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Spirit Airlines Reports Third Quarter 2016 Results

Oct 25, 2016

MIRAMAR, Fla., Oct. 25, 2016 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (NASDAQ:SAVE) today reported third quarter 2016 financial results.

  • GAAP net income for the third quarter 2016 was $81.4 million ($1.17 per diluted share), or $86.3 million ($1.24 per diluted share)1 excluding special items.
     
  • GAAP operating margin for the third quarter 2016 was 21.8 percent, or 23.0 percent2 excluding special items.
     
  • Spirit ended the third quarter 2016 with unrestricted cash, cash equivalents, and short-term investments of $926.0 million.
     
  • Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended September 30, 2016 was 25.3 percent3.

"During the third quarter 2016, we saw sequential improvement in total revenue directly related to our own revenue initiatives as well as a modest improvement in the industry pricing environment, and are encouraged by the constructive trends we are seeing," said Bob Fornaro, Spirit's President and Chief Executive Officer.  "On the operations front, we made good strides toward improving our operational performance and for the months of July, August, and September, we set new company records for on-time performance.  I applaud our team for the progress made to date towards achieving consistent reliability."

Revenue Performance
For the third quarter 2016, Spirit's total operating revenue was $621.3 million, an increase of 8.1 percent compared to the third quarter 2015, driven by a 12.6 percent increase in flight volume and 0.8 point increase in load factor, partially offset by a decrease in operating yields.

Total revenue per available seat mile (TRASM) for the third quarter 2016 decreased 7.0 percent compared to the same period last year, primarily driven by a decrease in passenger yield as a result of industry competitive pricing pressures. Although yields decreased year over year, throughout the third quarter 2016, the Company saw sequential improvement in the rate of decline.

On a per passenger flight segment ("PFS") basis, total revenue per PFS for the third quarter 2016 decreased 9.0 percent, or $10.84, year over year to $109.51, primarily driven by a 12.9 percent, or $8.62, decrease in ticket revenue per PFS related to industry competitive pricing pressures. Non-ticket revenue declined 4.2 percent, or $2.22, year over year on a per PFS basis to $51.17, primarily driven by a modest decline in bag revenue per PFS.

Cost Performance
Total GAAP operating expenses, including special items of $7.8 million4 primarily related to lease termination charges, increased 16.4 percent, or $68.5 million, year over year to $486.1 million driven by an increase in flight volume.  Adjusted operating expense for the third quarter 2016 increased 14.6 percent, or $61.0 million, to $478.3 million5 on a capacity increase of 16.2 percent year over year.

Aircraft fuel expense increased in the third quarter 2016 by 5.1 percent, or $5.9 million, compared to the same period last year, due to a 15.7 percent increase in fuel gallons consumed, partially offset by an 8.8 percent decrease in the average economic fuel cost per gallon6.

Spirit reported third quarter 2016 cost per available seat mile ("ASM") excluding special items and fuel ("Adjusted CASM ex-fuel")5 of 5.48 cents, an increase of 1.7 percent compared to the same period last year, primarily driven by higher salaries, wages, and benefits, and higher maintenance expense partially offset by lower aircraft rent per ASM.

"Our team continues to do a good job holding the line on core cost inflation.  In addition, operational reliability improvements during the quarter produced more cost savings than we anticipated, provided a better product for our customers, and a better environment for our team members: a true "win-win-win" scenario," said Ted Christie, Spirit's Chief Financial Officer.

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

Fleet
During the third quarter 2016, Spirit took delivery of 2 new A321ceo aircraft, ending the quarter with 89 aircraft in its fleet.  Also, during the quarter, Spirit purchased three A319 aircraft off lease and extended the leases for two other A319 aircraft.

Share Repurchase
During the third quarter 2016, Spirit returned $38 million to shareholders by repurchasing approximately 0.9 million shares.  Year to date Spirit has returned $100 million to shareholders by repurchasing approximately 2.3 million shares.

Recent New Service Announcements
Boston - Orlando (10/7/16)
Philadelphia - Orlando (10/7/16)
Newark - Fort Lauderdale (10/30/16)
Newark - Orlando (10/30/16)
Kansas City - Orlando (11/10/16)
Akron-Canton - Fort Lauderdale (11/10/16)
Akron-Canton - Orlando (11/10/16)
Akron-Canton - Tampa (11/10/16)*
Akron-Canton - Fort Myers (11/11/16)*
Niagara Falls - Orlando (11/17/16)
Plattsburgh - Orlando (11/17/16
Baltimore - Fort Myers (11/10/16)
Baltimore - Tampa (11/10/16)
Fort Lauderdale - Havana, Cuba (12/1/16)**
Newark - Myrtle Beach (3/9/17)
Akron-Canton - Myrtle Beach (4/27/17)*
Akron-Canton - Las Vegas (4/27/17)

*seasonal
**subject to foreign government approval

Conference Call/Webcast Detail
Spirit will conduct a conference call to discuss these results today, October 25, 2016, 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 US airline, we operate more than 400 daily flights to 56 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 to GAAP Net Income" table below for more details.
(2) See "Reconciliation of Adjusted Operating Income to GAAP Operating Income" table below for more details.
(3) See "Calculation for Return on Invested Capital" table below for more details.
(4) See "Special Items" table for more details.
(5) See "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below for more details.
(6) See "Reconciliation of Economic Fuel Expense to GAAP Fuel 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. Factors that could cause or contribute to such differences include, but are not limited to, those identified below. 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. Additional 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. You should carefully consider the risks described above and the other information in this release. If any of the above risks materialize, our business could be materially harmed, and our financial condition and results of operations could be materially and adversely affected. 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 these and other 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.
Condensed Statement of Operations
(unaudited, in thousands, except per share data)
 
  Three Months Ended       Nine Months Ended    
  September 30,   Percent   September 30,   Percent
  2016   2015   Change   2016   2015   Change
Operating revenues:                      
Passenger $ 331,004     $ 319,812     3.5     $ 900,031     $ 901,851     (0.2 )
Non-ticket 290,325     255,029     13.8     843,574     719,766     17.2  
Total operating revenues 621,329     574,841     8.1     1,743,605     1,621,617     7.5  
                       
Operating expenses:                      
Aircraft fuel 121,844     115,899     5.1     321,018     356,232     (9.9 )
Salaries, wages and benefits 120,190     95,081     26.4     349,530     281,175     24.3  
Aircraft rent 49,367     53,525     (7.8 )   151,433     159,440     (5.0 )
Landing fees and other rents 39,345     34,577     13.8     114,096     98,487     15.8  
Distribution 25,565     23,074     10.8     73,190     65,920     11.0  
Maintenance, materials and repairs 30,443     21,473     41.8     72,010     61,904     16.3  
Depreciation and amortization 25,304     19,628     28.9     73,370     51,630     42.1  
Other operating 66,277     54,151     22.4     197,833     156,071     26.8  
Loss on disposal of assets 423     290     45.9     1,166     1,300     (10.3 )
Special charges (credits) 7,355     (76 )   nm   31,609     673     nm
Total operating expenses 486,113     417,622     16.4     1,385,255     1,232,832     12.4  
                       
Operating income 135,216     157,219     (14.0 )   358,350     388,785     (7.8 )
                       
Other (income) expense:                      
Interest expense 11,362     5,951     nm   29,588     13,182     nm
Capitalized interest (3,067 )   (3,030 )   1.2     (9,163 )   (8,392 )   9.2  
Interest income (1,222 )   (233 )   nm   (4,235 )   (544 )   nm
Other expense 180     166     8.4     407     282     44.3  
Total other (income) expense 7,253     2,854     nm   16,597     4,528     nm
                       
Income before income taxes 127,963     154,365     (17.1 )   341,753     384,257     (11.1 )
Provision for income taxes 46,581     57,251     (18.6 )   125,367     141,437     (11.4 )
Net income $ 81,382     $ 97,114     (16.2 )   $ 216,386     $ 242,820     (10.9 )
Basic earnings per share $ 1.17     $ 1.35     (13.3 )   $ 3.06     $ 3.35     (8.7 )
Diluted earnings per share $ 1.17     $ 1.35     (13.3 )   $ 3.05     $ 3.34     (8.7 )
                       
Weighted average shares, basic 69,727     71,738     (2.8 )   70,689     72,432     (2.4 )
Weighted average shares, diluted 69,808     71,884     (2.9 )   70,832     72,680     (2.5 )



 

 
SPIRIT AIRLINES, INC.
Condensed Statements of Comprehensive Income
(unaudited, in thousands)
 
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
  2016   2015   2016   2015
Net income $ 81,382     $ 97,114     $ 216,386     $ 242,820  
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $0, ($320), $0 and ($511)     (553 )       (909 )
Unrealized gain (loss) on investment securities, net of deferred taxes of $3, $0, $3 and $0 4         4      
Interest rate swap losses reclassified into earnings, net of taxes of $32, $15, $97 and $15 56     25     170     25  
Other comprehensive income (loss) $ 60     $ (528 )   $ 174     $ (884 )
Comprehensive income $ 81,442     $ 96,586     $ 216,560     $ 241,936  



 

 
SPIRIT AIRLINES, INC.
Condensed Balance Sheets
(unaudited, in thousands)
 
  September 30,   December 31,
  2016   2015
Assets      
Current assets:      
Cash and cash equivalents $ 825,904     $ 803,632  
Investment securities 100,083      
Accounts receivable, net 35,892     28,266  
Aircraft maintenance deposits 87,105     73,415  
Prepaid income taxes 6,060     72,278  
Prepaid expenses and other current assets 48,455     48,749  
Total current assets 1,103,499     1,026,340  
       
Property and equipment:      
Flight equipment 1,386,310     834,927  
Ground property and equipment 109,451     74,814  
Less accumulated depreciation (105,653 )   (65,524 )
  1,390,108     844,217  
Deposits on flight equipment purchase contracts 272,690     286,837  
Long-term aircraft maintenance deposits 198,426     206,485  
Deferred heavy maintenance, net 79,878     89,127  
Other long-term assets 85,024     77,539  
Total assets $ 3,129,625     $ 2,530,545  
       
Liabilities and shareholders' equity      
Current liabilities:      
Accounts payable $ 29,906     $ 17,043  
Air traffic liability 238,793     216,831  
Current maturities of long-term debt 84,443     49,637  
Other current liabilities 217,779     182,729  
Total current liabilities 570,921     466,240  
       
Long-term debt, less current maturities 894,809     596,693  
Long-term deferred income taxes 299,231     221,481  
Deferred gains and other long-term liabilities 20,108     20,821  
Shareholders' equity:      
Common stock 7     7  
Additional paid-in-capital 549,375     544,277  
Treasury stock, at cost (218,572 )   (116,182 )
Retained earnings 1,015,140     798,754  
Accumulated other comprehensive loss (1,394 )   (1,546 )
Total shareholders' equity 1,344,556     1,225,310  
Total liabilities and shareholders' equity $ 3,129,625     $ 2,530,545  



 

 
SPIRIT AIRLINES, INC.SPIRIT AIRLINES, INC.
Condensed Statement of Cash Flows
(unaudited, in thousands)
 
  Nine Months Ended September 30,
  2016   2015
Operating activities:      
Net income 216,386     242,820  
Adjustments to reconcile net income to net cash provided by operations:      
Unrealized losses on open derivative contracts, net     2,239  
Losses reclassified from other comprehensive income 267      
Equity-based compensation 5,503     6,999  
Allowance for doubtful accounts 213     7  
Amortization of deferred gains and losses 3,837     730  
Depreciation and amortization 73,370     51,630  
Deferred income tax expense 77,627     63,960  
Loss on disposal of assets 1,166     1,300  
Lease termination cost 31,609      
Changes in operating assets and liabilities:      
Accounts receivable (7,840 )   (10,374 )
Aircraft maintenance deposits (38,299 )   (17,488 )
Prepaid income taxes 66,218      
Long-term deposits and other assets (43,252 )   (44,294 )
Accounts payable (7,044 )   2,340  
Air traffic liability 21,684     56,960  
Other liabilities 38,596     12,161  
Net cash provided by operating activities 440,041     368,990  
Investing activities:      
Proceeds from sale of property and equipment 50      
Capitalized interest (7,032 )   (2,707 )
Pre-delivery deposits for flight equipment, net of refunds (109,260 )   (87,658 )
Purchase of investment securities (100,076 )    
Purchase of property and equipment (447,455 )   (451,799 )
Net cash used in investing activities (663,773 )   (542,164 )
Financing activities:      
Proceeds from issuance of long-term debt 378,569     416,000  
Proceeds from stock options exercised 92     32  
Payments on debt and capital lease obligations (29,663 )   (16,609 )
Proceeds from sale and leaseback transactions     7,300  
Excess tax benefit (deficiency) from equity-based compensation (497 )   8,818  
Repurchase of common stock (102,390 )   (112,162 )
Debt issuance costs (107 )   (14,092 )
Net cash provided by financing activities 246,004     289,287  
Net increase in cash and cash equivalents 22,272     116,113  
Cash and cash equivalents at beginning of period 803,632     632,784  
Cash and cash equivalents at end of period $ 825,904     $ 748,897  
Supplemental disclosures      
Cash payments for:      
Interest, net of capitalized interest $ 26,025     $ 3,851  
Income taxes paid, net of refunds $ (18,169 )   $ 95,135  


 

 
SPIRIT AIRLINES, INC.
Selected Operating Statistics (unaudited)
 
  Three Months Ended September 30,    
Operating Statistics 2016   2015   Change
Available seat miles (ASMs) (thousands) 6,507,204     5,597,997     16.2 %
Revenue passenger miles (RPMs) (thousands) 5,599,370     4,768,692     17.4 %
Load factor (%) 86.0     85.2     0.8 pts
Passenger flight segments (thousands) 5,674     4,776     18.8 %
Block hours 98,586     88,045     12.0 %
Departures 38,310     34,032     12.6 %
Total operating revenue per ASM (TRASM) (cents) 9.55     10.27     (7.0 )%
Average yield (cents) 11.10     12.05     (7.9 )%
Average ticket revenue per passenger flight segment ($) 58.34     66.96     (12.9 )%
Average non-ticket revenue per passenger flight segment ($) 51.17     53.39     (4.2 )%
Total revenue per passenger flight segment ($) 109.51     120.35     (9.0 )%
CASM (cents) 7.47     7.46     0.1 %
Adjusted CASM (cents) (1) 7.35     7.45     (1.3 )%
Adjusted CASM ex-fuel (cents) (2) 5.48     5.39     1.7 %
Fuel gallons consumed (thousands) 78,288     67,684     15.7 %
Average economic fuel cost per gallon ($) 1.56     1.71     (8.8 )%
Aircraft at end of period 89     76     17.1 %
Average daily aircraft utilization (hours) 12.3     12.8     (3.9 )%
Average stage length (miles) 968     983     (1.5 )%

 

  Nine Months Ended September 30,    
Operating Statistics 2016   2015   Change
Available seat miles (ASMs) (thousands) 18,909,627     15,540,759     21.7 %
Revenue passenger miles (RPMs) (thousands) 16,219,093     13,267,314     22.2 %
Load factor (%) 85.8     85.4     0.4 pts
Passenger flight segments (thousands) 16,268     13,271     22.6 %
Block hours 290,529     248,941     16.7 %
Departures 111,495     95,240     17.1 %
Total operating revenue per ASM (TRASM) (cents) 9.22     10.43     (11.6 )%
Average yield (cents) 10.75     12.22     (12.0 )%
Average ticket revenue per passenger flight segment ($) 55.32     67.96     (18.6 )%
Average non-ticket revenue per passenger flight segment ($) 51.85     54.24     (4.4 )%
Total revenue per passenger flight segment ($) 107.17     122.20     (12.3 )%
CASM (cents) 7.33     7.93     (7.6 )%
Adjusted CASM (cents) (1) 7.15     7.93     (9.8 )%
Adjusted CASM ex-fuel (cents) (2) 5.45     5.63     (3.2 )%
Fuel gallons consumed (thousands) 225,851     187,541     20.4 %
Average economic fuel cost per gallon ($) 1.42     1.91     (25.7 )%
Average daily aircraft utilization (hours) 12.6     12.8     (1.6 )%
Average stage length (miles) 978     982     (0.4 )%

(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

  Three Months Ended
  September 30,
(in thousands) 2016   2015
Operating special items include the following (1):      
Unrealized losses (gains) related to fuel derivative contracts $     $ 82  
Loss on disposal of assets 423     290  
Special charges 7,355     (76 )
Total operating special items $ 7,778     $ 296  

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

  Three Months Ended
  September 30,
(in thousands, except CASM data in cents) 2016   2015
Total operating expenses, as reported $ 486,113     $ 417,622  
Less operating special items (1) 7,778     296  
Adjusted operating expenses, non-GAAP (2) 478,335     417,326  
Less: Economic fuel expense 121,844     115,817  
Adjusted operating expenses excluding fuel, non-GAAP (3) $ 356,491     $ 301,509  
       
Available seat miles 6,507,204     5,597,997  
       
CASM (cents) 7.47     7.46  
Adjusted CASM (cents) (2) 7.35     7.45  
Adjusted CASM ex-fuel (cents) (3) 5.48     5.39  

(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 the third quarter 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.

Reconciliation of Adjusted Net Income to GAAP Net Income
(unaudited)

  Three Months Ended
  September 30,
(in thousands, except per share data)   2016       2015  
Net income, as reported $ 81,382     $ 97,114  
Add: Provision for income taxes 46,581     57,251  
Income before income taxes, as reported 127,963     154,365  
Pre-tax margin, GAAP 20.6 %   26.9 %
Add operating special items (1) 7,778     296  
Income before income taxes, non-GAAP (2) 135,741     154,661  
Adjusted pre-tax margin, non-GAAP (2) 21.8 %   26.9 %
Provision for income taxes (3) 49,412     57,361  
Adjusted net income, non-GAAP (2)(3) $ 86,329     $ 97,300  
       
Weighted average shares, diluted 69,808     71,884  
       
Adjusted net income per share, diluted (2)(3) $ 1.24     $ 1.35  

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

  Three Months Ended
  September 30,
(in thousands) 2016   2015
Operating income, as reported $ 135,216     $ 157,219  
Operating margin, GAAP 21.8 %   27.3 %
Add operating special items (1) 7,778     296  
Adjusted operating income, non-GAAP (2) $ 142,994     $ 157,515  
Adjusted operating margin, non-GAAP (2) 23.0 %   27.4 %

(1) See "Special Items" for more details.

(2) Excludes operating special items.

(3) Assumes the same marginal tax rate as is applicable to GAAP net income. 

The Company believes economic fuel expense is the best measure of the effect fuel prices are currently having on our business, because it most closely approximates the net cash outflow associated with purchasing fuel used for our operations during the period. Economic fuel expense is defined as into-plane fuel expense, realized gains or losses on derivative contracts, plus the economic premium expense related to fuel option contracts in the period the option is benefiting. The key difference between aircraft fuel expense as recorded in our statement of operations and economic fuel expense is unrealized mark-to-market changes in the value of aircraft fuel derivatives outstanding and the timing of premium gain or loss recognition on our outstanding fuel option contracts. Many industry analysts evaluate airline results using economic fuel expense, and it is used in our internal management reporting.

Reconciliation of Economic Fuel Expense to GAAP Fuel Expense
(unaudited)

  Three Months Ended
  September 30,
(in thousands, except per gallon data) 2016   2015
Fuel expense      
Aircraft fuel, as reported $ 121,844     $ 115,899  
Less:      
  Unrealized losses (gains) related to fuel derivative contracts     82  
Economic fuel expense, non-GAAP $ 121,844     $ 115,817  
       
Fuel gallons consumed 78,288     67,684  
       
Economic fuel cost per gallon, non-GAAP $ 1.56     $ 1.71  

Calculation of Return on Invested Capital
(unaudited)

  Twelve Months Ended
(in thousands) September 30, 2016
Operating Income $ 478,687  
Add operating special items (1) 31,091  
Adjustment for aircraft rent 203,524  
Adjusted operating income (2) 713,302  
Tax (36.8%) (3) 262,495  
Adjusted operating income, after-tax 450,807  
Invested Capital  
Total debt $ 979,252  
Book equity 1,344,556  
Less: Unrestricted cash, cash equivalents & short-term investments 925,987  
Add: Capitalized aircraft operating leases (7x Aircraft Rent) 1,424,668  
Total invested capital 2,822,489  
   
Return on invested capital (ROIC), pre-tax (2) 25.3 %
Return on invested capital (ROIC), after-tax (2)(3) 16.0 %

(1) Special items include unrealized gains or losses related to outstanding fuel derivative contracts, loss on disposal of assets, and special charges primarily related to lease termination costs.

(2) Excludes special items as described above.

(3) Assumes the same marginal tax rate as is applicable to GAAP net income for the twelve months ended September 30, 2016.

Investor Relations Contact: 
DeAnne Gabel
InvestorRelations@Spirit.com
(954) 447-7920 

Media Contact:
Paul Berry
Paul.Berry@Spirit.com
(954) 628-4827