Company Quick10K Filing
Spirit Airlines
Price36.31 EPS5
Shares69 P/E7
MCap2,489 P/FCF7
Net Debt1,268 EBIT422
TEV3,757 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-22
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-18
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-23
S-1 2011-12-06 Public Filing
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
S-1 2010-09-17 Public Filing
8-K 2020-09-03 Regulation FD
8-K 2020-09-02 Other Events, Exhibits
8-K 2020-08-31 Regulation FD, Other Events, Exhibits
8-K 2020-07-28 Exit Costs, Regulation FD, Exhibits
8-K 2020-07-22 Earnings, Regulation FD, Exhibits
8-K 2020-07-22 Enter Agreement, Exhibits
8-K 2020-07-17 Regulation FD
8-K 2020-06-16
8-K 2020-05-12
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-03-30
8-K 2020-03-29
8-K 2020-03-21
8-K 2020-03-18
8-K 2020-03-10
8-K 2020-03-06
8-K 2020-02-05
8-K 2020-01-30
8-K 2020-01-15
8-K 2019-12-20
8-K 2019-10-23
8-K 2019-10-15
8-K 2019-10-10
8-K 2019-09-23
8-K 2019-09-06
8-K 2019-07-24
8-K 2019-07-16
8-K 2019-07-11
8-K 2019-05-14
8-K 2019-05-07
8-K 2019-04-24
8-K 2019-04-18
8-K 2019-04-10
8-K 2019-02-26
8-K 2019-02-05
8-K 2019-01-29
8-K 2019-01-16
8-K 2018-11-26
8-K 2018-10-23
8-K 2018-10-17
8-K 2018-10-15
8-K 2018-10-10
8-K 2018-08-28
8-K 2018-07-25
8-K 2018-07-17
8-K 2018-07-11
8-K 2018-05-22
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-10
8-K 2018-04-02
8-K 2018-03-06
8-K 2018-03-01
8-K 2018-03-01
8-K 2018-02-06
8-K 2018-02-05
8-K 2018-01-16
8-K 2015-09-10
8-K 2015-09-04
8-K 2015-08-11
8-K 2015-08-10
8-K 2015-07-28
8-K 2015-07-24
8-K 2015-07-24
8-K 2015-07-13
8-K 2015-07-13
8-K 2015-06-16
8-K 2015-06-08
8-K 2015-05-11
8-K 2015-04-28
8-K 2015-04-28
8-K 2015-04-15
8-K 2015-04-09
8-K 2015-03-09
8-K 2015-02-10
8-K 2015-02-09
8-K 2015-02-04
8-K 2015-01-15
8-K 2015-01-08

SAVE 10Q Quarterly Report

Part I. Financial Information
Item 1.Unaudited Condensed Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-4.4 save-ex44x2020630x10q.htm
EX-4.5 save-ex45x2020630x10q.htm
EX-10.1 save-ex101x2020630x10q.htm
EX-10.2 save-ex102x2020630x10q.htm
EX-31.1 save-ex311x2020630x10q.htm
EX-31.2 save-ex312x2020630x10q.htm
EX-32.1 save-ex321x2020630x10q.htm
EX-32.2 save-ex322x2020630x10q.htm

Spirit Airlines Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.10.90.60.40.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

save-20200630
false2020Q2000149871012/31us-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Membersave:AccountingStandardsUpdate201613CumulativeEffectPeriodOfAdoptionP5DP5DP5D.00100014987102020-01-012020-06-300001498710save:CommonStock00001ParValueMember2020-01-012020-06-300001498710save:SeriesAPreferredStockPurchaseRightsMember2020-01-012020-06-30xbrli:shares00014987102020-07-15iso4217:USD0001498710save:ProductsAndServicesPassengerMember2020-04-012020-06-300001498710save:ProductsAndServicesPassengerMember2019-04-012019-06-300001498710save:ProductsAndServicesPassengerMember2020-01-012020-06-300001498710save:ProductsAndServicesPassengerMember2019-01-012019-06-300001498710us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001498710us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001498710us-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001498710us-gaap:ProductAndServiceOtherMember2019-01-012019-06-3000014987102020-04-012020-06-3000014987102019-04-012019-06-3000014987102019-01-012019-06-3000014987102019-01-012019-09-30iso4217:USDxbrli:shares00014987102020-06-3000014987102019-12-3100014987102018-12-3100014987102019-06-300001498710us-gaap:CommonStockMember2018-12-310001498710us-gaap:AdditionalPaidInCapitalMember2018-12-310001498710us-gaap:TreasuryStockMember2018-12-310001498710us-gaap:RetainedEarningsMember2018-12-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-3100014987102018-01-012018-12-310001498710us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001498710srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001498710us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-3100014987102019-01-012019-03-310001498710us-gaap:TreasuryStockMember2019-01-012019-03-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001498710us-gaap:RetainedEarningsMember2019-01-012019-03-310001498710us-gaap:CommonStockMember2019-03-310001498710us-gaap:AdditionalPaidInCapitalMember2019-03-310001498710us-gaap:TreasuryStockMember2019-03-310001498710us-gaap:RetainedEarningsMember2019-03-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100014987102019-03-310001498710us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001498710us-gaap:TreasuryStockMember2019-04-012019-06-300001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001498710us-gaap:RetainedEarningsMember2019-04-012019-06-300001498710us-gaap:CommonStockMember2019-06-300001498710us-gaap:AdditionalPaidInCapitalMember2019-06-300001498710us-gaap:TreasuryStockMember2019-06-300001498710us-gaap:RetainedEarningsMember2019-06-300001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001498710us-gaap:CommonStockMember2019-12-310001498710us-gaap:AdditionalPaidInCapitalMember2019-12-310001498710us-gaap:TreasuryStockMember2019-12-310001498710us-gaap:RetainedEarningsMember2019-12-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100014987102019-01-012019-12-310001498710us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001498710srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001498710us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100014987102020-01-012020-03-310001498710us-gaap:TreasuryStockMember2020-01-012020-03-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001498710us-gaap:RetainedEarningsMember2020-01-012020-03-310001498710us-gaap:CommonStockMember2020-03-310001498710us-gaap:AdditionalPaidInCapitalMember2020-03-310001498710us-gaap:TreasuryStockMember2020-03-310001498710us-gaap:RetainedEarningsMember2020-03-310001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100014987102020-03-310001498710us-gaap:CommonStockMember2020-04-012020-06-300001498710us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001498710us-gaap:TreasuryStockMember2020-04-012020-06-300001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001498710us-gaap:RetainedEarningsMember2020-04-012020-06-300001498710us-gaap:CommonStockMember2020-06-300001498710us-gaap:AdditionalPaidInCapitalMember2020-06-300001498710us-gaap:TreasuryStockMember2020-06-300001498710us-gaap:RetainedEarningsMember2020-06-300001498710us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-30save:flightsxbrli:pure00014987102020-04-012020-04-3000014987102020-05-012020-05-3100014987102020-06-012020-06-300001498710srt:ScenarioForecastMember2020-07-012020-07-310001498710srt:ScenarioForecastMember2020-08-012020-08-310001498710srt:ScenarioForecastMember2020-09-012020-09-3000014987102020-04-202020-04-200001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramLowInterestLoanMember2020-04-200001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramLowInterestLoanMember2020-04-202020-04-2000014987102020-04-2000014987102020-04-202020-06-30save:installment0001498710save:PayrollSupportProgramMember2020-06-300001498710save:NotesPayableToUnitedStatesTreasuryMember2020-06-300001498710save:NotesPayableToUnitedStatesTreasuryMember2020-04-202020-06-300001498710save:CARESActMember2020-04-012020-06-300001498710save:CARESActMember2020-01-012020-06-300001498710srt:ScenarioForecastMember2020-07-312020-07-310001498710save:NotesPayableToUnitedStatesTreasuryMembersrt:ScenarioForecastMember2020-07-310001498710save:PayrollSupportProgramLowInterestLoanMembersrt:ScenarioForecastMember2020-07-312020-07-310001498710srt:ScenarioForecastMember2020-07-310001498710save:PayrollSupportProgramLowInterestLoanMember2020-04-2900014987102020-04-292020-04-290001498710srt:ScenarioForecastMember2020-07-012020-12-310001498710save:TwoThousandTwentyTwoRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-03-310001498710save:TwoThousandTwentyTwoRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-06-300001498710save:TwoThousandTwentyTwoRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-01-012020-06-300001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-05-120001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-01-012020-06-300001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-06-300001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-04-012020-06-300001498710save:PublicStockOfferingMember2020-05-122020-05-120001498710us-gaap:OverAllotmentOptionMember2020-05-122020-05-120001498710save:PublicStockOfferingMember2020-05-1200014987102020-05-122020-05-120001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersave:TwoThousandTwentyRevolvingCreditFacilityMember2018-12-310001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersave:TwoThousandTwentyAmendedRevolvingCreditFacilityDueTwoThousandTwentyOneMember2020-06-300001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersave:TwoThousandTwentyAmendedRevolvingCreditFacilityDueTwoThousandTwentyOneMember2020-01-012020-06-30save:aircraft0001498710srt:A320NeoMember2020-06-300001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersave:TwoThousandTwentyRevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-03-310001498710us-gaap:ScenarioPlanMemberus-gaap:SubsequentEventMember2020-04-012020-12-310001498710us-gaap:ScenarioPlanMembersrt:MinimumMemberus-gaap:SubsequentEventMember2020-01-012020-12-310001498710srt:MaximumMemberus-gaap:ScenarioPlanMemberus-gaap:SubsequentEventMember2020-01-012020-12-310001498710srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001498710save:ProductsAndServicesFareMember2020-04-012020-06-300001498710save:ProductsAndServicesFareMember2019-04-012019-06-300001498710save:ProductsAndServicesFareMember2020-01-012020-06-300001498710save:ProductsAndServicesFareMember2019-01-012019-06-300001498710save:ProductsAndServicesNonFareMember2020-04-012020-06-300001498710save:ProductsAndServicesNonFareMember2019-04-012019-06-300001498710save:ProductsAndServicesNonFareMember2020-01-012020-06-300001498710save:ProductsAndServicesNonFareMember2019-01-012019-06-300001498710us-gaap:DomesticDestinationMember2020-04-012020-06-300001498710us-gaap:DomesticDestinationMember2019-04-012019-06-300001498710us-gaap:DomesticDestinationMember2020-01-012020-06-300001498710us-gaap:DomesticDestinationMember2019-01-012019-06-300001498710us-gaap:LatinAmericaDestinationMember2020-04-012020-06-300001498710us-gaap:LatinAmericaDestinationMember2019-04-012019-06-300001498710us-gaap:LatinAmericaDestinationMember2020-01-012020-06-300001498710us-gaap:LatinAmericaDestinationMember2019-01-012019-06-300001498710srt:MinimumMember2020-01-012020-06-300001498710srt:MaximumMember2020-01-012020-06-300001498710save:CARESActEmployeeRetentionCreditMember2020-04-012020-06-300001498710save:CARESActEmployeeRetentionCreditMember2020-01-012020-06-300001498710us-gaap:AvailableforsaleSecuritiesMember2020-01-012020-06-300001498710us-gaap:AvailableforsaleSecuritiesMember2020-06-300001498710us-gaap:AvailableforsaleSecuritiesMember2019-12-310001498710save:AircraftMembersrt:MinimumMember2020-06-300001498710save:AircraftMembersrt:MaximumMember2020-06-300001498710save:OtherLeasedEquipmentAndPropertyMembersrt:MaximumMember2020-06-300001498710save:AircraftMembersave:A320FamilyMember2020-06-300001498710save:A320FamilyMembersave:AircraftMember2020-06-300001498710save:AircraftMember2020-06-30save:aircraft_engine0001498710save:SpareEnginesMember2020-06-300001498710save:AircraftMember2020-01-012020-06-300001498710save:ThirdPartyLessorMember2020-01-012020-06-300001498710save:SpareEnginesMember2020-01-012020-06-300001498710save:AirbusA319Member2020-01-012020-03-310001498710save:LeasedComputerAndOfficeEquipmentMembersrt:MinimumMember2020-06-300001498710srt:MaximumMembersave:LeasedComputerAndOfficeEquipmentMember2020-06-30utr:acre0001498710save:OtherLeasedEquipmentAndPropertyMember2019-12-31save:residentialUnits0001498710save:AircraftAndSpareEngineLeasesMember2020-06-300001498710save:PropertyFacilityLeasesMember2020-06-300001498710save:OtherLeasedEquipmentAndPropertyMember2020-06-300001498710srt:A320NeoMember2019-12-310001498710save:AirbusMember2020-06-300001498710srt:A320NeoMembersave:ThirdPartyLessorMember2020-06-300001498710save:A20202023Membersave:V2500SelectTWOEngineMember2020-06-300001498710save:A20202023Membersave:PurePowerPW1100GJMEngineMember2020-06-300001498710us-gaap:CapitalAdditionsMember2020-06-300001498710save:A2020Membersave:AirbusMember2020-06-300001498710save:AirbusMembersave:A20202027Member2020-06-300001498710save:A320FamilyMembersave:ThirdPartyLessorMember2020-06-300001498710save:A320andA321Member2020-06-300001498710us-gaap:SecuredDebtMember2020-06-300001498710save:UnsecuredDebtAndConvertibleDebtMember2020-06-300001498710save:NonaircraftRelatedCommitmentsMember2020-06-30save:employee_group0001498710us-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMember2020-06-300001498710us-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMember2020-01-012020-06-300001498710us-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMembersave:AirLinePilotsAssociationInternationalMember2020-01-012020-06-300001498710us-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMembersave:AssociationOfFlightAttendantsMember2020-01-012020-06-300001498710save:ProfessionalAirlineFlightControlAssociationMemberus-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMember2020-01-012020-06-300001498710save:InternationalAssociationOfMachinistsAndAerospaceWorkersMemberus-gaap:NumberOfEmployeesTotalMemberus-gaap:UnionizedEmployeesConcentrationRiskMember2020-01-012020-06-300001498710us-gaap:NumberOfEmployeesTotalMembersave:TransportWorkersUnionMemberus-gaap:UnionizedEmployeesConcentrationRiskMember2020-01-012020-06-300001498710us-gaap:HealthInsuranceProductLineMember2020-06-300001498710us-gaap:HealthInsuranceProductLineMember2019-12-310001498710us-gaap:SeniorLoansMember2020-06-300001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2020-06-300001498710us-gaap:SeniorLoansMember2019-12-310001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2019-12-310001498710save:FixedRateLoanMember2020-06-300001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membersave:FixedRateLoanMember2020-06-300001498710save:FixedRateLoanMember2019-12-310001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membersave:FixedRateLoanMember2019-12-310001498710us-gaap:UnsecuredDebtMember2020-06-300001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2020-06-300001498710us-gaap:UnsecuredDebtMember2019-12-310001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2019-12-310001498710save:EquipmentNotesSeriesA20151Member2020-06-300001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesA20151Member2020-06-300001498710save:EquipmentNotesSeriesA20151Member2019-12-310001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesA20151Member2019-12-310001498710save:EquipmentNotesSeriesB20151Member2020-06-300001498710save:EquipmentNotesSeriesB20151Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001498710save:EquipmentNotesSeriesB20151Member2019-12-310001498710save:EquipmentNotesSeriesB20151Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001498710save:EquipmentNotesSeriesC20151Member2020-06-300001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesC20151Member2020-06-300001498710save:EquipmentNotesSeriesC20151Member2019-12-310001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesC20151Member2019-12-310001498710save:EquipmentNotesSeriesAA20171Member2020-06-300001498710save:EquipmentNotesSeriesAA20171Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001498710save:EquipmentNotesSeriesAA20171Member2019-12-310001498710save:EquipmentNotesSeriesAA20171Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001498710save:EquipmentNotesSeriesA20171Member2020-06-300001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesA20171Member2020-06-300001498710save:EquipmentNotesSeriesA20171Member2019-12-310001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesA20171Member2019-12-310001498710save:EquipmentNotesSeriesB20171Member2020-06-300001498710save:EquipmentNotesSeriesB20171Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001498710save:EquipmentNotesSeriesB20171Member2019-12-310001498710save:EquipmentNotesSeriesB20171Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001498710save:EquipmentNotesSeriesC20171Member2020-06-300001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesC20171Member2020-06-300001498710save:EquipmentNotesSeriesC20171Member2019-12-310001498710us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMembersave:EquipmentNotesSeriesC20171Member2019-12-310001498710us-gaap:ConvertibleDebtMember2020-06-300001498710us-gaap:ConvertibleDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001498710us-gaap:ConvertibleDebtMember2019-12-310001498710us-gaap:ConvertibleDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001498710us-gaap:RevolvingCreditFacilityMember2020-06-300001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2020-06-300001498710save:TwoThousandTwentyRevolvingCreditFacilityMember2019-12-310001498710us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membersave:TwoThousandTwentyRevolvingCreditFacilityMember2019-12-310001498710us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001498710us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001498710us-gaap:StandbyLettersOfCreditMemberus-gaap:LineOfCreditMember2020-06-300001498710us-gaap:StandbyLettersOfCreditMemberus-gaap:LineOfCreditMember2020-01-012020-06-300001498710us-gaap:FairValueMeasurementsRecurringMember2019-12-310001498710us-gaap:FairValueMeasurementsRecurringMember2020-06-300001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001498710us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001498710save:AirbusMembersave:AirbusA320Membersave:FixedRateLoanMember2020-01-012020-06-300001498710save:FixedRateLoanMembersrt:MinimumMember2020-06-300001498710save:FixedRateLoanMembersrt:MaximumMember2020-06-300001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramLowInterestLoanMember2020-06-300001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramTermLoanMembersrt:ScenarioForecastMember2020-07-310001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramMembersrt:ScenarioForecastMember2020-07-310001498710save:NotesPayableToUnitedStatesTreasuryMembersave:PayrollSupportProgramMember2020-04-200001498710save:NotesPayableToUnitedStatesTreasuryMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersave:PayrollSupportProgramMember2020-04-202020-04-200001498710save:TwoThousandTwentyTwoRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-03-300001498710us-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-302020-03-300001498710us-gaap:LineOfCreditMembersrt:MaximumMembersave:CertainMarketInterestRatesMemberus-gaap:RevolvingCreditFacilityMember2020-03-302020-03-300001498710us-gaap:LineOfCreditMembersave:CertainMarketInterestRatesMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-03-302020-03-300001498710us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-302020-03-300001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-03-300001498710srt:A320NeoMembersrt:ScenarioForecastMember2021-12-310001498710us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersave:TwoThousandTwentyRevolvingCreditFacilityMember2019-01-012019-12-310001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-05-122020-05-120001498710us-gaap:ConvertibleDebtMembersave:FourPointSevenFivePercentConvertibleSeniorNotesMember2020-05-122020-06-300001498710save:TwoThousandTwentyAmendedRevolvingCreditFacilityDueTwoThousandTwentyOneMember2020-06-300001498710save:RevolvingCreditFacilityDueTwoThousandTwentyTwoMember2020-06-300001498710save:RevolvingCreditFacilityDueTwoThousandTwentyTwoMember2019-12-310001498710us-gaap:SeniorLoansMember2020-04-012020-06-300001498710us-gaap:SeniorLoansMember2019-04-012019-06-300001498710us-gaap:SeniorLoansMember2020-01-012020-06-300001498710us-gaap:SeniorLoansMember2019-01-012019-06-300001498710us-gaap:JuniorLoansMember2020-04-012020-06-300001498710us-gaap:JuniorLoansMember2019-04-012019-06-300001498710us-gaap:JuniorLoansMember2020-01-012020-06-300001498710us-gaap:JuniorLoansMember2019-01-012019-06-300001498710save:FixedRateLoanMember2020-04-012020-06-300001498710save:FixedRateLoanMember2019-04-012019-06-300001498710save:FixedRateLoanMember2020-01-012020-06-300001498710save:FixedRateLoanMember2019-01-012019-06-300001498710us-gaap:UnsecuredDebtMember2020-04-012020-06-300001498710us-gaap:UnsecuredDebtMember2019-04-012019-06-300001498710us-gaap:UnsecuredDebtMember2020-01-012020-06-300001498710us-gaap:UnsecuredDebtMember2019-01-012019-06-300001498710save:EquipmentNotesSeriesA20151Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesA20151Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesA20151Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesA20151Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesB20151Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesB20151Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesB20151Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesB20151Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesC20151Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesC20151Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesC20151Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesC20151Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesAA20171Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesAA20171Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesAA20171Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesAA20171Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesA20171Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesA20171Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesA20171Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesA20171Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesB20171Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesB20171Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesB20171Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesB20171Member2019-01-012019-06-300001498710save:EquipmentNotesSeriesC20171Member2020-04-012020-06-300001498710save:EquipmentNotesSeriesC20171Member2019-04-012019-06-300001498710save:EquipmentNotesSeriesC20171Member2020-01-012020-06-300001498710save:EquipmentNotesSeriesC20171Member2019-01-012019-06-300001498710us-gaap:ConvertibleDebtMember2020-04-012020-06-300001498710us-gaap:ConvertibleDebtMember2019-04-012019-06-300001498710us-gaap:ConvertibleDebtMember2020-01-012020-06-300001498710us-gaap:ConvertibleDebtMember2019-01-012019-06-300001498710us-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300001498710us-gaap:RevolvingCreditFacilityMember2019-04-012019-06-300001498710us-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300001498710us-gaap:RevolvingCreditFacilityMember2019-01-012019-06-300001498710save:FinanceLeaseObligationsMember2020-04-012020-06-300001498710save:FinanceLeaseObligationsMember2019-04-012019-06-300001498710save:FinanceLeaseObligationsMember2020-01-012020-06-300001498710save:FinanceLeaseObligationsMember2019-01-012019-06-300001498710us-gaap:CommonStockMember2020-05-122020-05-1200014987102020-03-292020-03-2900014987102020-03-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________________________________________________
Form 10-Q
_______________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-35186
_______________________________________________________________________
SPIRIT AIRLINES, INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________
Delaware38-1747023
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2800 Executive WayMiramarFlorida33025
(Address of principal executive offices)(Zip Code)

(954) 447-7920
(Registrant’s telephone number, including area code) 
____________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each className of exchange on which registeredTrading Symbol
Common Stock, $0.0001 par valueNew York Stock ExchangeSAVE
Series A Preferred Stock Purchase RightsNew York Stock ExchangeSAVE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
(Do not check if a smaller reporting company)Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act..  
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the close of business on July 15, 2020:
Class Number of Shares
Common Stock, $0.0001 par value 88,671,536




Table of Contents
INDEX
 
 Page No.




PART I. Financial Information
ITEM 1.UNAUDITED CONDENSED FINANCIAL STATEMENTS
Spirit Airlines, Inc.
Condensed Statements of Operations
(unaudited, in thousands, except per share amounts)
 
 Three Months Ended June 30, Six Months Ended June 30,
2020201920202019
Operating revenues:
Passenger$130,817  $994,430  $884,367  $1,832,495  
Other7,712  18,526  25,243  36,257  
Total operating revenues138,529  1,012,956  909,610  1,868,752  
Operating expenses:
Aircraft fuel19,910  265,006  233,118  494,642  
Salaries, wages and benefits
213,579  216,375  454,059  420,276  
Landing fees and other rents40,348  64,711  107,469  124,360  
Depreciation and amortization69,113  54,913  135,104  105,639  
Aircraft rent49,256  46,522  94,402  92,304  
Distribution11,352  40,602  45,095  76,321  
Maintenance, materials and repairs19,227  34,688  53,303  66,292  
Loss on disposal of assets  1,550    3,463  
Special credits(151,911)   (151,911)   
Other operating58,039  124,651  187,347  233,713  
Total operating expenses328,913  849,018  1,157,986  1,617,010  
Operating income (loss)(190,384) 163,938  (248,376) 251,742  
Other (income) expense:
Interest expense27,792  25,266  51,670  50,237  
Capitalized interest(3,757) (2,975) (7,421) (5,532) 
Interest income(1,949) (7,066) (5,542) (13,990) 
Other (income) expense66  144  47  377  
Total other (income) expense22,152  15,369  38,754  31,092  
Income (loss) before income taxes(212,536) 148,569  (287,130) 220,650  
Provision (benefit) for income taxes(68,108) 34,068  (114,874) 50,073  
Net income (loss)$(144,428) $114,501  $(172,256) $170,577  
Basic earnings (loss) per share$(1.81) $1.67  $(2.33) $2.49  
Diluted earnings (loss) per share$(1.81) $1.67  $(2.33) $2.49  
The accompanying Notes are an integral part of these Condensed Financial Statements.
1



Spirit Airlines, Inc.
Condensed Statements of Comprehensive Income (Loss)
(unaudited, in thousands)

Three Months Ended June 30, Six Months Ended June 30,
2020201920202019
Net income (loss)$(144,428) $114,501  $(172,256) $170,577  
Unrealized gain on short-term investment securities and cash and cash equivalents, net of deferred taxes of $5, $29, $59 and $67
18  98  203  228  
Interest rate derivative loss reclassified into earnings, net of taxes of $15, $19, $39 and $46
48  54  89  101  
Other comprehensive income $66  $152  $292  $329  
Comprehensive income (loss)$(144,362) $114,653  $(171,964) $170,906  

The accompanying Notes are an integral part of these Condensed Financial Statements.

2


Spirit Airlines, Inc.
Condensed Balance Sheets
(unaudited, in thousands)
June 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$1,127,460  $978,957  
Restricted cash30,000    
Short-term investment securities106,298  105,321  
Accounts receivable, net56,043  73,807  
Aircraft maintenance deposits, net75,147  102,906  
Income tax receivable146,961  21,013  
Prepaid expenses and other current assets126,051  103,439  
Total current assets1,667,960  1,385,443  
Property and equipment:
Flight equipment4,071,980  3,730,751  
Ground property and equipment320,526  291,998  
Less accumulated depreciation(582,098) (492,447) 
3,810,408  3,530,302  
Operating lease right-of-use assets1,430,897  1,369,555  
Pre-delivery deposits on flight equipment382,652  291,930  
Long-term aircraft maintenance deposits63,623  67,682  
Deferred heavy maintenance, net376,745  361,603  
Other long-term assets35,659  36,897  
Total assets$7,767,944  $7,043,412  
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$41,060  $43,601  
Air traffic liability452,023  315,408  
Current maturities of long-term debt and finance leases288,498  258,852  
Current maturities of operating leases128,536  120,662  
Deferred salaries, wages and benefits114,052    
Other current liabilities247,013  373,521  
Total current liabilities1,271,182  1,112,044  
Long-term debt and finance leases, less current maturities2,333,600  1,960,453  
Operating leases, less current maturities1,269,670  1,218,014  
Deferred income taxes517,537  469,292  
Deferred gains and other long-term liabilities32,793  22,277  
Shareholders’ equity:
Common stock
27  7  
Additional paid-in-capital636,317  379,380  
Treasury stock, at cost(74,009) (72,455) 
Retained earnings1,781,322  1,955,187  
Accumulated other comprehensive income (loss)(495) (787) 
Total shareholders’ equity2,343,162  2,261,332  
Total liabilities and shareholders’ equity$7,767,944  $7,043,412  
The accompanying Notes are an integral part of these Condensed Financial Statements.
3


Spirit Airlines, Inc.
Condensed Statements of Cash Flows
(unaudited, in thousands) 
 Six Months Ended June 30,
20202019
Operating activities:
Net income (loss)$(172,256) $170,577  
Adjustments to reconcile net income (loss) to net cash provided by operations:
Losses reclassified from other comprehensive income 128  148  
Share-based compensation 6,442  6,413  
Allowance for doubtful accounts (recoveries)(226)   
Amortization of deferred gains, losses and debt issuance costs4,633  4,365  
Depreciation and amortization135,104  105,639  
Accretion of convertible debt2,029    
Deferred income tax expense31,518  44,511  
Loss on disposal of assets  3,463  
Changes in operating assets and liabilities:
Accounts receivable, net17,360  (30,465) 
Aircraft maintenance deposits, net11,254  (6,214) 
Prepaid income taxes  1,962  
Long-term deposits and other assets(16,717) 10,212  
Deferred heavy maintenance(57,306) (88,350) 
Income tax receivable(125,948)   
Accounts payable(6,477) 2,024  
Air traffic liability136,615  111,009  
Deferred salaries, wages and benefits, net114,052    
Other liabilities(127,204) 6,154  
Other40  (424) 
Net cash provided (used) by operating activities(46,959) 341,024  
4


Investing activities:
Purchase of available-for-sale investment securities(54,992) (57,355) 
Proceeds from the maturity and sale of available-for-sale investment securities54,195  56,595  
Pre-delivery deposits on flight equipment, net of refunds(153,353) (75,826) 
Capitalized interest(6,289) (4,936) 
Assets under construction for others(2,282) (2,235) 
Purchase of property and equipment(294,633) (154,702) 
Net cash used in investing activities(457,354) (238,459) 
Financing activities:
Proceeds from issuance of long-term debt674,146  94,706  
Proceeds from issuance of common stock and warrants203,723    
Proceeds from stock options exercised39  1  
Payments on debt obligations(149,429) (85,785) 
Payments on finance lease obligations(25,020) (1,796) 
Reimbursement for assets under construction for others2,322  2,235  
Repurchase of common stock(1,554) (5,248) 
Long-term debt and equity issuance costs(21,411) (614) 
Net cash provided by financing activities682,816  3,499  
Net increase (decrease) in cash, cash equivalents, and restricted cash178,503  106,064  
Cash and cash equivalents at beginning of period978,957  1,004,733  
Cash, cash equivalents, and restricted cash at end of period (1) $1,157,460  $1,110,797  
Supplemental disclosures
Cash payments for:
Interest, net of capitalized interest$37,636  $41,279  
Income taxes paid (received), net$(19,631) $7,394  
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $103,127  $95,643  
Financing cash flows for finance leases $139  $339  
Non-cash transactions:
Capital expenditures funded by finance lease borrowings$565  $96,371  
Capital expenditures funded by operating lease borrowings $120,961  $159,548  
(1) The sum of cash and cash equivalents and restricted cash on our condensed balance sheets equals cash, cash equivalents, and restricted cash in our statement of cash flows.
The accompanying Notes are an integral part of these Condensed Financial Statements.
5


Spirit Airlines, Inc.
Condensed Statements of Shareholders’ Equity
(unaudited, in thousands)
Six Months Ended June 30, 2019
Common StockAdditional Paid-In-CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 2018$7  $371,225  $(67,016) $1,625,481  $(1,193) $1,928,504  
Effect of ASU No. 2016-02 implementation
—  —  —  (5,549) —  (5,549) 
Share-based compensation—  3,671  —  —  3,671  
Repurchase of common stock—  —  (5,223) —  —  (5,223) 
Proceeds from options exercised—  —  —  —  —    
Changes in comprehensive income—  —  —  —  177  177  
Net income—  —  —  56,076  —  56,076  
Balance at March 31, 2019$7  $374,896  $(72,239) $1,676,008  $(1,016) $1,977,656  
Share-based compensation—  2,742  —  —  —  2,742  
Repurchase of common stock—  —  (25) —  —  (25) 
Proceeds from options exercised—  1  —  —  —  1  
Changes in comprehensive income—  —  —  —  152  152  
Net income —  —  —  114,501  —  114,501  
Balance at June 30, 2019$7  $377,639  $(72,264) $1,790,509  $(864) $2,095,027  

Six Months Ended June 30, 2020
Common StockAdditional Paid-In-CapitalTreasury StockRetained Earnings Accumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 2019$7  $379,380  $(72,455) $1,955,187  $(787) $2,261,332  
Effect of ASU No. 2016-13 implementation (refer to Note 3)
—  —  —  (1,609) —  (1,609) 
Share-based compensation—  3,790  —  —  —  3,790  
Repurchase of common stock—  —  (1,536) —  —  (1,536) 
Proceeds from options exercised—  16  —  —  —  16  
Changes in comprehensive income—  —  —  —  226  226  
Net loss—  —  —  (27,828) —  (27,828) 
Balance at March 31, 2020