Spirit Airlines Inc. (NYSE:NYSE:SAVE) Q2 2022 Earnings Conference Call August 10, 2022 08:30 AM ET Company Participants DeAnne Gabel - Senior Director of IR Ted Christie - Chief Executive. Those things will be at the forefront of how we're thinking about planning the airlines, once we reach our profitability levels again, and look we're not going to be naive about the idea that, longer term, unit revenue depression, with our growth rates, isn't a great outcome. Whenever a pilot retires or leaves, that triggers a series of upgrades and training sequences for the pilots who remain. The airline recently rejiggered its website and app, adding reminders for travelers about the chance to select other services or upgrade to a "Big Front Seat," one of its seats at the front of the plane that has six inches more legroom than the standard seats. Also joining us on the call today are other members of our senior leadership team. This past October, Spirit vaulted to the top of the Department of Transportation's on-time arrival rankings of major U.S. airlines for the first time. We do not believe in conspiracy theories. They are definitely looking out for us, but not in a good way! We undertake no duty to update any forward-looking statements. Our projection that demand will stay muted through the first half of March, and that the back half of March will be relatively strong. We are talking about 10 years of racist behavior towards jews. Our daughter came from the West Coast to meet us. But as always, we will be keenly watching the developments between now and then and adjust our plans as we see fit. With where fuel has gone and some of the cost pressures that you talked about in your prepared remarks, I can model your 2021 OpEx getting back pretty, close to 2019 levels. And I know our partners, the FA will be ready as well. Christies compensation was more than half stock-based, though an undisclosed amount of stock awards were rescinded due to CARES Act rules. But it's not just investors who might be pleased. In a webcast today, Spirit's leadership discussed the decisions behind its board's unanimous rejection of JetBlue's tender offer, and reiterated its support for the merger with Frontier.Speaking to a call full of investors and journalists, CEO of Spirit, Ted Christie, outlined the issues with JetBlue's offer. So talkin about the Holocaust is not an exagration, when you know what led, to what we know today as the Holocaust. Spirit Airlines CEO Ted Christie on Thursday laid bare the reasons his company rejected JetBlue Airways ' $3.6 billion offer to buy the ultra-low-cost carrier, and went so far as to suggest. After seeing many others, whose skin color was different than ours, with larger bags carrying them onto the plane we resolved to do our flying on other airlines. As I discussed on prior calls, we were able to push some 2020 and 2021 deliveries out of the period. Together, we have built a company with the pillars necessary for success. I know you're not guiding for this year, but I guess my question is, do you agree with this, and if not, why? So you can sort of do the proxy for capacity. But in terms of customer service, the airline improved its standing in the eyes of many consumers when it kept middle seats blocked a pandemic-era policy to allow social distancing onboard implemented when demand was at historic lows until May, months later than all other carriers. So that point has been made strongly and we're hopeful that that will carry the day. But otherwise, it would be well under the radar. . We still think there's going to be leisure demand and we're going to capture our portion of that. Scott, if I heard you correctly, you said you can get back to sub $0.06 on non-fuel unit costs when you're back at full utilization. But first, we need to be able to run a full airline. Please keep us informed of how things unfold. I ask that the parties immediately commence (negotiations) that will outline the terms for a potential early Section 6 opener., Muller requested a response by June 14 so we can get the process moving forward on an accelerated schedule.. Because even in just a modest recovery scenario, you're going to be experienced a pace of bookings build, that's likely well in excess of what your automated systems have experienced in the past, you can save some time and tell me if you think this is irrelevant. And then once we really get more away from the situation we have now and have a lot more people vaccinated, I think we're going to see just an overall confidence shift as well. Returning to a full airline is critical to getting to EBITDA breakeven and eventually to profitability. And I'm guessing its 2Q more so than 1Q. Did the NOLs that you're building right now have any impact on the math on taking 33 airplanes if you're not going to need the tax shelter from accelerated depreciation that you would normally get if you're running the business sort of focused on sort of cash management? We will also have expenses associated with additional training from new hires, as well as ongoing training for crews who have been on longer-term voluntary leaves. Airline Demand: Debunking the Pilot Shortage Myth., APA spokesman Dennis Tajer said Friday, We dont think there are not enough pilots. Sort of defeats the purpose, dont you think? And it's nice to be in a position to be able to take advantage of that for once. Most carriers reinstated pay to pre-pandemic levels in 2021. While this cannot necessarily be proven in a court of law, it does exist, through implication and through association with what people might perceive Orthodox Jewish passengers to do. You may opt-out by. Operationally it completed 99.4 percent of its flights with 88 percent of domestic flights arriving on time. Hayes base salary of $625,000 was reduced by 20 percent as part of the New York-based carriers effort to retain cash and lower costs through March 2021. THE STEWARDESS ASKED HIM TO PUT ON HIS MASKS. It is this fear that we teach our children. I think what would drive that is the same things that drive our thoughts around, the balance sheet and leverage and capacity growth and all those things. But soon those issues will be alleviated. Thanks. "Before, price was the product," said Savanthi Syth, an airline equities analyst at Raymond James. You are passing around a bag of chips to trick us. Very few others had to be told to mask, they were masked properly from theRead more . We said, I've been pretty clear that running a full airline is important to you know an airline like Spirit. So we're used to that. There are 19 older and 3 younger executives at Spirit Airlines Inc. What do you think the reasons might be? This year, the intent is to hire 13,000 pilots, [and] even more next year, [but] I dont think [availability] gets to 13,000 any time in the next five or six years.. He obviously couldnt have seen my wife and I eat the chips because we are eating healthy and didnt eat a single chip. What about a 1-year-old? But and so to your to your second point around Q2, I think the view is today, we're going to be bigger in Q2, probably some sizable amount, probably around 30% bigger in Q2. I suspect that maybe we are seeing generalization on the part of the flight attendants. It's Ted. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. As Yom HaShoah Holocaust Remembrance Day is marked, we must say, never again!, The American author and social critic Harvey Swados met with the Grand Rebbe of Lubavitch, Rebbe Menachem Mendel Schneerson on a late Brooklyn night around 1962. So this is I think a pretty easy question, on the flight attendant contract that comes due in May, are you talking to the FAs? The CEOs of the two remaining U.S. discounters, Allegiant Air and Sun Country Airlines, took home notably less for the year though both airlines are significantly smaller. Adjusted operating expenses for the fourth quarter decreased 21.5% year-over-year to $659 million. We are more efficient than they are at the majors because we push more units [with] more seats per aircraft, he said. The stock was trading midday Thursday down 3.6 percent at $55.66. Spirit's shares hit a more than three-year high in early December, and the company is now worth about $3.8 billion after the year's gains. Each of our team members and contractors are expected to reflect our culture of treating all people with dignity and respect. I wish I could elaborate. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Christie, who is 48 years old and stands 6'2," said he regularly flies in Spirit's 28-inch-pitch seats comfortably. In addition, today Spirit released a new video of Mr. Christie urging Spirit stockholders to vote FOR the merger agreement with Frontier on the WHITE proxy card. And then couple of questions on the JetBlue-American tie-up in New York. Together with our other CapEx of $60 million to $85 million, our estimated total spin for capital expenditures in 2021 is now $165 million to $190 million. The fact that you did not shame the flight attendant in response to his lowly behavior towards you is commendable and hopefully will impact Spirit airlines to take your advice. That's going to be total op expenses including fuel. Such anguish. As Ted mentioned, we took time to prepare the network and the operation for the recovery. And Ted, are you involved in those discussions with the white house? The most recent stock trade was executed by Robert D Johnson on 2 March 2020, trading 500 units of SAVE stock currently worth $14,180. We anticipate being able to run 100% of our available capacity sometime around mid 2022. The ratios at Alaska, JetBlue, Southwest, and Spirit ranged from around 69 times at the first three to 72 times at the latter. So we expect these catch-up expenses to last really through the year. There could be challenges ahead. At Spirit Airlines, Ted Christie has 35 colleagues including Mark Dunkerley (Director), Dawn Zier (Director) . I could feel myself watching loved ones stumbling slowly into the gas chambers, hot with fever from Typhus, hiding a tiny scrap of black bread, and standing amongst rows of my people to watch my fellow Jews being hung from the gallows. Its Fit Fleet is one of the youngest and most fuel-efficient in the U.S. So it will take us 12 to 15 months to do it. Thank you ladies and gentleman. These flight attendants are human and get abused by frum jews a lot and unfortunately have a negative feelings when just seeing them get on the plane. And it's a little hard to have the confidence that you need to understand that you can get tests and a lot of these leisure destinations. To me, that's another real positive sign that there is a lot of demand out there. We Jews have been brought up to fear. Gallagher retired on June 1 with John Redmond taking over as CEO of Allegiant. During the same time, approximately 9,671 pilots retired, creating a surplus of about 6,000 available pilots, ALPA said. Including the antisemitic Law in 1935. Spirit flew nearly 24 million passengers last year, a more than 13 percent increase from 2016, making it the eighth-biggest airline in the U.S., according to the Transportation Department. Of this total $700,000 was received as a salary, $1,037,535 was received as a bonus, $0 was received in stock options, $2,101,739 was awarded as stock and $32,007 came from other types of compensation. According to the FAA, you are allowed to take off a mask to eat on a plane. There are 3 executives at Spirit Airlines Inc getting paid more, with AlexBongrain having the highest compensation of $1,091,200. Also wanted to say thank you and congratulations to our Spirit team members. You might not want to fly Spirit Airlines, but you probably wish you owned its stock this year. Our EBITDA margin for the fourth quarter was negative 17.8% in line with our revised guidance given in early December. In total, Edward M. Christie, III has made about 51 transactions over 11 years of their time at Spirit Airlines, Inc. Sun Country CEO Jude Bricker received $567,092 in compensation last year, while Allegiant CEO Maurice Gallagher Jr. received nothing having waived his compensation in both 2020 and 2021 for cash preservation during the pandemic. Sure, Mike. Thanks, DeAnne, and thanks to everyone for joining us today. And salaries, wages and benefits increased modestly, primarily due to an increase in crew members versus 2019. From the beginning, our top priority was and continues to be the wellbeing of our team members and guests. The oldest executive at Spirit Airlines Inc is DominiqueDamon-Zakovitch, 72, who is the Independent Director. The current estimated net worth of Spirit Airlines, Inc's President and CEO, Edward M. Christie, III, is estimated. Spirit's stock rally isn't over, according to some analyst estimates. I think if that's your answer, it's so small. I would answer the question, sort of a couple of answers to your questions. There were no explanations.Read more . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Spirit Airlines is committed to delivering the best value in the sky. And that in and of itself we believe is going to create a higher repeat rate and a higher brand efficiency in terms of customer acquisition in the future, and all of those pieces holistically that lead to marketing expense, as that translates that into revenue on the aircraft. I'm looking at the fleet what you said about the deliveries, what you said on I think five A319 retirements you have coming up. We certainly have some work to do to bring Moshiach. In the letter, Muller writes, As you are aware, pilot attrition is at an all-time high and threatens to negatively impact airline operations, its project growth and the careers of Spirit pilots. We realized that most stakeholders aren't overly focused on many of our traditional unit metrics. We undertake no duty to update any forward-looking statements. It is with this in mind we turn our focus toward the recovery. We'll have to train crew and hire crew to get ourselves ready, which means we won't be running that full airline, even with the fleet we have delivered today. And we feel like we have the right tools now to help us refine that close in. Wore masks out of the home. The industrys outlook was summarized last month on United Airlines April 21st earnings call, when CEO Scott Kirby said that airlines need to hire 13,000 pilots this year but training produces just 5,000 to 7,000 pilots annually. Spirit Airlines CEO Ted Christie has explained how his airline was already preparing for post-COVID travel, even before the outbreak was known. Compared to 2019, the airline will fly about 86% of what it flew last year Christie's 70% comment was based off of Spirit's originally planned 2020 schedules Cirium shows. But from adversity comes strength, and that's definitely been true for Spirit. Load factor for the full fourth quarter averaged 71.5%, but some of the peak travel days hit the mid-80s in load. Lots of these stories dont happen in a vacuum. In fact, Spirit moved up one spot to fourth place in the 2020 edition of the middle seat scorecard, which is the Wall Street Journal's annual airline ranking of U.S. airlines by operational performance trailing only Delta Southwest and Alaska. Your concern was escalated to me, and I wanted to reach out as soon as possible. I want to take this opportunity to congratulate the Spirit team on being named to Fortune's 2021 list of the World's Most Admired Companies. To continue arguing with the flight attendant and assert my rights; or be quiet, stop eating the crackers I had next to me, and put on my mask. We stayed home for many months at the start of Covid-19. MY HUSBAND (WHO DOES NOT LIKE CONFRONTATIONS) PUT ON HIS MASK AND LIFTED IN SLIGHTLY DURING BITES, Given the tightening of jurisdictional restrictions, international testing mandates, and increasing fuel costs, plus our shortened booking curves have a smaller. Thank you for answering my questions. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. If he is talking about AntiSemitism, then he can talk about the Shoah!! I do believe it is time for someone to make a mask that has a zipper or velcro for eating of for straw to drink. President and CEO, Ted Christie, appeared on CNBC's "Mad Money" with Jim Cramer on Tuesday, June 28, to discuss the compelling benefits of Spirit's merger agreement with Frontier Group Holdings, Inc. ("Frontier") (NASDAQ: ULCC), parent company of Frontier Airlines, Inc. View the full video on www.votespiritfrontier.com or on CNBC.com. However, as the vaccine is more widely available, case counts abate and travel restrictions ease. So that happens as we just said, it's a lag but the aircraft have kept coming in. The last time was when my husband and I departed the plane and then my husband realized he left his expensive new coat on the plane. As of 30 July 2019 he still owns at least 166,771 units of Spirit Airlines Inc stock. My wife is a special education teacher. Additionally, just a few weeks ago, we launched our redesigned FREE SPIRIT loyalty program. ALPA cited Federal Aviation Administration statistics which show that 15,591 new pilot licenses were issued between 2019 and 2021. That's very helpful. Pilots anticipate a favorable response from Christie. We believe this requires our immediate attention, and we are confident that it can be jointly resolved for the mutual benefit of all stakeholders, he wrote. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. So they're going to be a little bit higher on the expense side from that perspective. In the last quarter it collected close to $55 in non-fare revenue from passengers and $57 per passenger in airfare. How are you thinking about that? Shmueli Milecki wrote back the following: I appreciate you getting back to me and taking this seriously. This way yoy can wear the mask while eating. You may now disconnect. But for us internally, but I will tell you that what we've done to design the program gives incentive for passengers to engage with the model. Hi, Hunter. Michaela Jarvis / Nov 16, 2020, 8:21 AM Christie has been at the company since 2012, serving in various roles, including CFO. Spirit pilots havent taken a position on the carriers merger future, but they dont like what they have seen about the carriers plan for their futures. My wife is a special education teacher. We are encouraged by the early signs of traction in the latter half of March, and therefore we anticipate our exit rate for March will be much stronger than what trends indicate for early March. Parker retired at the end of March and passed the reins to his deputy Robert Isom. As we report the results of the final quarter of the most difficult year in Spirit's history, my thoughts turn first to the resiliency and grit of the Spirit team. CARES Act compensation rules remain in place until April 1, 2023. Given this, we estimate our EBITDA margin for the first quarter will range between negative 45% to negative 55%. Thursday, We have five children under the age of eight. We didn't have the structural changes that other airlines are going through, our fleet was already simple. When we think about the composition of where your capacity is going to be deployed this quarter. About 15 years (give or take) ago, we went to CH for a wedding. March could be as much as half of the quarter's revenue and any improvements in spring bookings would improve our EBITDA production. Thanks, Scott. No, thanks DeAnne, yes, I saw that. Spirit Airlines serves destinations throughout the U.S., Latin America and the Caribbean, and is dedicated to giving back and improving those communities. In fact they UN several flights per day from NYC to Fort Lauderdale. Christie, a six-year executive of Spirit, is the company's president and was its CFO until October. My wife had her mask on the entire time until a moment before the flight attendant came over and had barely gotten a crumb in her mouth before the public shaming. After prayers, I would hear Mr. Gus Freiberg, an elderly congregant, speak about his suffering in the Nazi concentration camps. Is it just a convenience, that they're there, you're there, you can do this for them? Hi, Dan, it's Matt. I THINK THAT THE STEWARDESSES SHOULD WEAR NAME TAGS SO WE CAN IDENTIFY THE GOOD ONES AS WELL AS THE NASTY ONES. March quarter, how does that change? This is Ted and Scott can jump in behind. Very clear. And we expect it will be the vast majority of the demand over the perhaps the earlier parts of the recovery. Sometimes people make extreme connections to the Holocaust, which i disagree with, it is not fair to call people who you politically disagree with Nazis However he never did that! We got no compensation just a run around. I stood up in the middle of the flight to get food for my family and a white flight attendant barked at me to sit down, the seatbelt sign in on, in fact it was not on, and I pointed this out to him. and Edward M. Christie, III, President and CEO We are also one of only three U.S. airlines and one of only eight airlines worldwide to be included, a very validating and earned recognition. Yes Hunter, it really doesn't, I mean we're looking at the assets really from a 25-year view. We think it doesn't address the issue. Delta earlier this month told investors it was prepared for a weaker economy because its revenue streams are more diverse than they had been in the past, to include income from credit card deals. And the timing of the contract, and that sort of thing it will mature here over the next six months or so, meaning what the next step is, and how we handle the open and when it's time to start negotiating at a quick pace. Please disable your ad-blocker and refresh. So the PSP component didn't really move the cost numbers. Kirbys compensation was reduced by 28 percent as a result; Delta does not specify how much Bastians was reduced. I guess my question is really for Scott. Following is the unofficial transcript of a CNBC exclusive interview with Spirit Airlines CEO Ted Christie on CNBC's "Power Lunch" (M-F, 2PM-3PM ET) today, Monday, May 16 th. During the fourth quarter, we took delivery of two A320neo aircraft, one of which was debt financed and the other financed through a sale leaseback transaction. But we're going to start to see efficiencies in the business as we as we grow capacity. And you guys have been talking a lot about being one of the first factor to cash breakeven profitability and whatnot. So 20% of our flying is Latin America and Caribbean, approximately 5% is a touch more than that, but approximately 5% is in the U.S. territories, 15% would be International, and the rest would be domestic. Having said that, it's not necessarily about the high end of the booking curve, it has more to do with getting a base on board. So we're comfortable with the length of our schedule, and that does vary. What is the big deal, and why are you guys been so vehemently opposed to it in the filings? SAVE If your capacity is going to be back to 2019 levels by mid-2021, in the second half of 2020, you were seeing some salary and benefit inflation due to having more crew members in the second half of 2019? That's why we don't believe it addresses the issue. Spirit Airlines is part of the Airlines, Airports & Air Services industry, and located in Florida, United States. For now, our focus remains on maintaining sufficient liquidity and maximizing EBITDA margin. The vast majority of their compensation came in the form of He said the carrier can please more than just investors, attracting more passengers on board, even with its model of charging for everything from seat selection to overhead bin access to bottled water. So ATL balance is roughly $400 million, we're probably in the $250 million range. . We still have ways to go before leisure demand fully rebounds. This call is being recorded and simultaneously webcast. But we do as you referenced have an open complaint here with the DOT so I think I'd be remiss in offering any further commentary on that. It can be hidden by a pleat in the mask. I mean, are you in any way constrained by the Airbus order book? His pay, too, was almost entirely stock awards on his $1 million base salary. I cannot understand why anyone would fly Spirit. And you heard Scott mentioned that we did find a few to be able to address some needs in 2022. Most airlines will not be able to realize their capacity plans because there simply arent enough pilots, at least not for the next five years, he said. That was higher than the leaders of larger carriers Alaska Airlines and JetBlue Airways, but more on them later. Thursday, 9 Adar, 5783. Spirit's new CEO, Ted Christie, takes the helm on New Year's Day. We've been able to redesign our schedules to make sure that we're isolating the flying for the crews and for the aircraft on a lot of what could be against demand risk involved flying. The recognition from Fortune magazine, The Wall Street Journal, and a host of other websites and publications is a reflection of the great airline we are running and the great experience we are delivering to our guests. Okay, that's helpful. And what could the credit card economics look like say three years from now, could this program ultimately maybe 10% of your revenue, say in three to five years? I mean, what are the cost buckets where - or is it really a no brainer if you produce that capacity, it's almost mathematically guaranteed to be below six. And one of the things so, the base on board has been paying less to get on board. To EBITDA breakeven and eventually to profitability couple of answers to your questions so they 're going be. 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