These cost savings initiatives include the suspension of recruiting and onboarding pilots and flight attendants in 2024, offering voluntary unpaid leaves of absences for flight attendants, right-sizing overhead and non-crew operational positions, reducing discretionary capital spend, and the difficult but necessary decision to right-size our pilot group, resulting in the furlough of approximately 240 pilots and the downgrade of about 100 captains, effective September 1st.

Aug 1, 2024 / receipt, needs a key / Fred Cromer, CFO | earnings call 2024-08-01 | transcript a0e472b2-a30c-42d9-84e5-7087b871fb6b | chars 17927-18403 | segment 17

However, it is clear that we need to introduce some changes to reflect the new dynamics in the industry and to make Spirit a more compelling option for the traveling public. Some of these changes to our merchandising and pricing strategy are already being tested in some of our markets, and the results appear to be in excess of our expectations from a volume and yield perspective.

May 6, 2024 / receipt, needs a key / Ted Christie, CEO | earnings call 2024-05-06 | transcript 1fa1b512-797b-49d0-ad20-016b9b505730 | chars 20118-20500 | segment 19

Do you think it's a fundamental shift by consumers just desiring to have know the backup of a network airline or premium products i don't know what have you diagnosed that the the underlying challenge here uh thanks for the question so i say there there's a there's a few things first of all corporate um travel demands not back to where it was pre-covered even though it appears to be moving in the right direction we don't normally carry a lot of that but that is that is a demand segment that does not exist to the extent it did pre-covered and so that's changing at least the way um the airlines are competing for traffic. There are more seats available for leisure-based fairs because there isn't as much corporate demand soaking up some of that. So to the extent that that continues to improve, that will give credence to the whole normalization thought that we're starting to, you know, that we indicated we're starting to see and will help put the balance back in place.

May 6, 2024 / receipt, needs a key / Ted, CEO | earnings call 2024-05-06 | transcript 1fa1b512-797b-49d0-ad20-016b9b505730 | chars 21874-22852 | segment 21

About half of this variance is related to the reduction of scheduled flights on off-peak days that I just spoke about.

Feb 8, 2024 / receipt, needs a key / Matt Klein, Chief Commercial Officer | earnings call 2024-02-08 | transcript 4c9a14e8-c8f1-4be1-a173-35b43a319b5b | chars 9470-9588 | segment 9

And so, you know, that's a lot of staffing, and that's across the board. It's everything from our frontline people, our pilots, our flight attendants, the folks at the airports, quite frankly, even the general administrative workforce has some more direct related expense associated with it when you get bigger. So, you know, we're working with all those various constituents to come up with solutions. We already have some progress on that. I hesitate to give you a number right now, but, you know, last year we alluded to the fact that we're pursuing $100 million in structural cost enhancements, and it's sort of tied to that. So at least gives you some guidance on the bucket.

Feb 8, 2024 / receipt, needs a key / Ted, other | earnings call 2024-02-08 | transcript 4c9a14e8-c8f1-4be1-a173-35b43a319b5b | chars 31517-32197 | segment 32

In the immediate term, primarily January through the first half of February, we felt the best way to address this continuing issue was to reduce flights on off-peak days to a greater degree than we typically do.

Feb 8, 2024 / receipt, needs a key / Matt Klein, Chief Commercial Officer | earnings call 2024-02-08 | transcript 4c9a14e8-c8f1-4be1-a173-35b43a319b5b | chars 8603-8814 | segment 8

And so, you know, we think that that move probably costs us, you know, 400 basis points on the margin this quarter. And we don't expect that that will repeat next summer or in the fourth quarter more closely in. And so, you know, I wouldn't say, nothing that we're seeing right now says that we have a, you know, a noticeable supply-demand imbalance. In fact, know if you look at what's been happening over the course of the the recovery from the pandemic unit revenues across the board are up uh and and admittedly we're considerably larger but the industry is only modestly larger and it would tell you that there's you know there's plenty of demand out there so i don't i don't know that we see data yet i mean your supposition would say is it possible um i suppose anything's possible right um but it's entirely possible that right now there's an artificial lid on demand because corporate travel hasn't returned and because, you know, people are fatigued with the operations that we've all been dealing with over the last, you know, year and a half.

Aug 3, 2023 / receipt, needs a key / Matt, other | earnings call 2023-08-03 | transcript 02f6f068-08fc-4658-a9a0-af85dde302db | chars 29544-30598 | segment 29

In mid-April, the Fort Lauderdale area experienced severe flash flooding, referred to by meteorologists as a 1,000-year event, requiring a 40-hour closure of the Fort Lauderdale Airport, where we are the number one carrier. As a result of this weather event, Spirit canceled nearly 600 flights and diverted many others, disrupting travel plans for a substantial number of our guests and driving numerous complications for our crews.

Apr 27, 2023 / receipt, needs a key / Ted Christie, President and CEO | earnings call 2023-04-27 | transcript 6d208f89-38c3-4707-9fb9-5d8fb246176d | chars 4792-5224 | segment 4

We've seen that all through COVID and all of a sudden Thursday became the peak day of the week and Monday became the peak day of the week, more so than Friday and Sunday. And we're seeing similar patterns with that. As we moved out of the summer into the fall with school back in session. It's not as pronounced as we have seen in prior years in terms of day-of-week shift, but we still see some of that, which is good. It stretches the days of the week out and it lends to more flying in general. More trips are happening in general, which is why when we talk about the ULCC model in general and the growth of travel, there's more travel opportunities being opened up now than there ever has been before.

Oct 27, 2022 / receipt, needs a key / Matt, other | earnings call 2022-10-27 | transcript 3c6bbc9d-960b-4f79-8878-b17990eeec4f | chars 23676-24381 | segment 24

Compared to our expectations shared in mid-August, costs came in lower due to a little less flight volume, a slower than expected pace of hiring, and airport rents and landing fees improving at a faster rate than anticipated.

Oct 28, 2021 / receipt, needs a key / Scott Harrelson, Chief Financial Officer | earnings call 2021-10-28 | transcript 8d49834e-61f4-4cba-a974-b864cdaa761c | chars 7376-7601 | segment 7

However, As the recovery in leisure as well as business travel progresses, we expect to further close the gap to 2019 passenger revenue per segment.

Jul 29, 2021 / receipt, needs a key / Matt Klein, Chief Commercial Officer | earnings call 2021-07-29 | transcript 3849bac5-8e5f-42a8-b647-086d68ed0964 | chars 6300-6448 | segment 6

And as Ted just alluded to, we're thinking that'll take into, say, spring, summer of next year for demand to be fully back. Until then, there's just going to be a question as to what happens, I think, from the overall industry ecosystem in terms of corporate travel and how much corporate travel is out there. And we don't necessarily take a lot of corporate travel, but we do get a lot of business, decent amount of business travel from say small and medium-sized businesses do like saving money and flying on us to get their high value when they fly.

Jul 29, 2021 / receipt, needs a key / Matt, other | earnings call 2021-07-29 | transcript 3849bac5-8e5f-42a8-b647-086d68ed0964 | chars 44987-45539 | segment 46