Spirit Airlines, Inc. - FORM 8-K - EX-99.1 - EARNINGSRELEASE2Q14 - July 29, 2014

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EXHIBIT 99.1

Spirit Airlines Announces Record Second Quarter 2014 Results:
Second Quarter 2014 Adjusted Net Income Increases 45.2 percent to $66.5 Million
 
MIRAMAR, FL. (July 29, 2014) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported second quarter 2014 financial results.
•
Adjusted net income for the second quarter 2014 increased 45.2 percent to $66.5 million ($0.91 per diluted share) compared to $45.8 million ($0.63 per diluted share) for the second quarter 20131. GAAP net income for the second quarter 2014 was $64.8 million ($0.88 per diluted share) compared to $42.1 million ($0.58 per diluted share) in the second quarter 2013.

•
For the second quarter 2014, Spirit achieved an adjusted pre-tax margin of 21.3 percent compared to 17.8 percent over the same period in 20131. On a GAAP basis, pre-tax margin for the second quarter 2014 was 20.8 percent compared to 16.4 percent in the second quarter 2013.

•
Spirit ended the second quarter 2014 with $567.2 million in unrestricted cash.

•
Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended June 30, 2014 was 32.0 percent. See "Calculation for Return on Invested Capital" table below for more details.

"The Spirit team delivered another strong quarter. While growing our capacity 17.2 percent year over year, we grew our top line 22.6 percent year over year," said Ben Baldanza, Spirit's Chief Executive Officer. "Our efforts to drive operational excellence have produced material improvements in controllable components of our cost structure which contributed to the 3.5 percentage point year-over-year increase in our Adjusted Operating Margin. I want to thank all our team members that contributed to these excellent results. A few months ago, we launched a series of initiatives aimed at better aligning our customers’ expectations with the Spirit business model. We are very encouraged at the early results of this effort, and the Bare Fare™ plus Frill Control™ messaging is resonating well with customers as they see the benefit of only paying for what they truly value. As we continue down this path, we expect ever increasing alignment to a business model that provides the lowest total fares and the highest consumer choice all while maintaining our commitment to deliver value to our customers and to our shareholders."
 
Revenue Performance
For the second quarter 2014, Spirit's total operating revenue was $499.3 million, an increase of 22.6 percent compared to the second quarter 2013. The increase was driven by our growth in flight volume, higher load factors, and higher operating yields.

Total revenue per available seat mile (“RASM”) for the second quarter 2014 was 12.46 cents, an increase of 4.6 percent compared to the second quarter 2013. The calendar shift of Easter
occurring in April this year compared to March in 2013 contributed to the strong second quarter 2014 results.


1



Passenger flight segment ("PFS") volume for the second quarter 2014 grew 14.7 percent year over year, and the Company's load factor for the second quarter 2014 increased 1.8 points year over year to 87.5 percent. Total revenue per PFS for the second quarter 2014 increased 6.8 percent year over year to $139.90.

Cost Performance
Total operating expenses for the second quarter 2014 increased 15.7 percent year over year to $394.2 million on a capacity increase of 17.2 percent.
 
Spirit reported second quarter 2014 cost per available seat mile excluding special items and fuel (“Adjusted CASM ex-fuel”) of 5.95 cents, a decrease of 0.8 percent compared to the same period last year. The primary driver of the decrease was lower passenger re-accommodation expense (recorded within Other operating expense) per ASM as a result of improved operational reliability. The Company also benefited from lower aircraft rent per ASM. These benefits were partially offset by higher depreciation and amortization expense and increased salary, wages, and benefits, as well as higher maintenance, material, and repairs expense per ASM.

Selected Balance Sheet and Cash Flow Items
As of June 30, 2014, Spirit had $567.2 million in unrestricted cash and cash equivalents. For the six months ended June 30, 2014, Spirit incurred capital expenditures of $7.4 million, paid $94.0 million in pre-delivery deposits for future deliveries of aircraft, net of refunds, and recorded an increase of $14.3 million in maintenance deposits, net of reimbursements.

Fleet
In the second quarter 2014, Spirit took delivery of one new A320 aircraft, ending the quarter with 57 aircraft in its fleet.  The Company has eight more new A320 aircraft scheduled for delivery by year-end 2014.

Second Quarter 2014 and Other Current Highlights
•Added/announced new service between (service start date):
 - Minneapolis-St. Paul and Houston (5/1/14)2
 - Minneapolis-St. Paul and Baltimore/Washington (5/1/14)2
 - Chicago O'Hare and Oakland/San Francisco (5/1/14)
 - Minneapolis-St. Paul and Detroit (5/22/14)2
 - Chicago O'Hare and Baltimore/Washington (5/22/14)2
 - Chicago O'Hare and Portland, OR (5/22/14)2
 - Fort Lauderdale and New Orleans (8/1/14)
 - Houston and New Orleans (8/1/14)
 - Houston and Atlanta (8/1/14)
 - Kansas City and Chicago (8/7/14)
 - Kansas City and Dallas/Fort Worth (8/7/14)
 - Kansas City and Detroit (8/7/14)
 - Kansas City and Las Vegas (8/7/14)
 - Kansas City and Houston (8/8/14)
 - Fort Lauderdale and Houston (9/3/14)
 - Houston and San Diego (9/3/14)
 - Boston and West Palm Beach (11/21/14)2
 - Latrobe/Pittsburgh and Fort Myers (12/18/14)2
 - Latrobe/Pittsburgh and Tampa (12/19/14)2


2



•
Maintained its commitment to offer low fares to its valued customers; average ticket revenue per passenger flight segment for the second quarter 2014 was $84.75 with total revenue per passenger flight segment of $139.90.

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.

Conference Call/Webcast Detail
Spirit will conduct a conference call to discuss these results today, July 29, 2014, at 10:00 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 customers 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 modern and fuel-efficient all-Airbus fleet, we operate more than 270 daily flights to 55 destinations in the U.S., Latin America and the Caribbean. Come save with us at www.spirit.com.


End Notes
(1) See "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below for additional information.
(2) Seasonal service only.


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, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. The words “expects,” “estimates,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, and announced new service routes. All forward-looking statements are based upon information available to the Company at the time the statement is made. The Company has no intent, nor undertakes any obligation, to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenues; and government regulation. 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 and Quarterly Reports on Form 10-Q.


3



SPIRIT AIRLINES, INC.
Statement of Operations
(in thousands, except per share data)
(unaudited)

 
Three Months Ended

 
 
Six Months Ended
 
 
 
June 30,
 
Percent
 
June 30,
 
Percent

2014

2013

Change
 
2014
 
2013
 
Change
Operating revenues:





 
 
 
 
 
 
Passenger
$
302,487


$
241,119


25.5

 
$
556,365

 
$
460,016

 
20.9

Non-ticket
196,850


166,220


18.4

 
380,959

 
317,760

 
19.9

Total operating revenues
499,337


407,339


22.6

 
937,324

 
777,776

 
20.5







 
 
 
 
 
 
Operating expenses:





 
 
 
 
 
 
Aircraft fuel
154,852


135,251


14.5

 
303,323

 
266,917

 
13.6

Salaries, wages and benefits
77,440


64,456


20.1

 
153,689

 
125,953

 
22.0

Aircraft rent
48,222


41,915


15.0

 
94,609

 
82,987

 
14.0

Landing fees and other rents
25,831


21,346


21.0

 
49,847

 
39,402

 
26.5

Distribution
20,159


17,277


16.7

 
38,728

 
32,958

 
17.5

Maintenance, materials and repairs
19,205


15,202


26.3

 
36,819

 
26,982

 
36.5

Depreciation and amortization
11,344


7,604


49.2

 
22,465

 
13,928

 
61.3

Other operating
36,408


37,416


(2.7
)
 
71,856

 
71,915

 
(0.1
)
Loss on disposal of assets
715


91


na

 
865

 
261

 
na

Special charges (credits)
17


23


na

 
26

 
46

 
na

Total operating expenses
394,193


340,581


15.7

 
772,227

 
661,349

 
16.8










 
 
 
 
 
 
Operating income
105,144


66,758


57.5

 
165,097

 
116,427

 
41.8







 
 
 
 
 
 
Other (income) expense:





 
 
 
 
 
 
Interest expense
103


95


8.4

 
210

 
104

 
101.9

Capitalized interest
(103
)

(95
)

8.4

 
(210
)
 
(104
)
 
101.9

Interest income
(83
)

(105
)

(21.0
)
 
(151
)
 
(221
)
 
(31.7
)
Other expense
1,439


36


na

 
1,476

 
137

 
na

Total other (income) expense
1,356


(69
)

na

 
1,325

 
(84
)
 
na









 
 
 
 
 
 
Income before income taxes
103,788


66,827


55.3

 
163,772

 
116,511

 
40.6

Provision for income taxes
38,939


24,759


57.3

 
61,217

 
43,889

 
39.5

Net income
$
64,849


$
42,068


54.2

 
$
102,555

 
$
72,622

 
41.2

Basic earnings per share
$
0.89


$
0.58


53.4

 
$
1.41

 
$
1.00

 
41.0

Diluted earnings per share
$
0.88


$
0.58


51.7

 
$
1.40

 
$
1.00

 
40.0







 
 
 
 
 
 
Weighted average shares, basic
72,740


72,593


0.2

 
72,712

 
72,540

 
0.2

Weighted average shares, diluted
73,294


72,992


0.4

 
73,274

 
72,898

 
0.5






4




SPIRIT AIRLINES, INC.
Balance Sheets
(unaudited, in thousands)

 
June 30,
 
December 31,
 
2014
 
2013
Assets



Current assets:



Cash and cash equivalents
$
567,239


$
530,631

Accounts receivable, net
37,467


23,246

Deferred income taxes
15,166


16,243

Prepaid expenses and other current assets
68,589


78,955

Total current assets
688,461


649,075





Property and equipment:



Flight equipment
12,397


9,847

Ground and other equipment
55,112


50,987

Less accumulated depreciation
(29,516
)

(25,221
)

37,993


35,613

Deposits on flight equipment purchase contracts
248,770


157,669

Aircraft maintenance deposits
185,699


161,484

Deferred heavy maintenance, net
129,021


125,288

Other long-term assets
59,906


51,636

Total assets
$
1,349,850


$
1,180,765





Liabilities and shareholders’ equity



Current liabilities:



Accounts payable
$
21,842


$
23,104

Air traffic liability
232,072


167,627

Other current liabilities
146,624


145,262

Total current liabilities
400,538


335,993







Long-term deferred income taxes
47,443


48,916

Deferred credits and other long-term liabilities
26,258


26,739

Shareholders’ equity:



Common stock
7


7

Additional paid-in-capital
520,492


515,331

Treasury stock
(3,513
)

(2,291
)
Retained earnings
358,625


256,070

Total shareholders’ equity
875,611


769,117

Total liabilities and shareholders’ equity
$
1,349,850


$
1,180,765






5



SPIRIT AIRLINES, INC.
Statement of Cash Flows
(unaudited, in thousands)
 
Six Months Ended
 
2014
 
2013
Operating activities:
 
 
 
Net income
$
102,555

 
$
72,622

Adjustments to reconcile net income to net cash provided by operations:
 
 
 
Unrealized (gains) losses on open fuel hedge contracts
—

 
9,144

Equity-based compensation, net
3,872

 
2,788

Allowance for doubtful accounts
(33
)
 
156

Amortization of deferred gains and losses
(178
)
 
(324
)
Depreciation and amortization
22,465

 
13,928

Deferred income tax
(395
)
 
5,962

Loss on disposal of assets
865

 
261

Capitalized interest
(210
)
 
(104
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(14,188
)
 
(10,223
)
Prepaid maintenance reserves
(14,286
)
 
(16,641
)
Long-term deposits and other assets
(27,020
)
 
(36,304
)
Accounts payable
(1,462
)
 
(991
)
Air traffic liability
64,331

 
74,374

Other liabilities
7,819

 
19,612

Net cash provided by operating activities
144,135

 
134,260

 
 
 
 
Investing activities:
 
 
 
Pre-delivery deposits for flight equipment, net of refunds
(94,009
)
 
(19,748
)
Purchase of property and equipment
(7,430
)
 
(13,816
)
Net cash used in investing activities
(101,439
)
 
(33,564
)
Financing activities:
 
 
 
Proceeds from options exercised
63

 
555

Payments on capital lease obligations
(511
)
 
—

Proceeds from sale and leaseback transactions
—

 
6,900

Payments to pre-IPO shareholders pursuant to tax receivable agreement
(5,643
)
 
—

Excess tax benefits from equity-based compensation
1,225

 
875

Repurchase of common stock
(1,222
)
 
(937
)
Net cash (used in) provided by financing activities
(6,088
)
 
7,393

Net increase in cash and cash equivalents
36,608

 
108,089

Cash and cash equivalents at beginning of period
530,631

 
416,816

Cash and cash equivalents at end of period
$
567,239

 
$
524,905

Supplemental disclosures
 
 
 
Cash payments for:
 
 
 
Interest
$
326

 
$
17

Taxes
$
52,093

 
$
44,806


6



SPIRIT AIRLINES, INC.
Selected Operating Statistics (unaudited)
 
Three Months Ended June 30,

 
Operating Statistics
2014

2013

Change
Available seat miles (ASMs) (thousands)
4,008,507


3,420,257


17.2
 %
Revenue passenger miles (RPMs) (thousands)
3,506,459


2,930,912


19.6
 %
Load factor (%)
87.5


85.7


1.8 pts

Passenger flight segments (thousands)
3,569


3,111


14.7
 %
Block hours
65,732


57,693


13.9
 %
Departures
25,353


22,862


10.9
 %
Operating revenue per ASM (RASM) (cents)
12.46


11.91


4.6
 %
Average yield (cents)
14.24


13.90


2.4
 %
Average ticket revenue per passenger flight segment ($)
84.75


77.51


9.3
 %
Average non-ticket revenue per passenger flight segment ($)
55.15


53.43


3.2
 %
Total revenue per passenger flight segment ($)
139.90


130.94


6.8
 %
CASM (cents)
9.83


9.96


(1.3
)%
Adjusted CASM (cents) (1)
9.80


9.79


0.1
 %
Adjusted CASM ex-fuel (cents) (2)
5.95


6.00


(0.8)%

Fuel gallons consumed (thousands)
49,401


42,683


15.7
 %
Average economic fuel cost per gallon ($)
3.13


3.03


3.3
 %
Aircraft at end of period
57


50


14.0
 %
Average daily aircraft utilization (hours)
12.8


12.8


—

Average stage length (miles)
976


935


4.4
 %
Airports served in the period (3)
54


54


—

 
Six Months Ended June 30,
 
 
Operating Statistics
2014

2013

Change
Available seat miles (ASMs) (thousands)
7,793,234


6,547,470


19.0
 %
Revenue passenger miles (RPMs) (thousands)
6,795,746


5,592,403


21.5
 %
Load factor (%)
87.2


85.4


1.8
  pts
Passenger flight segments (thousands)
6,833


5,879


16.2
 %
Block hours
128,870


110,544


16.6
 %
Departures
48,914


43,623


12.1
 %
Operating revenue per ASM (RASM) (cents)
12.03


11.88


1.3
 %
Average yield (cents)
13.79


13.91


(0.9
)%
Average ticket revenue per passenger flight segment ($)
81.43


78.25


4.1
 %
Average non-ticket revenue per passenger flight segment ($)
55.76


54.05


3.2
 %
Total revenue per passenger flight segment ($)
137.19


132.30


3.7
 %
CASM (cents)
9.91


10.10


(1.9
)%
Adjusted CASM (cents) (1)
9.89


9.96


(0.7
)%
Adjusted CASM ex-fuel (cents) (2)
6.01


6.02


(0.2
)%
Fuel gallons consumed (thousands)
96,078


81,311


18.2
 %
Average economic fuel cost per gallon ($)
3.15


3.17


(0.6
)%
Average daily aircraft utilization (hours)
12.8


12.7


0.8
 %
Average stage length (miles)
988


938


5.3
 %

(1)
Excludes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below.
(2)
Excludes economic fuel expense and special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table below.
(3)
Includes airports served during the period that had service canceled as of the end of the period. Previously, we reported only airports served during the period with continuing operations.

7




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 an analytical tool. Because of these limitations, determinations of Spirit'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.
Reconciliation of Adjusted Operating Expense to GAAP Operating Expense
(unaudited)


 
Three Months Ended
 
June 30,
(in thousands, except CASM data in cents)
2014
 
2013
Total operating expenses, as reported
$
394,193

 
$
340,581

Less special items (1):
 
 
 
Unrealized (gains) and losses arising from mark-to-market adjustments to outstanding fuel derivatives
—

 
5,763

Premium expense recognized related to fuel option contracts
467

 
—

Loss on disposal of assets
715

 
91

Special charges
17

 
23

Operating expenses, non-GAAP (2)
392,994

 
334,704

Less: Economic fuel expense, non-GAAP
154,385

 
129,488

Operating expenses excluding fuel, non-GAAP (3)
238,609

 
205,216

 
 
 
 
Available seat miles
4,008,507

 
3,420,257

 
 
 
 
CASM (cents)
9.83

 
9.96

Adjusted CASM (cents) (1)
9.80

 
9.79

Adjusted CASM ex-fuel (cents) (2)
5.95

 
6.00



(1)
Special items include unrealized (gains) and losses arising from mark-to-market adjustments to outstanding fuel derivatives, premium expense recognized related to fuel option contracts, loss on disposal of assets, and special charges.
(2)
Excludes special items as referred to above.
(3)
Excludes economic fuel expense as described in the "Reconciliation of Economic Fuel Expense to GAAP Fuel Expense" table below and special items as referred to above.




8



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


 
Three Months Ended
 
June 30,
(in thousands, except per share data)
2014
 
2013
Net income, as reported
$
64,849

 
$
42,068

Add: Provision for income taxes
38,939

 
24,759

Income before income taxes, as reported
103,788

 
66,827

Pre-tax margin, GAAP
20.8
%
 
16.4
%
Add special items (1)
1,199

 
5,877

Add: Non-operating special charges (2)
1,388

 
—

Income before income taxes, non-GAAP (3)
106,375

 
72,704

Pre-tax margin, non-GAAP (3)
21.3
%
 
17.8
%
Provision for income taxes (4)
39,910

 
26,936

Adjusted net income, non-GAAP (3)
$
66,465

 
$
45,768

 
 
 
 
Weighted average shares, diluted
73,294

 
72,992

 
 
 
 
Adjusted net income per share, diluted
$0.91
 
$0.63



(1)
Includes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above.
(2)
Non-operating special charges relate to the settlement paid to the Pre-IPO Stockholders in excess of the liability the Company had previously estimated related to the Company's Tax Receivable Agreement.
(3)
Excludes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above and non-operating special charges.
(4)
Assumes same marginal tax rate as is applicable to GAAP net income.



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

 
Three Months Ended
 
June 30,
(in thousands)
2014
 
2013
Operating income, as reported
$
105,144

 
$
66,758

Operating margin, GAAP
21.1
%
 
16.4
%
Add special items (1)
1,199

 
5,877

Operating income, non-GAAP (2)
$
106,343

 
$
72,635

Operating margin (2)
21.3
%
 
17.8
%


(1)
Includes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above.
(2)
Excludes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above.




9



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
 
June 30,
(in thousands, except per gallon data)
2014
 
2013
Fuel Expense
 
 
 
Aircraft fuel, as reported
$
154,852

 
$
135,251

Impact on fuel expense from unrealized (gains) and losses arising from mark-to-market adjustments to outstanding fuel derivatives
—

 
5,763

Premium expense recognized related to fuel option contracts
467

 
—

 
 
 
 
Economic fuel expense, non-GAAP
$
154,385

 
$
129,488

 
 
 
 
Fuel gallons consumed
49,401

 
42,683

 
 
 
 
Economic fuel cost per gallon, non-GAAP
$
3.13

 
$
3.03


Calculation of Return on Invested Capital
(unaudited)
 
Twelve Months Ended
(in thousands)
June 30, 2014
Operating Income
$
330,962

Add special items (1)
(7,129
)
Adjustment for aircraft rent
181,359

Adjusted Operating Income (2)
505,192

Tax (37.3%) (3)
188,437

Adjusted Operating Income, after-tax
316,755

Invested Capital
 
Total debt
$
—

Book equity
875,611

Less: Unrestricted cash
567,239

Add: Capitalized aircraft operating leases (7x Aircraft Rent)
1,269,513

Total Invested Capital
1,577,885

 
 
Return on Invested Capital (ROIC), pre-tax
32.0
%
Return on Invested Capital (ROIC), after-tax
20.1
%

(1)
Includes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above.
(2)
Excludes special items as described in the "Reconciliation of Adjusted Operating Expense to GAAP Operating Expense" table above.
(3)
Assumes same marginal tax rate as is applicable to GAAP net income for the twelve months ended June 30, 2014.
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10

Spirit Airlines, Inc. Reports