Spirit Airlines Inc Stock Research

Market Summary

USD16.78-0.05

Market Closed

-0.30%

SAVE Alerts

Big jump in Revenue (Y/Y)
Big fall in earnings (Y/Y)
Losses in recent quarter

SAVE Stock Price

SAVE RSI Chart

SAVE Valuation

Market Cap

1.8B

Price/Earnings (Trailing)

-3.3

Price/Sales (Trailing)

0.36

EV/EBITDA

-13.14

Price/Free Cashflow

-20.53

SAVE Price/Sales (Trailing)

SAVE Profitability

EBT Margin

-13.83%

Return on Equity

-35.26%

Return on Assets

-6.03%

Free Cashflow Yield

-4.87%

SAVE Fundamentals

SAVE Revenue

Revenue (TTM)

5.1B

Revenue Y/Y

40.88%

Revenue Q/Q

3.58%

SAVE Earnings

Earnings (TTM)

-554.1M

Earnings Y/Y

-210.54%

Earnings Q/Q

-644.05%

Price Action

52 Week Range

15.6627.43

(Low)(High)

Last 7 days

-1.9%

Last 30 days

-11.9%

Last 90 days

-14.5%

Trailing 12 Months

-22.6%

SAVE Financial Health

Current Ratio

1.25

Debt/Equity

2.04

Debt/Cashflow

-0.03

SAVE Investor Care

Shares Dilution (1Y)

0.47%

Diluted EPS (TTM)

-5.1

Peers (Alternatives to Spirit Airlines)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
FDX	56.6B	94.1B	7.28%	-2.85%	16.99	0.6	5.07%	-32.20%
DAL	24.5B	50.6B	-14.64%	-15.22%	298.7	0.53	69.18%	370.71%
LUV	17.6B	23.8B	-11.82%	-32.54%	18.38	0.74	50.82%	-2.15%
UAL	13.5B	45.0B	-15.21%	-3.32%	18.35	0.3	82.49%	137.53%
AAL	8.9B	49.0B	-11.83%	-17.94%	70.29	0.18	63.88%	106.37%
MID-CAP
ALK	4.9B	9.6B	-19.76%	-31.84%	83.84	0.5	56.19%	-87.87%
AAWW	2.9B	4.5B	0.24%	22.01%	8.22	0.64	12.86%	-27.86%
JBLU	2.2B	9.2B	-18.29%	-53.60%	-6.05	0.24	51.67%	-98.90%
SMALL-CAP
SAVE	1.8B	5.1B	-11.87%	-22.57%	-3.3	0.36	56.88%	-17.26%
ALGT	1.5B	2.3B	-16.67%	-46.88%	594.32	0.64	34.77%	-98.36%
ATSG	1.5B	2.0B	-18.32%	-41.26%	7.31	0.71	17.94%	-14.19%
SKYW	951.1M	3.0B	-3.59%	-32.95%	13.04	0.32	10.74%	-34.81%
HA	398.7M	2.6B	-23.04%	-58.24%	-1.66	0.15	65.43%	-65.83%
MESA	78.2M	530.4M	-30.42%	-51.14%	-0.44	0.15	5.88%	-1403.68%
AIRT	63.4M	224.4M	-7.28%	-3.27%	-25.19	0.28	30.18%	-139.59%

Financials for Spirit Airlines

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	8.7%	5,068,447,000	4,664,693,000	4,244,145,000	3,736,811,000	3,230,775,000
Operating Expenses	12.9%	5,667,364,000	5,019,431,000	4,548,498,000	3,902,623,000	3,287,649,000
S&GA Expenses	5.1%	177,557,000	168,969,000	157,669,000	144,208,000	132,499,000
EBITDA	-657.3%	-280,206,000	-37,002,000	-8,229,000	-178,400,000	-
EBITDA Margin	-597.0%	-0.06	-0.01	0.00	-0.05	-
Earnings Before Taxes	-54.9%	-700,739,000	-452,269,000	-420,377,000	-626,175,000	-520,320,000
EBT Margin	-42.6%	-0.14	-0.10	-0.10	-0.17	-
Interest Expenses	-1.9%	107,443,000	109,487,000	110,292,000	121,075,000	135,500,000
Net Income	-49.5%	-554,150,000	-370,645,000	-319,494,000	-554,951,000	-472,569,000
Net Income Margin	-37.6%	-0.11	-0.08	-0.08	-0.15	-
Free Cahsflow	11.3%	-89,022,000	-100,409,000	-188,461,000	41,785,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	5.7%	9,185	8,685	8,715	8,612	8,540
Current Assets	28.6%	1,994	1,551	1,762	1,829	1,842
Cash Equivalents	41.2%	1,346	953	1,197	1,248	1,334
Net PPE	-3.4%	3,749	3,881	3,858	3,853	3,857
Current Liabilities	-4.3%	1,597	1,669	1,737	1,611	1,276
Long Term Debt	20.4%	3,200	2,658	2,696	2,802	2,976
Shareholder's Equity	-14.6%	1,572	1,840	1,873	1,921	2,114
Retained Earnings	-34.9%	504	775	811	864	1,058
Additional Paid-In Capital	0.3%	1,146	1,143	1,140	1,136	1,132
Accumulated Depreciation	5.2%	1,099	1,044	990	937	885
Shares Outstanding	0.5%	109	108	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.3%	-89.02	-100	-188	42.00	209
Share Based Compensation	3.4%	11.00	11.00	12.00	12.00	13.00
Cashflow From Investing	9.5%	-265	-293	-296	-312	-352
Cashflow From Financing	368.1%	391	-145	-148	-224	-288
Buy Backs	19.7%	2.00	2.00	2.00	2.00	2.00

Risks for SAVE

What is the probability of a big loss on SAVE?

95%

Probability that Spirit Airlines stock will be more than 20% underwater in next one year

76.9%

Probability that Spirit Airlines stock will be more than 30% underwater in next one year.

53.5%

Probability that Spirit Airlines stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SAVE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Spirit Airlines was unfortunately bought at previous high price.

Drawdowns

Returns for SAVE

Cumulative Returns on SAVE

-4.1%

10-Year Cumulative Returns

-13.8%

7-Year Cumulative Returns

-15.9%

5-Year Cumulative Returns

7.4%

3-Year Cumulative Returns

What are the long-term rolling returns for SAVE?

FIve years rolling returns for Spirit Airlines.

Annualized Returns

Which funds bought or sold SAVE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.06	8,240	238,240	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-9.29	-12,000	190,000	-%
2023-03-01	Lakewood Asset Management LLC	new	-	4,000	4,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	27,855	807,855	-%
2023-02-27	Parallax Volatility Advisers, L.P.	added	1,800	1,480	1,480	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-23.67	-1,763,000	6,633,000	0.07%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	272	30,278	41,278	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-17,000	-	-%
2023-02-21	MACQUARIE GROUP LTD	reduced	-0.27	-1,463,000	24,292,000	0.03%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	4,149	4,149	-%

Latest Funds Activity

Are funds buying SAVE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SAVE

No. of Funds

Spirit Airlines News

Schedule 13G FIlings of Spirit Airlines

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	9.33%	10,157,579	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G
Jan 31, 2023	blackrock inc.	7.0%	7,668,319	SC 13G/A
Feb 03, 2022	blackrock inc.	7.5%	8,168,581	SC 13G/A
Feb 16, 2021	dimensional fund advisors lp	4.4%	4,280,011	SC 13G/A
Feb 10, 2021	vanguard group inc	8.56%	8,360,066	SC 13G/A
Feb 01, 2021	blackrock inc.	7.5%	7,348,387	SC 13G/A
Nov 10, 2020	fmr llc	-	0	SC 13G/A
Jun 10, 2020	fmr llc	-	0	SC 13G/A
Feb 12, 2020	vanguard group inc	9.14%	6,262,336	SC 13G/A

SAVE Fair Value

Spirit Airlines fair value in different scenarios

The table shows the Fair Value estimates for Spirit Airlines for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	36.95 120.20%	61.09 264.06%	96.22 473.42%	136.60 714.06%	164.63 881.11%
Current Inflation	34.53 105.78%	55.82 232.66%	86.15 413.41%	120.72 619.43%	144.54 761.38%
Very High Inflation	31.45 87.43%	49.33 193.98%	74.07 341.42%	101.95 507.57%	120.96 620.86%

Historical Spirit Airlines Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Spirit Airlines

View All Filings

Date Filed	Form Type	Document
Mar 21, 2023	4	Insider Trading
Mar 14, 2023	8-K	Current Report
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	8-K	Current Report
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading

Latest Insider Trading transactions for SAVE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-17	Vanier Kevin Blake	sold (taxes)	-	-	-2,604	vp of fp & a
2023-03-06	Canfield Thomas C	acquired	14,887	16.36	910	svp, general counsel and sec
2023-03-06	Wiggins Rocky	acquired	12,957	16.36	792	svp and cio
2023-03-06	Bendoraitis John A.	acquired	15,623	16.36	955	evp and coo
2023-03-06	Klein Matthew H	acquired	18,126	16.36	1,108	evp, cco
2023-03-06	McMenamy Brian J.	acquired	5,824	16.36	356	vp & controller
2023-03-06	Christie Edward M III	acquired	38,413	16.36	2,348	president and ceo
2023-03-06	Haralson Scott	acquired	14,233	16.36	870	evp and cfo
2023-01-30	Haralson Scott	acquired	-	-	19,624	evp and cfo
2023-01-30	JOHNSON ROBERT D	acquired	-	-	6,088	-

About Spirit Airlines

Edward M. Christie

www.spirit.com

9220

Spirit Airlines, Inc. provides airline services. It serves 85 destinations in 16 countries in the United States, Latin America, and the Caribbean. As of December 31, 2021, the company had a fleet of 173 Airbus single-aisle aircraft. It sells tickets through its call centers and airport ticket counters, as well as online through spirit.com; and through various third parties, including online, traditional travel agents, and electronic global distribution systems. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc. in 1992. Spirit Airlines, Inc. was founded in 1964 and is headquartered in Miramar, Florida.

SAVE Income Statement

2022-09-30

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating revenues:
Total operating revenues	$ 1,343,179	$ 922,631	$ 3,677,137	$ 2,243,219
Operating expenses:
Salaries, wages and benefits	311,957	277,372	926,481	780,300
Aircraft fuel	508,496	259,618	1,435,714	617,373
Landing fees and other rents	95,174	77,703	270,131	231,308
Depreciation and amortization	78,184	74,260	230,844	222,275
Aircraft rent	75,332	65,873	210,008	185,296
Maintenance, materials and repairs	45,126	41,183	136,048	110,725
Distribution	47,385	36,085	131,460	94,990
Loss on disposal of assets	9,374	532	31,562	1,838
Special charges (credits)	38,359	(85,775)	71,926	(377,715)
Other operating	170,182	161,785	526,151	372,153
Total operating expenses	1,379,569	908,636	3,970,325	2,238,543
Operating income (loss)	(36,390)	13,995	(293,188)	4,676
Other (income) expense:
Interest expense	23,708	35,709	91,712	120,177
Loss on extinguishment of debt	0	0	0	331,630
Capitalized interest	(5,964)	(4,677)	(16,903)	(14,040)
Interest income	(5,642)	(306)	(8,670)	(5,050)
Other (income) expense	402	271	1,115	452
Total other (income) expense	12,504	30,997	67,254	433,169
Income (loss) before income taxes	(48,894)	(17,002)	(360,442)	(428,493)
Provision (benefit) for income taxes	(12,517)	(31,776)	(76,956)	(43,083)
Net income (loss)	$ (36,377)	$ 14,774	$ (283,486)	$ (385,410)
Basic income (loss) per share (in dollars per share)	$ (0.33)	$ 0.14	$ (2.61)	$ (3.71)
Diluted income (loss) per share (in dollars per share)	$ (0.33)	$ 0.14	$ (2.61)	$ (3.71)
Passenger
Operating revenues:
Total operating revenues	$ 1,322,079	$ 907,232	$ 3,619,694	$ 2,204,074
Other
Operating revenues:
Total operating revenues	$ 21,100	$ 15,399	$ 57,443	$ 39,145

SAVE Balance Sheet

2022-09-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 953,428	$ 1,333,507
Restricted cash	95,400	95,400
Short-term investment securities	106,255	106,313
Accounts receivable, net	172,212	128,828
Aircraft maintenance deposits, net	13,756	10,726
Income tax receivable	36,363	37,890
Prepaid expenses and other current assets	173,139	129,827
Total current assets	1,550,553	1,842,491
Property and equipment:
Flight equipment	4,447,877	4,356,523
Ground property and equipment	477,752	384,928
Less accumulated depreciation	(1,044,492)	(884,858)
Total property and equipment, net	3,881,137	3,856,593
Operating lease right-of-use assets	2,332,808	1,950,520
Pre-delivery deposits on flight equipment	496,812	484,821
Long-term aircraft maintenance deposits	25,880	38,166
Deferred heavy maintenance, net	360,034	330,062
Other long-term assets	38,271	37,372
Total assets	8,685,495	8,540,025
Current liabilities:
Accounts payable	112,007	44,952
Air traffic liability	495,815	382,317
Current maturities of long-term debt, net and finance leases	353,937	208,948
Current maturities of operating leases	175,614	158,631
Other current liabilities	531,158	480,754
Total current liabilities	1,668,531	1,275,602
Long-term debt, net and finance leases, less current maturities	2,657,830	2,975,823
Operating leases, less current maturities	2,104,484	1,751,351
Deferred income taxes	297,875	375,472
Deferred gains and other long-term liabilities	116,998	47,742
Shareholders’ equity:
Common stock	11	11
Additional paid-in-capital	1,143,076	1,131,826
Treasury stock, at cost	(77,446)	(75,639)
Retained earnings	774,883	1,058,369
Accumulated other comprehensive loss	(747)	(532)
Total shareholders’ equity	1,839,777	2,114,035
Total liabilities and shareholders’ equity	$ 8,685,495	$ 8,540,025