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Spirit Airlines Reports Fourth Quarter and Full Year 2017 Results

MIRAMAR, Fla., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (NYSE:SAVE) today reported fourth quarter and full year 2017 financial results.

  • GAAP net income for the fourth quarter 2017 was $250.3 million ($3.63 per diluted share). GAAP net income for the fourth quarter 2017 included a one-time non-cash $199.3 million tax credit1. Excluding the one-time tax credit and special items2, net income for the fourth quarter 2017 was $50.4 million ($0.73 per diluted share)3.
  • GAAP net income for the full year 2017 was $420.6 million ($6.06 per diluted share) which included the one-time tax credit1. Excluding the one-time tax credit and special items2, net income for the full year 2017 was $230.8 million ($3.33 per diluted share)3.
  • GAAP operating margin for the fourth quarter 2017 was 13.9 percent, or 13.4 percent excluding special items2.
  • GAAP operating margin for the full year 2017 was 14.7 percent, or 15.2 percent excluding special items2.
  • Spirit ended 2017 with unrestricted cash, cash equivalents, and short-term investments of $901.8 million.

“I want to thank the Spirit family for their contributions throughout 2017. Together, we overcame several major operational challenges while still delivering a record on-time performance," said Robert Fornaro, Spirit’s Chief Executive Officer. “Looking ahead to 2018, we are focused on finalizing a deal with our pilots union, improving upon our operational reliability, continuing to enhance our guest experience, and delivering earnings growth for our shareholders.”

Revenue Performance
For the fourth quarter 2017, Spirit's total operating revenue was $667.0 million, an increase of 15.3 percent compared to the fourth quarter 2016, driven by a 10.4 percent increase in flight volume.

Total revenue per available seat mile (TRASM) for the fourth quarter 2017 decreased 1.8 percent compared to the same period last year, driven by a 2.2 percent decrease in operating yields.

On a per passenger flight segment basis, total revenue for the fourth quarter 2017 increased 1.1 percent year over year to $109.34 driven by non-ticket revenue per passenger flight segment increasing 3.8 percent to $53.91, partially offset by ticket revenue per passenger flight segment decreasing 1.4 percent to $55.43.

Cost Performance
For the fourth quarter 2017, total GAAP operating expense, including special items credit of $3.0 million2, increased 16.5 percent, or $81.4 million, year over year to $574.5 million. Adjusted operating expense for the fourth quarter 2017 increased 19.2 percent, or $93.1 million to $577.5 million4. The year-over-year increase in both GAAP and adjusted operating expense was primarily driven by an increase in flight volume; higher other operating expense, partially driven by increased ground handling rates; higher depreciation and amortization expense; and higher fuel rates.

Aircraft fuel expense increased in the fourth quarter 2017 by 38.5 percent, or $48.7 million, compared to the same period last year, due to a 20.1 percent increase in the cost of fuel per gallon and a 15.5 percent increase in fuel gallons consumed.

Spirit reported fourth quarter 2017 cost per available seat mile ("ASM"), excluding special items and fuel (“Adjusted CASM ex-fuel”), of 5.20 cents4, a decrease of 4.4 percent compared to the same period last year. The decrease year over year was primarily driven by lower aircraft rent and salaries, wages, and benefits per ASM, partially offset by higher depreciation and amortization per ASM.

“For the full year 2017, our team delivered an adjusted CASM ex-fuel of 5.51 cents, up 1.1 percent year over year. This was an admirable performance considering the hurricanes and other disruptions this year,” said Ted Christie, Spirit’s President and Chief Financial Officer. “Should the tentative agreement with our pilots be ratified, we will gain tools that will allow us to further improve our operational reliability and drive efficiencies, which gives us confidence that we will be able to maintain or grow our relative cost advantage.”

Labor
Spirit and its pilots, represented by the Air Line Pilots Association, reached a tentative agreement in January 2018 with the assistance of the National Mediation Board. The tentative agreement is subject to ratification.

Fleet
Spirit took delivery of four new A321ceo aircraft and two new A320ceo aircraft and returned one leased A321ceo aircraft during the fourth quarter 2017, ending the quarter with 112 aircraft in its fleet.

Share Repurchase
During the fourth quarter and full year 2017, Spirit returned approximately $45 million to shareholders by repurchasing 1.2 million shares under our share repurchase program.

Recent New Service Announcements
Columbus, Ohio - Orlando (02/15/2018)
Columbus, Ohio - Fort Lauderdale (02/15/2018)
Columbus, Ohio - Las Vegas (02/15/2018)
Columbus, Ohio - Fort Myers (02/15/2018)**
Columbus, Ohio - Tampa (02/16/2018 )**
Richmond - Orlando (03/15/2018)
Richmond - Fort Lauderdale (03/15/2018)
Baltimore - Montego Bay (03/22/2018)
Baltimore - Denver (03/22/2018)
Columbus, Ohio - New Orleans (03/22/2018)*
Fort Lauderdale - Guayaquil, Ecuador (03/22/2018)
Columbus, Ohio - Myrtle Beach (03/23/2018)*
Fort Lauderdale - Cap-Haïtien, Haiti (04/12/2018)
Fort Lauderdale - Seattle (04/12/2018)*
Minneapolis - Myrtle Beach (04/12/2018)*
Orlando - Las Vegas (04/12/2018)
Tampa - Los Angeles (04/12/2018)
Tampa - Las Vegas (04/12/2018)
Seattle - Chicago (04/12/2018)*
Seattle - Dallas/Ft. Worth (04/12/2018)*
Seattle - Minneapolis/St. Paul (04/12/2018)*
Atlantic City - New Orleans (04/13/2018)
Detroit - Portland, Oregon (04/23/2018)*
Detroit - San Diego (04/23/2018)*

* Seasonal Summer Service
** Seasonal Winter Service

Full Year 2017 Highlights

  • As measured by the Department of Transportation, achieved a record high on-time performance
  • Added Hartford; Pittsburgh; Columbus; Richmond; Cap-Haïtien, Haiti; and Guayaquil, Ecuador to its list of destinations
  • Added 17 new Airbus aircraft (6 A320ceos and 11 A321ceos) and 2 used A319 aircraft to its fleet, and returned 2 A321ceo aircraft, ending the year with 112 aircraft. As of year-end 2017, Spirit's Fit Fleet™ had an average age of 5.1 years, the youngest fleet of any major U.S. airline
  • Returned approximately $45 million to shareholders by repurchasing approximately 1.2 million shares under our share repurchase program
  • Assisted Guests and employees in various regions affected by major hurricanes. In addition to monetary donations, Spirit transported over 100,000 pounds of relief supplies in joint efforts with the American Red Cross, Operation Puerto Rico Care Lift, and many other organizations

Conference Call/Webcast Detail
Spirit will conduct a conference call to discuss these results today, February 6, 2018, 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 (NYSE:SAVE) is committed to offering the lowest total price to the places we fly, on average much lower than other airlines. Our customers start with an unbundled, stripped-down Bare Fare™ and get Frill Control™ which allows them to pay only for the options they choose - like bags, seat assignments and refreshments - the things other airlines bake right into their ticket prices. We help people save money and travel more often, create new jobs and stimulate business growth in the communities we serve. With our Fit Fleet™, the youngest fleet of any major U.S. airline, we operate more than 500 daily flights to 60 destinations in the U.S., Latin America and the Caribbean. Come save with us at www.spirit.com.

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

End Notes
(1) During the fourth quarter of 2017, the Company recorded a credit to income tax expense due to The Tax Cuts and Jobs Act of 2017 as a result of the difference between rates in effect when income tax expense was accrued, and the rates expected to be in effect when the income taxes will be paid.
(2) See "Special Items" table for more details.
(3) See "Reconciliation of Adjusted Net Income, Adjusted Pre-tax Income, and Adjusted Operating Income to GAAP Net Income" table below for more details.
(4) See "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below for more details.

Forward-Looking Statements
Statements in this release and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are subject to the “safe harbor” created by those sections. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” and similar expressions intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. References in this report to “Spirit,” “we,” “us,” “our,” or the “Company” shall mean Spirit Airlines, Inc., unless the context indicates otherwise. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

SPIRIT AIRLINES, INC.
Condensed Statement of Operations
(unaudited, in thousands, except per share data)
Three Months Ended Year Ended
December 31, Percent December 31, Percent
2017 2016 Change 2017 2016 Change
Operating revenues:
Passenger$338,143 $300,590 12.5 $1,366,034 $1,200,621 13.8
Non-ticket328,864 277,761 18.4 1,281,632 1,121,335 14.3
Total operating revenues667,007 578,351 15.3 2,647,666 2,321,956 14.0
Operating expenses:
Aircraft fuel175,205 126,535 38.5 615,581 447,553 37.5
Salaries, wages and benefits
136,815 122,941 11.3 527,959 472,471 11.7
Aircraft rent42,820 50,242 (14.8) 205,852 201,675 2.1
Landing fees and other rents46,117 37,583 22.7 180,655 151,679 19.1
Depreciation and amortization36,472 27,766 31.4 140,152 101,136 38.6
Maintenance, materials and repairs28,966 26,577 9.0 110,439 98,587 12.0
Distribution27,745 23,437 18.4 113,620 96,627 17.6
Special charges 5,580 nm 12,629 37,189 nm
Loss on disposal of assets1,054 3,021 nm 4,168 4,187 nm
Other operating79,267 69,358 14.3 347,820 267,191 30.2
Total operating expenses574,461 493,040 16.5 2,258,875 1,878,295 20.3
Operating income92,546 85,311 8.5 388,791 443,661 (12.4)
Other (income) expense:
Interest expense16,065 12,066 33.1 57,302 41,654 37.6
Capitalized interest(3,668) (3,542) 3.6 (13,793) (12,705) 8.6
Interest income(2,990) (1,041) 187.2 (8,736) (5,276) 65.6
Other expense145 121 19.8 366 528 (30.7)
Total other (income) expense9,552 7,604 25.6 35,139 24,201 45.2
Income before income taxes82,994 77,707 6.8 353,652 419,460 (15.7)
Provision (benefit) for income taxes(167,344) 29,214 (672.8) (66,954) 154,581 (143.3)
Net income$250,338 $48,493 416.2 $420,606 $264,879 58.8
Basic earnings per share$3.64 $0.70 420.0 $6.08 $3.77 61.3
Diluted earnings per share$3.63 $0.70 418.6 $6.06 $3.76 61.2
Weighted average shares, basic68,799 69,325 (0.8) 69,221 70,344 (1.6)
Weighted average shares, diluted68,901 69,551 (0.9) 69,377 70,508 (1.6)


SPIRIT AIRLINES, INC.
Condensed Statements of Comprehensive Income
(unaudited, in thousands)
Three Months Ended Year Ended
December 31, December 31,
2017 2016 2017 2016
Net income$250,338 $48,493 $420,606 $264,879
Unrealized gain (loss) on short-term investment securities, net of deferred taxes of ($34), ($16), ($41) and ($13)(71) (27) (82) (23)
Interest rate derivative losses reclassified into earnings, net of taxes of $279, $33, $372 and $130
(196) 55 (37) 224
Other comprehensive income (loss)$(267) $28 $(119) $201
Comprehensive income$250,071 $48,521 $420,487 $265,080




SPIRIT AIRLINES, INC.
Condensed Balance Sheets
(unaudited, in thousands)
December 31, December 31,
2017 2016
Assets
Current assets:
Cash and cash equivalents$800,849 $700,900
Short-term investment securities100,937 100,155
Accounts receivable, net49,323 41,136
Aircraft maintenance deposits, net175,616 87,035
Income tax receivable69,844
Prepaid expenses and other current assets79,687 46,619
Total current assets1,276,256 975,845
Property and equipment:
Flight equipment2,291,110 1,461,525
Ground property and equipment155,166 126,206
Less accumulated depreciation(207,808) (122,509)
2,238,468 1,465,222
Deposits on flight equipment purchase contracts253,687 325,688
Long-term aircraft maintenance deposits150,617 199,415
Deferred heavy maintenance, net99,915 75,534
Other long-term assets121,002 110,223
Total assets$4,139,945 $3,151,927
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$5,334 $15,193
Air traffic liability246,403 206,392
Current maturities of long-term debt115,430 84,354
Other current liabilities275,854 226,011
Total current liabilities643,021 531,950
Long-term debt, less current maturities1,387,498 897,359
Deferred income taxes313,140 308,143
Deferred gains and other long-term liabilities19,205 19,868
Shareholders’ equity:
Common stock7 7
Additional paid-in-capital360,153 551,004
Treasury stock, at cost(65,854) (218,692)
Retained earnings1,484,239 1,063,633
Accumulated other comprehensive loss(1,464) (1,345)
Total shareholders’ equity1,777,081 1,394,607
Total liabilities and shareholders’ equity$4,139,945 $3,151,927



SPIRIT AIRLINES, INC.
Condensed Statement of Cash Flows (unaudited, in thousands)
Year Ended December 31,
2017 2016
Operating activities:
Net income$420,606 $264,879
Adjustments to reconcile net income to net cash provided by operations:
Losses reclassified from other comprehensive income335 354
Stock-based compensation8,522 7,105
Allowance for doubtful accounts (recoveries)(53) 80
Amortization of deferred gains and losses and debt issuance costs7,944 5,732
Depreciation and amortization140,152 101,136
Deferred income tax expense (benefit)(1,610
) 86,146
Loss on disposal of assets4,168 4,187
Lease termination costs12,629 37,189
Changes in operating assets and liabilities:
Accounts receivable(8,134) (12,951)
Aircraft maintenance deposits, net(37,930) (45,869)
Long-term deposits and other assets(46,799) (45,558)
Deferred heavy maintenance(78,237) (30,222)
Income tax receivable(69,844)
Prepaid income taxes 72,278
Accounts payable(11,458) (6,823)
Air traffic liability40,011 (11,582)
Other liabilities44,558 47,391
Other380 206
Net cash provided by operating activities425,240 473,678
Investing activities:
Purchase of available-for-sale investment securities(107,246) (103,258)
Proceeds from the maturity of available-for-sale investment securities105,906 2,842
Proceeds from sale of property and equipment 50
Pre-delivery deposits for flight equipment, net of refunds(149,477) (173,947)
Capitalized interest(12,305) (10,834)
Purchase of property and equipment(628,881) (541,122)
Net cash used in investing activities(792,003) (826,269)
Financing activities:
Proceeds from issuance of long-term debt629,725 417,275
Proceeds from stock options exercised45 92
Payments on debt and capital lease obligations(102,738) (64,421)
Excess tax (deficiency) benefit from equity-based compensation (470)
Repurchase of common stock(46,580) (102,510)
Debt issuance costs(13,740) (107)
Net cash provided by financing activities466,712 249,859
Net (decrease) increase in cash and cash equivalents99,949 (102,732)
Cash and cash equivalents at beginning of period700,900 803,632
Cash and cash equivalents at end of period$800,849 $700,900
Supplemental disclosures
Cash payments for:
Interest, net of capitalized interest$37,902 $39,963
Income taxes paid, net of refunds$5,826 $(5,579)
Non-cash transactions:
Capital expenditures funded by capital lease borrowings$(1,370) $(31)

Certain prior period amounts have been reclassified to conform to the current year's presentation.



SPIRIT AIRLINES, INC.
Selected Operating Statistics (unaudited)
Three Months Ended December 31,
Operating Statistics2017 2016 Change
Available seat miles (ASMs) (thousands)7,741,030 6,585,018 17.6%
Revenue passenger miles (RPMs) (thousands)6,319,924 5,362,518 17.9%
Load factor (%)81.6 81.4 0.2pts
Passenger flight segments (thousands)6,100 5,350 14.0%
Block hours112,695 99,385 13.4%
Departures41,957 38,019 10.4%
Total operating revenue per ASM (TRASM) (cents)8.62 8.78 (1.8)%
Average yield (cents)10.55 10.79 (2.2)%
Average ticket revenue per passenger flight segment ($)55.43 56.19 (1.4)%
Average non-ticket revenue per passenger flight segment ($)53.91 51.92 3.8%
Total revenue per passenger flight segment ($)109.34 108.11 1.1%
CASM (cents)7.42 7.49 (0.9)%
Adjusted CASM (cents) (1)7.46 7.36 1.4%
Adjusted CASM ex-fuel (cents) (2)5.20 5.44 (4.4)%
Fuel gallons consumed (thousands)88,838 76,930 15.5%
Average economic fuel cost per gallon ($)1.97 1.64 20.1%
Aircraft at end of period112 95 17.9%
Average daily aircraft utilization (hours)11.3 11.7 (3.4)%
Average stage length (miles)1,023 981 4.3%


Year Ended December 31,
Operating Statistics2017 2016 Change
Available seat miles (ASMs) (thousands)29,592,819 25,494,645 16.1%
Revenue passenger miles (RPMs) (thousands)24,605,512 21,581,611 14.0%
Load factor (%)83.1 84.7 (1.6) pts
Passenger flight segments (thousands)24,183 21,618 11.9%
Block hours438,728 389,914 12.5%
Departures165,449 149,514 10.7%
Total operating revenue per ASM (TRASM) (cents)8.95 9.11 (1.8)%
Average yield (cents)10.76 10.76 %
Average ticket revenue per passenger flight segment ($)56.49 55.54 1.7%
Average non-ticket revenue per passenger flight segment ($)53.00 51.87 2.2%
Total revenue per passenger flight segment ($)109.49 107.41 1.9%
CASM (cents)7.63 7.37 3.5%
Adjusted CASM (cents) (1)7.59 7.21 5.3%
Adjusted CASM ex-fuel (cents) (2)5.51 5.45 1.1%
Fuel gallons consumed (thousands)343,709 302,781 13.5%
Average economic fuel cost per gallon ($)1.79 1.48 20.9%
Average daily aircraft utilization (hours)11.6 12.4 (6.5)%
Average stage length (miles)999 979 2.0%

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

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

Special Items
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
(in thousands)2017 2016 2017 2016
Operating special items include the following:
Supplemental rent credit (1)(4,086) (4,086)
Loss on disposal of assets1,054 3,021 4,168 4,187
Special charges 5,580 12,629 37,189
Total operating special items$(3,032) $8,601 $12,711 $41,376


Reconciliation of Adjusted Operating Expense to GAAP Operating Expense
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
(in thousands, except CASM data in cents)2017 2016 2017 2016
Total operating expenses, as reported$574,461 $493,040 $2,258,875 $1,878,295
Less operating special items (1)(3,032) 8,601 12,711 41,376
Adjusted operating expenses, non-GAAP (2)577,493 484,439 2,246,164 1,836,919
Less: Economic fuel expense175,205 126,535 615,581 447,553
Adjusted operating expenses excluding fuel, non-GAAP (3)$402,288 $357,904 $1,630,583 $1,389,366
Available seat miles7,741,030 6,585,018 29,592,819 25,494,645
CASM (cents)7.42 7.49 7.63 7.37
Adjusted CASM (cents) (2)7.46 7.36 7.59 7.21
Adjusted CASM ex-fuel (cents) (3)5.20 5.44 5.51 5.45

(1) Supplemental rent adjustment for liability accrued in prior years related to certain maintenance reserves and return conditions that are no longer probable.
(2) Excludes operating special items.
(3) Excludes operating special items and economic fuel expense.


Reconciliation of Adjusted Net Income, Adjusted Pre-Tax Income, and Adjusted Operating Income to GAAP Net Income
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
(in thousands, except per share data) 2017 2016 2017 2016
Net income, as reported$250,338 $48,493 $420,606 $264,879
Add: Provision (benefit) for income taxes (167,344) 29,214 (66,954) 154,581
Income before income taxes, as reported 82,994 77,707 353,652 419,460
Pre-tax margin 12.4% 13.4% 13.4% 18.1%
Add operating special items (1)$ (3,032) $ 8,601 $ 12,711 $ 41,376
Adjusted income before income taxes, non-GAAP (2) 79,962 86,308 366,363 460,836
Adjusted pre-tax margin, non-GAAP (2) 12.0% 14.9% 13.8% 19.8%
Add: Total other (income) expense 9,552 7,604 35,139 24,201
Adjusted operating income, non-GAAP(2) 89,514 93,912 401,502 485,037
Adjusted operating margin, non-GAAP(2) 13.4% 16.2% 15.2% 20.9%
Provision for adjusted income taxes 29,586 32,448 135,554 169,829
Adjusted net income, non-GAAP (2)$ 50,376 $ 53,860 $ 230,809 $ 291,007
Weighted average shares, diluted 68,901 69,551 69,377 70,508
Adjusted net income per share, diluted (2)$ 0.73 $ 0.77 $ 3.33 $ 4.13
Total operating revenues$667,007 $578,351 $2,647,666 $2,321,956

(1) See "Special Items" for more details.
(2) Excludes operating special items.

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

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

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

Calculation of Return on Invested Capital, non-GAAP
(unaudited)
Twelve Months Ended
(in thousands)December 31, 2017
Operating income$388,791
Add operating special items (1)12,711
Adjustment for aircraft rent205,852
Adjusted operating income, non-GAAP607,354
Tax (37%)224,721
Adjusted operating income, after-tax, non-GAAP$382,633
Invested capital:
Total debt$1,502,928
Book equity1,777,081
Less: Unrestricted cash, cash equivalents & short-term investments901,786
Add: Capitalized aircraft operating leases (7x Aircraft Rent)1,440,964
Total invested capital, non-GAAP$3,819,187
Return on invested capital (ROIC), pre-tax, non-GAAP15.9%
Return on invested capital (ROIC), after-tax, non-GAAP10.0%

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

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

Media Contact:
Stephen Schuler
Stephen.Schuler@spirit.com
(954) 364-0231

Source:Spirit Airlines, Inc.