revenue trends as we headed into the June quarter, were encouraging.  Unfortunately, given the level of operational disruptions and the associated financial impact, the second quarter 2017 performance overall was disappointing. We sincerely apologize to our customers who were affected by the flight disruptions during the quarter,” said Bob Fornaro, Spirit’s President and Chief Executive Officer.  “Despite our financial and operational challenges in the second quarter 2017, the changes in our pricing and revenue management strategies helped to drive year-over-year improvement in passenger and non-ticket revenue per segment -- this is the first time in over two and a half years either of these metrics increased year over year.”

Revenue Performance
For the second quarter 2017, Spirit's total operating revenue was $701.7 million, an increase of 20.1 percent compared to the second quarter 2016, driven by a 9.3 percent increase in flight volume and a 7.1 percent increase in operating yields.

Total revenue per available seat mile (TRASM) for the second quarter 2017 increased 5.7 percent compared to the same period last year. During the second quarter 2017, the Company's results benefited from the calendar shift of Easter, as well as Company driven revenue initiatives and a strong underlying demand environment.

On a per passenger flight segment basis, total revenue for the second quarter 2017 increased 8.5 percent year over year to $113.07 with ticket revenue per passenger flight segment increasing 13.4 percent to $59.93 and non-ticket per passenger flight segment increasing 3.5 percent to $53.14.

Cost Performance
For the second quarter 2017, total GAAP operating expense, including special items of $1.5 million3, increased 23.1 percent, or $106.6 million, year over year to $568.9 million.  Adjusted operating expense for the second quarter 2017 increased 25.1 percent, or $113.7 million to $567.5 million4. The increase in both GAAP and adjusted operating expense was primarily driven by an increase in flight volume, higher passenger re-accommodation expense (recorded within other operating expenses), and higher fuel rates.

Aircraft fuel expense increased in the second quarter 2017 by 25.7 percent, or $29.1 million, compared to the same period last year, due to a 12.9 percent increase in the cost of fuel per gallon and a 11.1 percent increase in fuel gallons consumed.

Spirit reported second quarter 2017 cost per available seat mile ("ASM"), excluding special items and fuel (“Adjusted CASM ex-fuel”), of 5.83 cents4, an increase of 10.0 percent compared to the same period last year, driven primarily by higher passenger re-accommodation expense per ASM and higher depreciation and amortization per ASM.

Pilot-Related Cancellations
During the second quarter 2017, the Company had over 850 pilot-related flight cancellations.  The Company estimates these pilot-related cancellations adversely impacted its second quarter 2017 results by approximately $45 million (approximately $25 million of revenue loss and $20 million of additional operating costs, primarily related to higher passenger re-accommodation expense).  The Company estimates that had these cancellations not occurred, TRASM for the second quarter would have been up approximately 6.5 percent year over year (with the Easter shift accounting for approximately 400 basis points of the year over year increase) and Adjusted CASM ex-fuel would have been up approximately 2.0 percent year over year.

“While our cost performance for the second quarter was not satisfactory, we do not believe it materially changes our long-term cost outlook and are confident that we will continue to maintain, or grow, our relative cost advantage,” said Ted Christie, Spirit’s Executive Vice President and Chief Financial Officer.

Labor
Spirit and its pilots, represented by the Air Line Pilots Association, remain in open contract negotiations under the supervision of the National Mediation Board.

Fleet
Spirit took delivery of three new A320ceo aircraft and one new A321ceo aircraft during the second quarter 2017, ending the quarter with 104 aircraft in its fleet.

Recent New Service Announcements
Hartford - Orlando (4/27/17)
Hartford - Myrtle Beach (4/27/17)*
Akron-Canton - Las Vegas (4/27/17)
Akron-Canton - Myrtle Beach (4/27/17)*
Newark - Houston (4/27/17)
Houston - Seattle (4/27/17)*
Baltimore - New Orleans (5/25/17)
Baltimore - Oakland (5/25/17)*
Baltimore - San Diego (5/25/17)
Baltimore - Seattle (5/25/17)
Cleveland - New Orleans (5/25/17)
Detroit - Oakland (5/25/17)*
Detroit - Seattle ( 5/25/17)*
Orlando - New Orleans (5/25/17)
Pittsburgh - Dallas (5/25/17)
Pittsburgh - Myrtle Beach (5/25/17)*
Hartford - Fort Lauderdale (6/15/17)
Pittsburgh - Fort Lauderdale (6/16/17)
Pittsburgh - Las Vegas (6/22/17)
Pittsburgh - Orlando (6/22/17)
Pittsburgh - Los Angeles (7/13/17)
Pittsburgh - Houston (7/13/17)
Pittsburgh -  Fort Myers (11/9/17)**
Pittsburgh - Tampa (11/9/17)**
Hartford - Fort Myers (11/9/17)**
Hartford - Tampa (11/9/17)**
Baltimore - Cancun (11/9/17)
Chicago - Cancun (11/9/17)

* Seasonal Summer Service
** Seasonal Winter Service

Conference Call/Webcast Detail
Spirit will conduct a conference call to discuss these results today, July 27, 2017, at 9:00 a.m. ET.  A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com.  An archive of the webcast will be available under Webcasts & Presentations for 60 days.

About Spirit Airlines:
Spirit Airlines (NASDAQ:SAVE) is committed to offering the lowest total price to the places we fly, on average much lower than other airlines. Our customers start with an unbundled, stripped-down Bare Fare™ and get Frill Control™ which allows them to pay only for the options they choose - like bags, seat assignments and refreshments - the things other airlines bake right into their ticket prices. We help people save money and travel more often, create new jobs and stimulate business growth in the communities we serve. With our Fit Fleet™, the youngest fleet of any major U.S. airline, we operate more than 470 daily flights to 60 destinations in the U.S., Latin America and the Caribbean. Come save with us at www.spirit.com.

Investors are encouraged to read the Company's periodic and current reports filed with or furnished to the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, for additional information regarding the Company.

End Notes
(1)  See "Reconciliation of Adjusted Net Income, Adjusted Pre-tax Income, and Adjusted Operating Income to GAAP Net Income" table below for more details.
(2)  See "Calculation for Return on Invested Capital, non-GAAP" table below for more details.
(3)  See "Special Items" table for more details.
(4)  See "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below for more details.

Forward-Looking Statements
Statements in this release 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. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions. 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. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. 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. References in this report to “Spirit,” “we,” “us,” “our,” or the “Company” shall mean Spirit Airlines, Inc., unless the context indicates otherwise.  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.


SPIRIT AIRLINES, INC.
Statement of Operations
(unaudited, in thousands, except per share data)
               
  Three Months Ended       Six Months Ended    
  June 30,   Percent   June 30,   Percent
  2017   2016   Change   2017   2016   Change
Operating revenues:                      
Passenger $ 371,922     $ 296,401     25.5     $ 671,684     $ 569,027     18.0  
Non-ticket 329,760     287,732     14.6     621,744     553,249     12.4  
Total operating revenues 701,682     584,133     20.1     1,293,428     1,122,276     15.3  
                       
Operating expenses:                      
Salaries, wages and benefits 129,892     112,930     15.0     257,030     229,340     12.1  
Aircraft fuel 142,294     113,192     25.7     282,076     199,174     41.6  
Aircraft rent 52,566     49,864     5.4     109,636     102,066     7.4  
Landing fees and other rents 45,592     39,944     14.1     86,040     74,751     15.1  
Depreciation and amortization 35,331     24,957     41.6     66,840     48,066     39.1  
Maintenance, materials and repairs   28,985     20,627     40.5     55,297     41,567     33.0  
Distribution 29,908     24,692     21.1     56,406     47,625     18.4  
Special charges     8,052     nm     4,776     24,254     nm  
Loss on disposal of assets 1,493     529     nm     2,598     743     nm  
Other operating 102,885     67,511     52.4     180,588     131,556     37.3  
Total operating expenses 568,946     462,298     23.1     1,101,287     899,142     22.5  
                       
Operating income 132,736     121,835     8.9     192,141     223,134     (13.9 )
                       
Other (income) expense:                      
Interest expense 13,746     10,166     35.2     26,219     18,226     43.9  
Capitalized interest (3,342 )   (2,771 )   20.6     (6,922 )   (6,096 )   13.5  
Interest income (1,828 )   (1,447 )   26.3     (3,141 )   (3,013 )   4.2  
Other expense 104     157     (33.8 )   107     227     (52.9 )
Total other (income) expense 8,680     6,105     42.2     16,263     9,344     74.0  
                       
Income before income taxes 124,056     115,730     7.2     175,878     213,790     (17.7 )
Provision for income taxes 45,913     42,646     7.7     65,800     78,786     (16.5 )
                       
Net income $ 78,143     $ 73,084     6.9     $ 110,078     $ 135,004     (18.5 )
Basic earnings per share $ 1.13     $ 1.03     9.7     $ 1.59     $ 1.90     (16.3 )
Diluted earnings per share $ 1.12     $ 1.03     8.7     $ 1.58     $ 1.89     (16.4 )
                       
Weighted average shares, basic 69,370     70,770     (2.0 )   69,359     71,173     (2.5 )
Weighted average shares, diluted 69,561     70,913     (1.9 )   69,576     71,347     (2.5 )


SPIRIT AIRLINES, INC.
Statements of Comprehensive Income
(unaudited, in thousands)
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
          2017   2016   2017   2016
Net income         $ 78,143     $ 73,084     $ 110,078     $ 135,004  
Unrealized gain (loss) on short-term investment securities, net of deferred taxes of ($6), $0, ($14) and $0             (11 )       (24 )    
Interest rate derivative losses reclassified into earnings, net of taxes of $31, $32, $62 and $65
                      53     56     107     113  
Other comprehensive income (loss)         $ 42     $ 56     $ 83     $ 113  
Comprehensive income         78,185     73,140     110,161     135,117  


SPIRIT AIRLINES, INC.
Balance Sheets
(unaudited, in thousands)
       
  June 30,   December 31,
  2017   2016
Assets      
Current assets:      
Cash and cash equivalents $   869,153     $ 700,900  
Short-term investment securities 100,464     100,155  
Accounts receivable, net 47,996     41,136  
Aircraft maintenance deposits 155,093     87,035  
Prepaid expenses and other current assets 57,798     46,619  
Total current assets 1,230,504     975,845  
       
Property and equipment:      
Flight equipment 1,809,747     1,461,525  
Ground property and equipment 140,954     126,206  
Less accumulated depreciation (161,191 )   (122,509 )
  1,789,510     1,465,222  
Deposits on flight equipment purchase contracts 317,867     325,688  
Long-term aircraft maintenance deposits 146,162     199,415  
Deferred heavy maintenance, net 75,858     75,534  
Other long-term assets 114,444     110,223  
Total assets $ 3,674,345     $ 3,151,927  
       
Liabilities and shareholders’ equity      
Current liabilities:      
Accounts payable $ 33,186     $ 15,193  
Air traffic liability 312,587     206,392  
Current maturities of long-term debt 95,428     84,354  
Other current liabilities 244,629     226,011  
Total current liabilities 685,830     531,950  
       
Long-term debt, less current maturities 1,089,159     897,359  
Deferred income taxes 372,998     308,143  
Deferred gains and other long-term liabilities     18,125     19,868  
Shareholders’ equity:      
Common stock 7     7  
Additional paid-in-capital 555,704     551,004  
Treasury stock, at cost (219,909 )   (218,692 )
Retained earnings 1,173,711     1,063,633  
Accumulated other comprehensive loss (1,280 )   (1,345 )
Total shareholders’ equity 1,508,233     1,394,607  
Total liabilities and shareholders’ equity $ 3,674,345     $ 3,151,927  


SPIRIT AIRLINES, INC.
Statement of Cash Flows
(unaudited, in thousands)
   
  Six Months  Ended June 30,
  2017   2016
Operating activities:      
Net income $   110,078     $ 135,004  
Adjustments to reconcile net income to net cash provided by operations:      
Losses reclassified from other comprehensive income 167     178  
Equity-based compensation 4,671     3,905  
Allowance for doubtful accounts (recoveries) (51 )   221  
Amortization of deferred gains and losses and debt issuance costs 4,761     2,810  
Depreciation and amortization 66,840     48,066  
Deferred income tax expense 64,789     45,810  
Loss on disposal of assets 2,598     743  
Lease termination costs 4,777     24,254  
Changes in operating assets and liabilities:      
       Accounts receivable (6,808 )   (12,662 )
       Aircraft maintenance deposits (17,940 )   (29,721 )
       Prepaid income taxes (1,598 )   69,444  
       Long-term deposits and other assets (44,900 )   (22,055 )
       Accounts payable 16,388     3,024  
       Air traffic liability 105,486     66,531  
       Other liabilities 14,234     25,269  
Other 238      
Net cash provided by operating activities 323,730     360,821  
Investing activities:      
Purchase of available-for-sale investment securities (68,459 )    
Proceeds from the maturity of available-for-sale investment securities     67,857      
Proceeds from sale of property and equipment     50  
Pre-delivery deposits for flight equipment, net of refunds (79,357 )   (60,772 )
Capitalized interest (6,375 )   (4,554 )
Purchase of property and equipment (269,519 )   (303,175 )
Net cash used in investing activities (355,853 )   (368,451 )
Financing activities:      
Proceeds from issuance of long-term debt 255,827     300,547  
Proceeds from stock options exercised 29     92  
Payments on debt and capital lease obligations (50,099 )   (19,665 )
Excess tax (deficiency) benefit from equity-based compensation     (511 )
Repurchase of common stock (1,217 )   (62,278 )
Debt issuance costs (4,164 )   (107 )
Net cash provided by financing activities 200,376     218,078  
Net (decrease) increase in cash and cash equivalents 168,253     210,448  
Cash and cash equivalents at beginning of period 700,900     803,632  
Cash and cash equivalents at end of period $ 869,153     $ 1,014,080  
Supplemental disclosures      
Cash payments for:      
Interest, net of capitalized interest $ 16,869     $ 21,804  
Income taxes paid, net of refunds $ 4,340     $ (36,142 )
Non-cash transactions:      
Capital expenditures funded by capital lease borrowings $ (1,370 )   $ (31 )


SPIRIT AIRLINES, INC.
Selected Operating Statistics (unaudited)
       
    Three Months Ended June 30,      
Operating Statistics 2017   2016   Change
Available seat miles (ASMs) (thousands) 7,294,578     6,419,419     13.6 %
Revenue passenger miles (RPMs) (thousands) 6,219,638     5,549,411     12.1 %
Load factor (%) 85.3     86.4     (1.1 ) pts
Passenger flight segments (thousands) 6,206     5,606     10.7 %
Block hours 109,296     98,399     11.1 %
Departures 41,563     38,025     9.3 %
Total operating revenue per ASM (TRASM) (cents) 9.62     9.10     5.7 %
Average yield (cents) 11.28     10.53     7.1 %
Average ticket revenue per passenger flight segment ($) 59.93     52.87     13.4 %
Average non-ticket revenue per passenger flight segment ($)     53.14     51.32     3.5 %
Total revenue per passenger flight segment ($) 113.07     104.19     8.5 %
CASM (cents) 7.80     7.20     8.3 %
Adjusted CASM (cents) (1) 7.78     7.07     10.0 %
Adjusted CASM ex-fuel (cents) (2) 5.83     5.30     10.0 %
Fuel gallons consumed (thousands) 85,533     77,013     11.1 %
Average economic fuel cost per gallon ($) 1.66     1.47     12.9 %
Aircraft at end of period 104     87     19.5 %
Average daily aircraft utilization (hours) 11.7     12.7     (7.9 )%
Average stage length (miles) 982     971     1.1 %


           
     Six Months  Ended June 30,      
Operating Statistics 2017   2016   Change
Available seat miles (ASMs) (thousands) 14,170,478     12,402,423     14.3 %
Revenue passenger miles (RPMs) (thousands) 11,833,060     10,619,724     11.4 %
Load factor (%) 83.5     85.6     (2.1 ) pts
Passenger flight segments (thousands) 11,775     10,594     11.1 %
Block hours 213,332     191,943     11.1 %
Departures 80,893     73,185     10.5 %
Total operating revenue per ASM (TRASM) (cents) 9.13     9.05     0.9 %
Average yield (cents) 10.93     10.57     3.4 %
Average ticket revenue per passenger flight segment ($) 57.04     53.71     6.2 %
Average non-ticket revenue per passenger flight segment ($)     52.80     52.22     1.1 %
Total revenue per passenger flight segment ($) 109.84     105.93     3.7 %
CASM (cents) 7.77     7.25     7.2 %
Adjusted CASM (cents) (1) 7.72     7.05     9.5 %
Adjusted CASM ex-fuel (cents) (2) 5.73     5.44     5.3 %
Fuel gallons consumed (thousands) 164,597     147,563     11.5 %
Average economic fuel cost per gallon ($) 1.71     1.35     26.7 %
Average daily aircraft utilization (hours) 11.8     12.8     (7.8 )%
Average stage length (miles) 983     983     %

(1) Excludes special items.
(2) Excludes economic fuel expense and special items.

The Company is providing a reconciliation of GAAP financial information to non-GAAP financial information as it believes that non-GAAP financial measures provide management and investors the ability to measure the performance of the Company on a consistent basis.  These non-GAAP financial measures have limitations as analytical tools.  Because of these limitations, determinations of the Company's operating performance excluding unrealized gains and losses or special items should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

Special Items
(unaudited)

    Three Months Ended  
  June 30,
(in thousands) 2017   2016
Operating special items include the following (1):        
Loss on disposal of assets 1,493     529  
Special charges     8,052  
Total operating special items $ 1,493     $ 8,581  

Reconciliation of Adjusted Operating Expense to GAAP Operating Expense
(unaudited)

  Three Months Ended
  June 30,
(in thousands, except CASM data in cents) 2017   2016
Total operating expenses, as reported $   568,946     $   462,298  
Less operating special items (1) 1,493     8,581  
Adjusted operating expenses, non-GAAP (2) 567,453     453,717  
Less: Economic fuel expense 142,294     113,192  
Adjusted operating expenses excluding fuel, non-GAAP (3)     $ 425,159     $ 340,525  
       
Available seat miles 7,294,578     6,419,419  
       
CASM (cents) 7.80     7.20  
Adjusted CASM (cents) (2) 7.78     7.07  
Adjusted CASM ex-fuel (cents) (3) 5.83     5.30  

(1) Special items include loss on disposal of assets and special charges.  Special charges 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.

Reconciliation of Adjusted Net Income, Adjusted Pre-Tax Income, and Adjusted Operating Income to GAAP Net Income
(unaudited)

  Three Months Ended
  June 30,
(in thousands, except per share data) 2017
   2016
Net income, as reported $ 78,143     $ 73,084  
Add: Provision for income taxes   45,913       42,646  
Income before income taxes, as reported   124,056       115,730  
Pre-tax margin, GAAP   17.7 %     19.8 %
Add operating special items (1) $ 1,493     $ 8,581  
Adjusted income before income taxes, non-GAAP (2)   125,549       124,311  
Adjusted pre-tax margin, non-GAAP (2)   17.9 %     21.3 %
Add:  Total other (income) expense   8,680       6,105  
Adjusted operating income, non-GAAP(2)   134,229       130,416  
Adjusted operating margin, non-GAAP(2)   19.1 %     22.3 %
       
Provision for adjusted income taxes (3)   46,466       45,808  
Adjusted net income, non-GAAP (2)(3) $ 79,083     $ 78,503  
       
Weighted average shares, diluted   69,561       70,913  
       
Adjusted net income per share, diluted (2)(3)   $1.14
      $1.11
 
       
Total operating revenues $ 701,682     $ 584,133  

(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. 

The Company tracks a non-GAAP calculation of Return on Invested Capital, or ROIC, as a way of measuring our efficiency in delivering returns and in allocating capital.  We calculate ROIC as Adjusted Operating Income (non-GAAP), divided by Total Invested Capital (non-GAAP), on a pre-tax and after-tax basis, expressed as a percentage.

Because a substantial portion of our aircraft fleet is held under operating leases, which do not appear on the balance sheet, a GAAP-based calculation of our total capital deployed may be considered understated (which would have the effect of overstating ROIC, if calculated solely using GAAP line items).  Accordingly, we adjust our total capital, the denominator of the ROIC measurement, by capitalizing operating leases at a level equal to seven times our aircraft rent expense, a measure used commonly in the airline industry and by analysts.

To calculate Adjusted Operating Income (non-GAAP), we add back aircraft rent to GAAP operating income, in keeping with the adjustment to total capital discussed above.  In order to remove the effects of non-recurring gains and losses that may affect GAAP operating income we also exclude special items from Adjusted Operating Income (non-GAAP). We present Adjusted Operating Income (non-GAAP) on a pre-tax basis and present Adjusted Operating Income (non-GAAP) on an after-tax basis, using our effective tax rate for the period.

Calculation of Return on Invested Capital, non-GAAP
 (unaudited)

     Twelve Months Ended  
(in thousands) June 30, 2017
Operating income $ 412,668  
Add operating special items (1) 23,753  
Adjustment for aircraft rent 209,245  
Adjusted operating income, non-GAAP 645,666  
Tax (37.1%) (2) 239,542  
Adjusted operating income, after-tax, non-GAAP $ 406,124  
Invested capital:  
Total debt $ 1,184,587  
Book equity 1,508,233  
Less: Unrestricted cash, cash equivalents & short-term investments     969,617  
Add: Capitalized aircraft operating leases (7x Aircraft Rent) 1,464,715  
Total invested capital, non-GAAP $ 3,187,918  
   
Return on invested capital (ROIC), pre-tax, non-GAAP 20.3 %
Return on invested capital (ROIC), after-tax, non-GAAP (2) 12.7 %

(1) See "Special Items" for more details.
(2) Assumes same marginal tax rate as is applicable to GAAP net income for the twelve months ended June 30, 2017. 

 

Investor Relations Contact:
DeAnne Gabel
InvestorRelations@spirit.com
954-447-7920

Media Contact:
Paul Berry
Paul.Berry@spirit.com
954-628-4827

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