Spirit Airlines Reports 4th Consecutive Year of Profitability and Record Full Year 2012 Net Income

Spirit Airlines Reports 4th Consecutive Year of Profitability and Record Full
Year 2012 Net Income

MIRAMAR, Fla., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc.
(Nasdaq:SAVE) today reported fourth quarter 2012 and full year 2012 financial
results.

  *Net income for the fourth quarter 2012 was $19.5 million, or $0.27 per
    diluted share. Results for the fourth quarter and full year 2012 include
    an estimated $25 million negative revenue impact ($24 million pre-tax
    income, $15 million after tax) from Hurricane Sandy.
    
  *Adjusted CASM ex-fuel for the fourth quarter 2012 decreased 2.5 percent
    year-over-year. See "Reconciliation of Adjusted CASM ex-fuel to CASM"
    table below for more details.
    
  *Net income, excluding special items, for the full year 2012 was a record
    $103.8 million, or $1.43 per diluted share^1. GAAP net income for the full
    year 2012 was a record $108.5 million, or $1.49 per diluted share.
    
  *For the fourth quarter 2012, Spirit achieved an operating margin,
    excluding special items, of 9.7 percent (15.8 percent adjusted for
    Hurricane Sandy)^1. For the full year 2012, Spirit's operating margin,
    excluding special items, was 12.6 percent (14.2 percent adjusted for
    Hurricane Sandy). Operating margin on a GAAP basis was 9.7 percent and
    13.2 percent for the fourth quarter and full year 2012, respectively.
    
  *Spirit ended 2012 with $416.8 million in unrestricted cash.
    
  *Spirit's return on invested capital (before taxes and excluding special
    items) was 26.5 percent (28.8 percent adjusted for Hurricane Sandy) for
    the year ended December 31, 2012. See "Calculation for Return on Invested
    Capital" table below for more details.

"2012 was a very exciting year for Spirit. We successfully grew our business,
delivered strong financial results and remained committed to our low-cost,
low-fare strategy. This low-cost, low-fare strategy helped us to achieve among
the highest margins in the industry," said Ben Baldanza, Spirit's President
and Chief Executive Officer. "I want to thank and congratulate our team
members that contributed to our success."

Revenue Performance

For the fourth quarter 2012, Spirit's total operating revenue was $328.3
million, an increase of 19.8 percent, compared to fourth quarter 2011.

Total revenue per available seat mile ("RASM") for the fourth quarter 2012 was
11.10 cents, a decrease of 6.6 percent compared to the fourth quarter 2011 due
to the negative revenue impact from Hurricane Sandy and a 5.3 percent increase
in average stage length. 

Passenger flight segment ("PFS") volume grew 22.0 percent year-over-year in
the fourth quarter 2012 with average non-ticket revenue per PFS for the fourth
quarter 2012 increasing 9.4 percent year-over-year to $52.73 and average
ticket revenue per PFS for the quarter decreasing 8.6 percent year-over-year
to $71.30. The growth in non-ticket revenue per PFS was primarily driven by
a passenger usage fee increase implemented late in the fourth quarter of 2011.

For the full year 2012, total operating revenue increased 23.1 percent to $1.3
billion compared to the same period last year on a 21.3 percent increase in
available seat miles.

Cost Performance

Total operating expenses in the fourth quarter 2012 were $296.3 million, an
increase of 25.6 percent compared to the same period in 2011.The increase in
operating expenses was primarily driven by fuel and other expenses associated
with additional available seat miles ("capacity") which grew by 28.3 percent
year-over-year.

Cost per available seat mile excluding special items and fuel ("Adjusted CASM
ex-fuel") for the fourth quarter 2012decreased 2.5 percent year-over-year to
5.93 cents. Primary drivers of the decrease included lower labor expense per
ASM year-over-year due to lower unit overhead costs, lower distribution
expense per ASM as a result of a decrease in credit card fees, and an increase
in average stage length.These benefits were partially offset by start-up
costs related to Spirit's seat maintenance program of $1.4 million during the
fourth quarter 2012, bringing the total start-up costs related to this program
to $6.8 million, and higher depreciation and amortization expense related to
amortization of heavy maintenance events.

Total operating expense for the full year 2012 was $1.1 billion, up 23.5
percent as compared to the full year 2011, largely driven by fuel and other
expenses associated with capacity increasing by 21.3 percent year-over-year.

Selected Balance Sheet and Cash Flow Items

As of December 31, 2012, Spirit had $416.8 million in unrestricted cash and
cash equivalents, no restricted cash, no debt on its balance sheet, and total
shareholders' equity of $582.5 million.

During the fourth quarter 2012, Spirit incurred capital expenditures of $2.1
million, paid $5.8 million in pre-delivery deposits ("PDPs") for future
deliveries of aircraft, net of reimbursements, and paid $2.1 million in
maintenance reserves, net of reimbursements.

Fleet

Spirit ended 2012 with 45 aircraft in its fleet. The Company has nine
aircraft scheduled for delivery in 2013, including seven new Airbus A320
aircraft and two used A319s. 

Fourth Quarter 2012 and Other Current Highlights

  *Recently added/announced new service between (service start date):

  - Houston and Chicago (10/4/12)        - Dallas/Fort Worth and
                                         Minneapolis/St. Paul (4/4/13)
  - Houston and Las Vegas (10/4/12)      - Dallas/Fort Worth and Philadelphia
                                         (4/4/13)
  - Denver and Phoenix/Mesa (10/4/12)^2  - Houston and Los Angeles (4/25/13)
  - Chicago and Tampa (11/8/12)^2        - Dallas/Fort Worth and Oakland/
  - Chicago and Phoenix/Mesa (11/8/12)^2 San Francisco (4/25/13)
  - Minneapolis/St. Paul and Fort        - Dallas/Fort Worth and Los Angeles
  Lauderdale (11/8/12)^2                 (4/25/13)
  - Minneapolis/St. Paul and Fort Myers  - Dallas/Fort Worth and Cancun,
  (11/8/12)^2                            Mexico (4/25/13)
  - Dallas/Fort Worth and Fort Myers     - Baltimore/Washington and Las Vegas
  (11/8/12)^2                            (4/25/13)
  - Boston and Fort Myers (11/8/12)^2    - Baltimore/Washington and Myrtle
                                         Beach (4/25/13)^2
  - San Diego and Portland, Oregon       - Philadelphia and Myrtle Beach
  (11/8/12)                              (4/25/13)^2
  - San Diego and Los Cabos, Mexico      - Philadelphia and Las Vegas
  (11/8/12)                              (4/25/13)
  - Dallas/Fort Worth and New Orleans    - Minneapolis/St. Paul and Denver
  (1/24/13)                              (4/25/13)^2
  - Houston and Orlando (2/14/13)        - Dallas/Fort Worth and Los Cabos,
                                         Mexico (6/13/13)
  - Detroit and Denver (2/14/13)         - Dallas/Fort Worth and
                                         Latrobe/Pittsburgh (6/14/13)

  *Opened a Crew Base at Dallas/Fort Worth International Airport on December
    1, 2012.
  *Became the Official Airline of the MiaGreen Conference & Expo.
  *Partnered with the AIDS Foundation Houston and 24th Annual AIDS Walk
    Houston 2013.
  *Sponsored the 200-Mile Ragnar Florida Keys Relay benefiting the Special
    Olympics Florida and HERA Women's Cancer Foundation.
  *Spirit maintained its commitment to offer low fares to its valued
    customers (average ticket revenue per passenger flight segment for the
    fourth quarter 2012 was $71.30).

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

Conference Call/Webcast Details

Spirit will conduct a conference call to discuss these results today,
February19, 2013, at 11:00 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) empowers customers to save money on air travel
by offering ultralow base fares with a range of optional services, allowing
customers the freedom to choose only the extras they value.This innovative
approach grows the traveling market and stimulates new economic activity
whilecreating new jobs.Spirit's modern fleet, configuration and other
innovations enable Spirit to burn less fuel per seat than competitors, making
Spirit one of the most environmentally-friendly U.S. carriers. Spirit's
all-Airbus fleet currently operates more than 200 daily flights to over 50
destinations in the U.S., Latin America and the Caribbean. Visit Spirit
atwww.spirit.com. 

The Spirit Airlines logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9737

End Notes

(1)See "Reconciliation of Adjusted Net Income to GAAP Net Income" table below
for additional information.

(2)Seasonal service only.

Forward-Looking Statements

Statements in this release 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.When
used in this release, 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, announced
new service routes and customer savings programs.All forward-looking
statements in this release are based upon information available to the Company
on the date of this release.The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.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 for the year ended December 31, 2011.

SPIRIT AIRLINES, INC.
Statement of Operations ^(1)
(in thousands, except per share data)
(unaudited)
                                                            
             Three Months Ended            Twelve Months Ended
              December 31,          Percent December 31,          Percent
             2012       2011       Change  2012       2011       Change
Operating                                                    
revenues:
Passenger     $188,721 $169,270 11.5    $782,792 $689,650 13.5
Non-ticket    139,547    104,649    33.3    535,596    381,536    40.4
Total
operating     328,268    273,919    19.8    1,318,388  1,071,186  23.1
revenue
                                                            
Operating                                                    
expenses:
Aircraft fuel 120,789    94,827     27.4    471,763    388,046    21.6
Salaries,
wages and     58,363     48,228     21.0    218,919    181,742    20.5
benefits
Aircraft rent 37,103     30,476     21.7    143,572    116,485    23.3
Landing fees
and other     17,128     14,166     20.9    68,368     52,794     29.5
rents
Distribution  13,109     12,203     7.4     56,668     51,349     10.4
Maintenance,
materials and 12,206     8,115      50.4    49,460     34,017     45.4
repairs
Depreciation
and           5,244      2,464      112.8   15,256     7,760      96.6
amortization
Other         32,024     24,396     31.3    127,886    91,172     40.3
operating
Loss on
disposal of   474        216        na      956        255        na
assets
Special
charges       (105)      805        na      (8,450)    3,184      na
(credits)^(2)
Total
operating     296,335    235,896    25.6    1,144,398  926,804    23.5
expenses
                                                            
Operating     31,933     38,023     (16.0)  173,990    144,382    20.5
income
                                                            
Other
(income)                                                     
expense:
Interest      6          373        (98.4)  1,350      24,781     (94.6)
expense
Capitalized   (6)        (371)      (98.4)  (1,350)    (2,890)    (53.3)
interest
Interest      (159)      (319)      (50.2)  (925)      (575)      60.9
income
Other expense 95         70         35.7    331        235        40.9
Total other
(income)      (64)       (247)      (74.1)  (594)      21,551     na
expense
Income before 31,997     38,270     (16.4)  174,584    122,831    42.1
income taxes
Provision for 12,431     14,279     (12.9)  66,124     46,383     42.6
income taxes
Net income    $19,566  $23,991  (18.4)  $108,460 $76,448  41.9
Net income
per share,    $0.27    $0.33    (18.2)  $1.50    $1.44    4.2
basic
Net income
per share,    $0.27    $0.33    (18.2)  $1.49    $1.43    4.2
diluted
                                                            
Weighted
average       72,442     72,242     0.3     72,386     53,241     36.0
shares, basic
Weighted
average       72,623     72,473     0.2     72,591     53,515     35.6
shares,
diluted
                                                            
(1) Certain prior period amounts have been reclassified to conform to the      
current year's presentation.
(2) Special charges (credits) for 2012 include recognition of a gain on
the sale of four carrier slots at Ronald Reagan National Airport and
secondary offering costs related to the sale of 9.4 million shares by
Oaktree Capital Management; and for 2011, include amounts relating to
exit facility costs associated with moving our Detroit, Michigan
maintenance operations to Fort Lauderdale, Florida and termination costs
in connection with the IPO during the three months ended June 30, 2011
comprised of amounts paid to Indigo Partners, LLC to terminate its
professional service agreement with Spirit and fees paid to three
individual, unaffiliated holders of the Company's subordinated notes.


SPIRIT AIRLINES, INC.
Condensed Balance Sheets ^(1)
(unaudited, in thousands)
                                                                
                                                    December 31, December 31,
                                                     2012         2011
Assets                                                           
Current assets:                                                  
Cash and cash equivalents                            $416,816   $343,328
Accounts receivable, net                             22,740       15,425
Deferred income taxes                                12,591       20,738
Other current assets                                 95,210       63,217
Total current assets                                 547,357      442,708
                                                                
Property and equipment:                                          
Flight equipment                                     2,648        4,182
Ground and other equipment                           43,580       46,608
Less accumulated depreciation                        (17,825)     (27,580)
                                                    28,403       23,210
Deposits on flight equipment purchase contracts      96,692       91,450
Aircraft maintenance deposits                        122,379      120,615
Deferred heavy maintenance and other long-term       125,053      67,830
assets
Total assets                                         $919,884   $745,813
Liabilities and shareholders' equity                             
Current liabilities:                                             
Accounts payable                                     $24,166    $15,928
Air traffic liability                                131,414      112,280
Other current liabilities                            121,314      98,856
Total current liabilities                            276,894      227,064
Long-term deferred income taxes                      33,216       12,108
Deferred credits and other long-term liabilities     27,239       39,935
Shareholders' equity:                                            
Common stock                                         7            6
Additional paid-in-capital                           504,527      496,136
Treasury stock                                       (1,151)      (129)
Retained earnings (deficit)                          79,152       (29,308)
Total shareholders' equity                           582,535      466,706
Total liabilities and shareholders' equity           $919,884   $745,813
                                                                
(1) Certain prior period amounts have been
reclassified to conform to the current year's                    
presentation.


SPIRIT AIRLINES, INC.
Condensed Statement of Cash Flows
(unaudited, in thousands)
                                                             
                                             Twelve Months Ended December 31,
                                             2012             2011
Operating activities:                                         
Net income                                    $108,460       $76,448
Adjustments to reconcile net income to net                    
cash provided by operations:
Changes in fair value of open fuel hedge      46               3,204
contracts
Equity based stock compensation, net          4,327            530
Allowance for doubtful accounts               78               27
Amortization of deferred gains, losses and    (830)            (1,047)
debt issuance costs
Depreciation and amortization                 15,256           7,760
Deferred income tax benefit                   29,255           44,180
Loss on disposal of assets                    956              255
Gain on slot sale                             (9,060)          —
Interest and dividends incurred but not paid  —                21,875
Capitalized interest                          (1,350)          (2,890)
Changes in operating assets and liabilities:                  
Restricted cash                               —                72,736
Accounts receivable                           (7,393)          (5,728)
Prepaid maintenance reserves                  (31,567)         (36,848)
Long-term deposits and other assets           (68,248)         (15,992)
Accounts payable                              8,452            2,457
Air traffic liability                         19,134           6,573
Other liabilities                             46,115           (2,189)
Other                                         —                (153)
Net cash provided by operating activities     113,631          171,198
Investing activities:                                         
Proceeds from sale of property and equipment  14               150
Proceeds from sale of slots                   9,060            —
Pre-delivery deposits for flight equipment,   (12,626)         (53,274)
net of refunds
Purchase of property and equipment            (23,771)         (14,093)
Net cash used in investing activities         (27,323)         (67,217)
Financing activities:                                         
Proceeds from issuance of common stock, net   —                170,828
offering expenses
Proceeds from options exercised               469              423
Payments on debt and capital lease            —                (18,221)
obligations
Proceeds from sale leaseback transactions     12,540           4,481
Payments to pre-IPO shareholders pursuant to  (26,905)         —
tax receivable agreement
Excess tax benefits from share-based          2,098            —
compensation
Repurchase of common stock                    (1,022)          (886)
Debt issuance costs                           —                8
Net cash (used in) provided by financing      (12,820)         156,633
activities
Net increase (decrease) in cash and cash      73,488           260,614
equivalents
Cash and cash equivalents at beginning of     343,328          82,714
period
Cash and cash equivalents at end of period    $ 416,816        $ 343,328
Supplemental disclosures                                      
Cash payments for:                                            
Interest                                      $303           $10,562
Taxes                                         $40,204        $1,477
Non-cash transactions:                                        
Exchange of notes due to related parties for  $ —             $ 279,206
common stock
Exchange of mandatorily redeemable preferred  $ —              $ 81,747
stock for common stock
Liability and equity related to tax           $ (1,497)        $ 36,488
receivable agreement


SPIRIT AIRLINES, INC.
Selected Operating Statistics(unaudited)
                                                                
                            Three Months Ended December 31,       
Operating Statistics         2012                 2011             Change
Available seat miles (ASMs)  2,956,150            2,303,852        28.3%
(thousands)
Revenue passenger miles      2,519,392            1,966,545        28.1%
(RPMs) (thousands)
Load factor (%)              85.2                 85.4             (0.2) pts
Passenger flight segments    2,647                2,170            22.0%
(thousands)
Block hours                  49,625               40,375           22.9%
Departures                   19,908               16,843           18.2%
Operating revenue per ASM    11.10                11.89            (6.6)%
(RASM) (cents)
Average yield (cents)        13.03                13.93            (6.5)%
Average ticket revenue per   71.30                78.00            (8.6)%
passenger flight segment ($)
Average non-ticket revenue
per passenger flight segment 52.73                48.22            9.4%
($)
Total revenue per passenger  124.03               126.22           (1.7)%
flight segment ($)
CASM (cents)                 10.02                10.24            (2.1)%
Adjusted CASM (cents) (1)    10.03                10.25            (2.1)%
Adjusted CASM ex-fuel        5.93                 6.08             (2.5)%
(cents) (2)
Fuel gallons consumed        36,670               29,954           22.4%
(thousands)
Average economic fuel cost   3.31                 3.21             3.1%
per gallon ($)
Aircraft at end of period    45                   37               21.6%
Average daily aircraft       12.6                 12.3             2.4%
utilization (hours)
Average stage length (miles) 932                  885              5.3%
Airports served at end of    51                   48               6.3%
period
                                                                
                            Twelve Months Ended December 31,      
Operating Statistics         2012                 2011             Change
Available seat miles (ASMs)  11,344,731           9,352,553        21.3%
(thousands)
Revenue passenger miles      9,663,721            8,006,748        20.7%
(RPMs) (thousands)
Load factor (%)              85.2                 85.6             (0.4) pts
Passenger flight segments    10,423               8,518            22.4%
(thousands)
Block hours                  192,403              161,898          18.8%
Departures                   78,582               65,565           19.9%
Operating revenue per ASM    11.62                11.45            1.5%
(RASM) (cents)
Average yield (cents)        13.64                13.38            1.9%
Average ticket revenue per   75.11                80.97            (7.2)%
passenger flight segment ($)
Average non-ticket revenue
per passenger flight segment 51.39                44.79            14.7%
($)
Total revenue per passenger  126.50               125.76           0.6%
flight segment ($)
CASM (cents)                 10.09                9.91             1.8%
Adjusted CASM (cents) (1)    10.15                9.84             3.2%
Adjusted CASM ex-fuel        6.00                 5.72             4.9%
(cents) (2)
Fuel gallons consumed        142,991              121,030          18.1%
(thousands)
Average economic fuel cost   3.30                 3.18             3.8%
per gallon ($)
Average daily aircraft       12.8                 12.7             0.8%
utilization (hours)
Average stage length (miles) 909                  921              (1.3)%
                                                                
(1) Excludes unrealized mark-to-market (gains) and losses and special items
as described in the "Reconciliation of Adjusted Net Income to GAAP Net Income"
table below.
(2) Excludes all components of fuel expense, including realized and
unrealized mark-to-market hedge (gains) and losses, and special items as
described in the "Reconciliation of Adjusted Net Income to GAAP Net Income"
table below.

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 Net Income to GAAP Net Income                 
(unaudited)                                                               
                                                      
                    Three Months Ended      Twelve Months Ended
                     December 31,            December 31,
(in thousands,                                            Pro forma
except per share                                          2011 (1)
data)                2012        2011        2012
Net income, as       $19,566   $23,991   $108,460   $76,448
reported
Add: Provision for   12,431      14,279      66,124       46,383
income taxes
Income before income 31,997      38,270      174,584      122,831
taxes, as reported
                                                      
Add: Unrealized
mark-to-market       (414)       (1,203)     46           3,204
(gains) and losses
(2)
Add special items                                      
(3):
Loss on disposal of  474         216         956          255
assets
Special charges      (105)       805         (8,450)      3,184
(credits) (4)
Income before income 31,952      38,088      167,136      129,474
taxes, non-GAAP (5)
                                                      
Add: Interest        —           —           —            23,964
expense
Income before income 31,952      38,088      167,136      153,438
taxes, non-GAAP (5)
Provision for income 12,414      14,211      63,303       57,941
taxes (6)
Adjusted net income, $19,538   $23,877   $103,833   $95,497
non-GAAP (5)
                                                      
Weighted average     72,442      72,242      72,386       72,138
shares, basic
Weighted average     72,623      72,473      72,591       72,413
shares, diluted
                                                      
Adjusted net income  $0.27     $0.33     $1.43      $1.32
per share, basic
Adjusted net income  $0.27     $0.33     $1.43      $1.32
per share, diluted
                                                      
(1) Pro forma earnings for full year 2011 are presented to give
effect to the following as if the IPO occurred as of January 1, 2010:
(i) the elimination of all of Spirit's outstanding indebtedness and
preferred stock, and the termination of any outstanding letter of
credit facility supporting collateral obligations due to Spirit's
credit card processors through (x) the application of a portion of the
IPO net proceeds, (y) the exchange of any notes not repaid with IPO
net proceeds for shares of common stock and (z) the exchange of any
shares of preferred stock not redeemed with IPO net proceeds for
shares of common stock; (ii) adding back to net income the interest
expense recorded in Spirit's statement of operations related to the
indebtedness and preferred stock retired; (iii) the issuance of shares
of common stock by Spirit in the IPO and in connection with the
related recapitalization; and (iv) the estimated tax impact resulting
from the above transactions.
(2) Unrealized mark-to-market (gains) and losses are comprised of      
non-cash adjustments to aircraft fuel expenses.
(3) Special items include loss on disposal of assets and special         
charges (credits).
(4) Special charges (credits) for 2012 include recognition of a gain
on the sale of four carrier slots at Ronald Reagan National Airport
and secondary offering costs related to the sale of 9.4 million shares
by Oaktree Capital Management; and for 2011, include amounts relating
to exit facility costs associated with moving our Detroit, Michigan
maintenance operations to Fort Lauderdale, Florida and termination
costs in connection with the IPO during the three months ended June
30, 2011 comprised of amounts paid to Indigo Partners, LLC to
terminate its professional service agreement with Spirit and fees paid
to three individual, unaffiliated holders of the Company's
subordinated notes.
(5) Excludes unrealized mark-to-market (gains) and losses and special    
items.
(6) Assumes same marginal tax rate as is applicable to GAAP net          
income.

                                                         
Reconciliation of Adjusted CASM ex-fuel to CASM                         
(unaudited)                                                               
                                                        
                        Three Months Ended    Twelve Months Ended
                         December 31,          December 31,
(in thousands, except    2012       2011       2012         2011
CASM data in cents)
Total operating          $296,335 $235,896 $ 1,144,398 $926,804
expenses, as reported
Less:Unrealized
mark-to-market (gains)   (414)      (1,203)    46           3,204
and losses
Less special items:                                      
Loss on disposal of      474        216        956          255
assets
Special charges          (105)      805        (8,450)      3,184
(credits)
Operating expenses,      296,380    236,078    1,151,846    920,161
non-GAAP (1)
Less: Economic fuel      121,203    96,030     471,717      384,842
expense, non-GAAP
Operating expenses
excluding fuel, non-GAAP $175,177 $140,048 $680,129   $535,319
(1) (2)
                                                        
Available seat miles     2,956,150  2,303,852  11,344,731   9,352,553
                                                        
CASM (cents)             10.02      10.24      10.09        9.91
Adjusted CASM (cents)    10.03      10.25      10.15        9.84
(1)
Adjusted CASM ex-fuel    5.93       6.08       6.00         5.72
(cents) (2)


Reconciliation of Adjusted Operating Income and Hurricane
Sandy-Adjusted Pro Forma Operating Income to GAAP Operating Income
(unaudited)                                                               
                                                        
                      Three Months Ended     Twelve Months Ended
                       December 31,           December 31,
(in thousands)         2012        2011       2012          2011
Operating income, as   $31,933   $38,023  $173,990    $144,382
reported
Operating margin, GAAP 9.7%        13.9%      13.2%         13.5%
Add: Unrealized
mark-to-market (gains) (414)       (1,203)    46            3,204
and losses
Add special items:                                       
Loss on disposal of    474         216        956           255
assets
Special charges        (105)       805        (8,450)       3,184
(credits)
Operating income,      $31,888   $37,841  $166,542    $151,025
non-GAAP (1)
Operating margin (1)   9.7%        13.8%      12.6%         14.1%
                                                        
Estimated net
operating impact from  $24,000             $24,000     
Hurricane Sandy
Hurricane
Sandy-Adjusted Pro     $55,888             $190,542    
Forma Operating Income
                                                        
Estimated revenue
impact from Hurricane  $25,000             $25,000     
Sandy
Hurricane
Sandy-Adjusted Pro     $353,268            $ 1,343,388  
Forma Total Operating
Revenue
Hurricane
Sandy-Adjusted Pro     15.8%                 14.2%         
Forma Operating Margin
                                                        
(1) Excludes unrealized fuel hedge (gains) and losses and special
items as described in the "Reconciliation of Adjusted Net Income to
GAAP Net Income" table above.
(2) Excludes all components of fuel expense, including realized and
unrealized fuel hedge (gains) and losses, and special items as
described in the "Reconciliation of Adjusted Net Income to GAAP Net
Income" table above.

The Company's economic fuel cost per gallon differs from GAAP results in that
it only includes the cash settlements related to fuel hedge contracts that
settled during the period, whereas the GAAP results also include the non-cash
mark-to-market impact of all fuel hedge contracts expected to settle in future
periods. The Company believes that net fuel hedge adjustments provide
management and investors the ability to better assess and compare its
performance.

Reconciliation of non-GAAP Economic Fuel Expense to GAAP Fuel Expense  
(unaudited)                                                               
                                                        
                           Three Months Ended   Twelve Months Ended
                            December 31,         December 31,
(in thousands, except per   2012       2011      2012       2011
gallon data)
Fuel Expense                                             
Aircraft fuel, as reported  $120,789 $94,827 $471,763 $388,046
Less:Unrealized
mark-to-market (gains) and  (414)      (1,203)   46         3,204
losses
Economic fuel expense,      $121,203 $96,030 $471,717 $384,842
non-GAAP
                                                        
Fuel gallons consumed       36,670     29,954    142,991    121,030
                                                        
Economic fuel cost per      $3.31    $3.21   $3.30    $3.18
gallon, non-GAAP

                                                         
Calculation of Return on Invested Capital                                 
(unaudited)                                                               
                                                         
                         Twelve Months      Hurricane Sandy Hurricane
(in thousands)           Ended              Adjustments     Sandy-
                         December31, 2012                  Adjusted
Operating Income         $173,990         $24,000       $197,990
Add:Unrealized
mark-to-market and       46                                46
losses (1)
Add special items:                                        
Special charges          (8,450)                           (8,450)
(credits) (1)
Loss on disposal of      956                               956
assets
Adjustment for Aircraft  143,572                           143,572
Rent
Adjusted Operating       $310,114         $24,000       $334,114
Income (1)
Tax (37.9%) (2)          117,533            9,096           126,629
Adjusted Operating       $192,581         $14,904       $207,485
Income, after-tax
Invested Capital                                          
Total Debt               $—                              $ —
Book Equity              582,535            14,904          597,439
Less: Unrestricted Cash  416,816            24,000          440,816
Add: Capitalized
Aircraft Operating       1,005,004                         1,005,004
Leases (7x Aircraft
Rent)
Total Invested Capital   $ 1,170,723       $(9,096)      $ 1,161,627
                                                         
Return on Invested       26.5%                             28.8%
Capital (ROIC), pre-tax
Return on Invested
Capital (ROIC),          16.4%                             17.9%
after-tax
                                                         
(1) Excludes unrealized mark-to-market (gains) and losses and special
items as described in the "Reconciliation of Adjusted Net Income to GAAP
Net Income" table below.
(2) Assumes same marginal tax rate as is applicable to GAAP net           
income.

CONTACT: Investor Relations Contact:
         DeAnne Gabel
         Director, Investor Relations
         954-447-7920
         InvestorRelations@spirit.com
        
         Media Contacts:
         Misty Pinson
         Director, Corporate Communications
         misty.pinson@spirit.com
         954-628-4827/cell 954-918-9432
        
         Manuel Jaquez (Latin America & Caribbean)
         Senior Manager Commercial - Latin America
         manuel.jaquez@spirit.com
         954-628-4898

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