Spirit Airlines Files Q3 2024 10-Q

TL;DR

Spirit Airlines dropped its Q3 2024 10-Q. Check financials.

AI Summary

Spirit Airlines, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Specific financial figures and operational metrics for the quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Spirit Airlines, crucial for understanding the company's performance and outlook in the current economic climate.

Risk Assessment

Risk Level: medium — Spirit Airlines operates in a highly competitive and cyclical industry, subject to fuel price volatility and economic downturns.

Key Players & Entities

• Spirit Airlines, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241125 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — egistered Trading Symbol Common Stock, $0.0001 par value New York Stock Exchange SAVE
• $0 — ) to delist the common stock, par value $0.0001, of the Company (the "common stock

Filing Documents

• save-20240930.htm (10-Q) — 1543KB
• save-ex102x2024930x10q.htm (EX-10.2) — 1138KB
• save-ex103x2024930x10q.htm (EX-10.3) — 77KB
• save-ex104x2024930x10q.htm (EX-10.4) — 87KB
• save-ex105x2024930x10q.htm (EX-10.5) — 18KB
• save-ex106x2024930x10q.htm (EX-10.6) — 18KB
• save-ex311x2024930x10q.htm (EX-31.1) — 8KB
• save-ex312x2024930x10q.htm (EX-31.2) — 8KB
• save-ex321x2024930x10q.htm (EX-32.1) — 4KB
• save-ex322x2024930x10q.htm (EX-32.2) — 4KB
• 0001498710-24-000220.txt ( ) — 9831KB
• save-20240930.xsd (EX-101.SCH) — 76KB
• save-20240930_cal.xml (EX-101.CAL) — 114KB
• save-20240930_def.xml (EX-101.DEF) — 359KB
• save-20240930_lab.xml (EX-101.LAB) — 705KB
• save-20240930_pre.xml (EX-101.PRE) — 499KB
• save-20240930_htm.xml (XML) — 1184KB

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Financial Statements (unaudited) 1 Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Balance Sheets – September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Glossary of Airline Terms 44 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 47

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 54 Item 6. Exhibits 55 Signature 56 3

Financial Information

PART I. Financial Information

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Spirit Airlines, Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating revenues: Passenger $ 1,171,405 $ 1,233,912 $ 3,664,518 $ 3,971,446 Other 25,699 24,631 79,012 69,343 Total operating revenues 1,197,104 1,258,543 3,743,530 4,040,789 Operating expenses: Aircraft fuel 373,399 455,241 1,187,046 1,333,984 Salaries, wages and benefits 427,125 404,177 1,276,986 1,201,067 Landing fees and other rents 130,044 107,525 352,826 311,357 Aircraft rent 148,511 97,393 389,056 274,761 Depreciation and amortization 84,028 82,802 249,860 241,335 Maintenance, materials and repairs 57,368 56,465 164,736 167,704 Distribution 55,687 46,323 146,786 145,041 Special charges (credits) 151 12,378 36,028 46,333 Loss (gain) on disposal of assets 3,191 ( 2,250 ) ( 13,885 ) 5,652 Other operating 214,039 187,249 610,379 594,499 Total operating expenses 1,493,543 1,447,303 4,399,818 4,321,733 Operating income (loss) ( 296,439 ) ( 188,760 ) ( 656,288 ) ( 280,944 ) Other (income) expense: Interest expense 54,135 41,260 163,251 121,933 Loss (gain) on extinguishment of debt — — ( 14,996 ) — Capitalized interest ( 1,173 ) ( 8,582 ) ( 16,865 ) ( 24,675 ) Interest income ( 11,341 ) ( 18,442 ) ( 37,100 ) ( 49,838 ) Other (income) expense ( 23 ) 649 ( 65,848 ) 1,957 Total other (income) expense 41,598 14,885 28,442 49,377 Income (loss) before income taxes ( 338,037 ) ( 203,645 ) ( 684,730 ) ( 330,321 ) Provision (benefit) for income taxes ( 29,794 ) ( 46,093 ) ( 40,925 ) ( 66,509 ) Net income (loss) $ ( 308,243 ) $ ( 157,552 ) $ ( 643,805 ) $ ( 263,812 ) Basic earnings (loss) per share $ ( 2.81 ) $ ( 1.44 ) $ ( 5.88 ) $ ( 2.42 ) Diluted earnings (loss) per share $ ( 2.81 ) $ ( 1.44 ) $ ( 5.88 ) $ ( 2.42 ) The accompanying Notes are an integral part of the

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