Spirit Airlines Maxim Group Growth Conference March 26, 2012

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1 Spirit Airlines Maxim Group Growth Conference March 26, 2012

2 Disclaimer This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management s belief as of that time with respect to future events, and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company s intentions and expectations regarding the delivery schedule of the aircraft on order and announced new service routes and customer savings programs. Important factors that could cause such differences include, but are not limited to: the competitive environment in our industry; our ability to keep costs low; changes in our fuel cost; the impact of worldwide economic conditions, including the impact of the economic recession on customer travel behavior; actual or threatened terrorist attacks, global instability and potential U.S. military actions or activities; ability to generate non-ticket revenues; restriction on third-party membership programs; external conditions, including air traffic congestion, weather and outbreak of disease; air travel substitutes; labor disputes, employee strikes and other labor-related disruptions including in connection with our current negotiations with the union representing our flight attendants; ability to attract and retain qualified personnel; loss of key personnel; aircraft-related fixed obligations; dependence on cash balances and operating cash flows; ability to hedge fuel requirements; our aircraft utilization rate; maintenance costs; our reliance on automated systems and the risks associated with changes made to those systems; use of personal data; lack of marketing alliances; government regulation; our ability to fulfill growth strategy; operational disruptions; our indebtedness and similar obligations; our liquidity; the concentration of our revenue from South Florida; our reliance on third-party vendors and partners; single fuel provider; an aircraft accident or incident; our aircraft and engine suppliers; changes in the Caribbean and Latin America markets; insurance costs; environmental regulations; and other risk factors included under Risk Factors in its Form10-K and other filings with the Securities and Exchange Commission. In addition, in this presentation, the words believe, may, estimate, continue, anticipate, intend, expect, predict, potential and similar expressions, as they relate to our company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth or referred to above. Forward-looking statements speak only as of the date of this presentation. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forwardlooking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. 2

3 Spirit Airlines: Run Like a Business

4 Spirit Spirit operates 40 aircraft on more than 190 daily flights to over 45 destinations throughout the U.S., Latin America & Caribbean Unique Ultra Low-Cost Carrier ULCC business model for the U.S. Since transitioning to ULCC model in 2007, Spirit has delivered consistent, strong financial performance Proven financial performance in a myriad of economic backdrops Numerous underserved markets provide profitable organic growth opportunities Strong balance sheet with cash on hand to fund growth opportunities Focus is on seeking accretive growth opportunities without margin compression 4

5 Spirit Today Pro forma pre-tax margin 2011: 14.3% (1) Pre-tax ROIC 2011: 28.5% (1) Unrestricted Cash Balance at 12/31/11: $343MM Planned Seat Growth: 18% CAGR thru Year End 2015 Denver service starts 5/3/2012; Minneapolis/St. Paul service starts 5/31/2012 Notes 1. See Appendix for Pre-Tax Margin and Return on Invested Capital reconciliations; operating leases capitalized at 7x multiple 5

6 Core Principles Every decision is driven by its impact to the bottom line Committed to an ultra low cost structure keep it simple Our product is our price low price stimulates demand If a flight isn t working, we will redeploy asset elsewhere No value in market share Blind to borders focus on profitability over geography Focus only on profitable growth 6

7 Lowest Costs Among Primary Competitors Adjusted Unit Cost, or Cost per Available Seat Mile (CASM) 2011 (1) (2) ( ) % +66% Higher than Spirit % +24% Overlap With Spirit Network (3) 25% 16% 23% 61% Notes 1. Based on public company reports for full year 2011; reflects mainline operations only; Southwest assumes pro forma results including AirTran for entire period; Stage length adjusted to 921 miles, formula = other airline CASM x (other airline stage length / Spirit stage length) CASM excludes special items and unrealized mark-to-market gains and losses; see Appendix for reconciliation detail for Spirit Adjusted CASM 3. Based on publicly available data as of 2/13/2012 for routes as of April 2012; Airports within same metropolitan areas considered single market 7

8 Low Costs + Ancillary Subsidy Allows Lowest Base Fares Average Breakeven Fare Per Passenger Flight Segment (1) (2) ($) % +208% Higher than Spirit % % Notes 1. Based on public company reports for full year 2011; reflects mainline operations only; excludes special items and unrealized mark-to-market gains and losses; Southwest assumes pro forma results including AirTran for entire period 2. Calculated as: ( Average Stage Length * (Adjusted CASM - Ancillary Revenue per Available Seat Miles) / (Load Factor ) 8

9 Efficient Use of Assets High Density Configuration (1) Spirit A320 19% more seats with 178 Seats Per Aircraft Load Factor % Implied Passengers per Aircraft % 124 jetblue A Seats Per Aircraft (Hours) Average Daily Aircraft Utilization (1) Spirit jetblue Southwest Peak Turns per Aircraft per 24-hour Period (1) Spirit Southwest jetblue Seat density and high load factors dampen impact of fuel price volatility Notes 1. Based on public company reports; Peak turns per aircraft derived from company reports and OAG data as of August 2011; Average Daily Aircraft Utilization based on full year 2011 data for Spirit and JetBlue and full year 2010 for Southwest 9

10 Industry-Leading Non-Ticket Revenue Production Non-ticket revenue helps to stabilize revenue and is less sensitive to price volatility Spirit has introduced dozens of non-ticket products and services for sale We consistently search for new innovations to increase non-ticket revenue allowing us to lower base fares (%) 50% Ancillary Revenue as a Percentage of Total Revenue (1) Spirit Airlines Similar Competitors Non-airline Benchmarks Hotels 40% 30% 20% 23.4% 31.1% 34.7% 20.4% 29.1% Car rentals Cruise lines Amusement parks Automobiles 10% Communication services 0% YTD 3Q11 Notes 1. Allegiant and Ryanair figures based on year-to-date available public data through 9/30/

11 Non-Ticket Model has Favorable Characteristics Revenue Benefits Cost Benefits Characteristic Base Fare Non-Ticket Price Elasticity High Medium to Low Demand Stimulation % paid by Customer Competitive Matching Penalizes Encourages 100% <100% Likely More Difficult Seasonality Highly Seasonal Less Seasonal Economic Incentives Drive Low Cost Behavior Example: Charge for bags Customers carry fewer bags Less infrastructure needed Burn less fuel Subject to Price Wars Yes No Lowers Cost 11

12 Low Fares Attract our Target Customers & Stimulate Demand Spirit s Target Customers Who Pays? Customer Pays Someone Else Pays Price Sensitivity High Low Typical Travel Purpose Leisure/VFR/Business Corporate Pay for lots of bags, less schedule sensitive, buy direct New Market Example Original Market Size New Market Size Stimulated Passengers Spirit Flights 1000 $ $

13 Spirit Model Works With Rational and Irrational Competitors If a competitor ignores Spirit, we tend to win If a competitor matches Spirit, we tend to win even more Example Spirit Launches Low Fare YES Competitor Restricts Sale Of Fare? YES Competitor Matches Fare? NO Spirit Wins Customer NO Competitor Fills Up On Cheap Fares, Loses Money, Cancels Flying Customer Chooses Options For More $ Spirit Wins New Stimulated Passengers Spirit Wins New Stimulated and Existing Passengers 13

14 Changing Industry Dynamics Percentage of International & Domestic Markets that Overlap with American Airlines (1) 80% 60% 61% 40% 39% 20% 23% 21% 14% 8% 0% Notes 1. Based on publicly available data as of 2/13/2012 for routes as of April 2012; Airports within same metropolitan areas considered single market 14

15 RASM (Revenue Per Available Seat Mile) Spirit Has Substantial Growth Opportunities Look to grow in markets where we can lower fares 25%, stimulate demand to 200+ passengers daily each way (PDEW) and make $ Assuming current fares are reduced by 25%, over 300 routes meet Spirit s current RASM threshold for growth (1) We are also exploring other routes that meet our RASM threshold for growth but do not yet meet PDEWs for daily service pattern Potential Routes for Growth (Cents) Over 300 Large, Un-Flown, High Fare Markets = Spirit Growth Opportunities Example Market: A to B PDEWs: 1080 Distance (miles): 930 Current Avg. Fare (1) : $160 Spirit Breakeven Fare (2) : $ ,100 1,600 2,100 2,600 Miles Notes 1. Based on USDOT DB1B YE 4Q10; Assumes 25% fare reduction from YE 4Q10 levels and a minimum of 200 passengers per day each way after stimulation; RASM assumes 25% fare reduction from current levels 2. Calculation based on full year 2011 CASM 15

16 Strong Financial Results

17 Strong Financial Results 2011 Change vs Change vs Total operating revenue (MM) $1, % Available Seat Miles (MM) 9, % Economic fuel expense (MM) (1)(3) $ % Load Factor (%) pts Total operating income (MM) (2)(3) $ % Unit Revenue, or RASM (cents) % Pro forma pre-tax margin (%) (3) pts Ex-fuel Unit Cost, or CASM (cents) (3)(4) % Pro forma net income (3) $ % Aircraft end of period % Notes 1. Excludes unrealized mark-to-market fuel hedge gains and losses 2. Excludes unrealized mark-to-market fuel hedge gains and losses and special items 3. See Appendix for reconciliation details to most comparable GAAP measure 4. Excludes special items and all components of fuel expense including realized and unrealized hedge gains and losses 17

18 U.S. Industry Leading Performance on Strong Growth Adjusted Pre-Tax Margin 2011 (1) (2) 15.0 (%) n/a SAVE ALK ALGT UAL JBLU DAL LUV LCC AMR Notes 1. Competitor figures derived from public company filings for full year; Southwest as reported (includes AirTran since 5/2/2011) 2. Spirit assumes pro forma; Excludes special items and unrealized mark-to-market gains and losses for all carriers; see Appendix for reconciliation details for Spirit Adj. pre-tax margin 18

19 Strong Liquidity Position Spirit has no debt on its balance sheet and a strong cash position Total Cash as a % of LTM Revenue (1) (%) 50.0% 40.0% 30.0% 41.0% 32.1% 28.1% 26.4% 20.0% 10.0% 21.0% 19.7% 18.9% 17.7% 11.2% 0.0% Notes 1. Based on Company SEC filings and press releases; Data is based on total cash (unrestricted + restricted) as defined under current assets as of last twelve months ending 12/31/

20 Unique Opportunity

21 Spirit is a Unique Airline Investment Opportunity Proven Profitable in Extreme Economic Environments Lowest Cost & Highest Ancillary Revenue Among Competitors Strong Consumer Demand Driven by Low Fares Plus Options Profitable Growth Opportunities in Foreign & Domestic Markets 21

22 Appendix

23 Reconciliation for Return on Invested Capital (in thousands) Operating Income $ 144,382 Add: Unrealized mark-to-market losses (a) 3,204 Add special items: Special charges (b) 3,184 Loss on disposal of assets 255 Adjustment for Aircraft Rent 116,485 Adjusted Operating Income (c ) $ 267,510 Tax (37.8%) 101,119 Adjusted Operating Income, after-tax $ 166,391 Invested Capital Tw elve Months Ended December 31, 2011 Total Debt $ - Book Equity 466,706 Less: Unrestricted Cash 343,328 Add: Capitalized Aircraft Operating Leases (7x Aircraft Rent) 815,395 Total Invested Capital $ 938,773 Return on Invested Capital (ROIC), pre-tax 28.5% Return on Invested Capital (ROIC), after-tax 17.7% (a) Unrealized mark-to-market losses are comprised of non-cash adjustments to aircraft fuel expense. (b) Special charges include: (i) amounts relating to exit facility costs associated with moving our Detroit, Michigan maintenance operations to Fort Lauderdale, Florida; and (ii) 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 services agreement with us and fees paid to three individual, unaffiliated holders of our subordinated notes. Special charges for 2011 also include legal, accounting, printing, and filing fees connected with the secondary offering which was consummated on January 25, (c) Excludes special items and unrealized mark-to-market hedge losses. 23

24 Reconciliation for Pro forma Operating Income, Net Income and Pre-tax margin (in thousands) Full Year 2011 Full Year 2010 Operating and Net Income reconciliation Pro forma (a) Pro forma (a) Net income as reported $ 76,448 $ 72,481 Add: Provision (benefit) for income taxes 46,383 (52,296) Income before income taxes, as reported 122,831 20,185 Add: Total other (income) expense 21,551 48,688 Operating income, as reported 144,382 68,873 Add: Unrealized mark-to-market (gains) and losses (b) 3,204 (2,065) Add special items: Special charges (c) 3, Loss on disposal of assets Operating income, non-gaap 151,025 67,506 Less: Total other (income) expense 21,551 48,688 Add: Pro forma adjustment for interest expense 23,964 50,313 Pre-tax income, non-gaap (d) $ 153,438 $ 69,131 Pre-tax margin, non-gaap 14.3% 8.8% Provision for income taxes 57,941 25,793 Pro forma net income, non-gaap $ 95,497 $ 43,338 (a) Pro forma earnings for full year 2011 and full year 2010 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. (b) Unrealized mark-to-market losses are comprised of non-cash adjustments to aircraft fuel expense. (c) Special charges include: (i) for 2010 amounts relating to the sale of previously expensed MD-80 parts; (ii) 2010 and 2011 amounts relating to exit facility costs associated with moving our Detroit, Michigan maintenance operations to Fort Lauderdale, Florida; and (iii) 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 services agreement with us and fees paid to three individual, unaffiliated holders of our subordinated notes. Special charges for 2011 also include legal, accounting, printing, and filing fees connected with the secondary offering which was consummated on January 25, (d) Excludes special items and unrealized mark-to-market hedge losses. 24

25 Reconciliation for Adjusted CASM CASM excluding special items and CASM excluding special items and fuel are included as supplemental disclosures because we believe they are useful indicators of our operating performance. These measures are well recognized performance measurements in the airline industry that are frequently used by investors, securities analysts and other interested parties in comparing the operating performance of companies in our industry. (in thousands except CASM data in cents) Full Year 2011 Full Year 2010 Total operating expenses, as reported $ 926,804 $ 712,392 Less: Unrealized mark-to-market (gains) and losses (a) 3,204 (2,065) Less special items: Loss on disposal of assets Special charges (b) 3, Operating expenses, non-gaap (c) 920, ,759 Less: Economic fuel expense 384, ,271 Adjusted operating expenses $ 535,319 $ 463,488 Available seat miles (ASMs) 9,352,553 8,119,923 Cost per ASM (CASM) (cents) CASM excluding unrealized (gains) and losses and special items (c) CASM ex-fuel (cents) (a) Unrealized mark-to-market (gains) and losses are comprised of non-cash adjustments to aircraft fuel expense. (b) Special charges include: (i) for 2010 amounts relating to the sale of previously expensed MD-80 parts; (ii) 2010 and 2011 amounts relating to exit facility costs associated with moving our Detroit, Michigan maintenance operations to Fort Lauderdale, Florida; and (iii) 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 services agreement with us and fees paid to three individual, unaffiliated holders of our subordinated notes. Special charges for 2011 also include legal, accounting, printing, and filing fees connected with the secondary offering which was consummated on January 25, (c) Excludes special items and unrealized mark-to-market hedge losses. 25

26 Reconciliation for Economic Fuel Expense 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. Twelve Months Ended December 31, (in thousands) Fuel Expense Aircraft fuel, as reported $ 388,046 $ 248,206 Less: Unrealized mark-to-market (gains) and losses (a) 3,204 (2,065 ) Economic fuel expense, non-gaap $ 384,842 $ 250,271 (a) Unrealized mark-to-market (gains) and losses are comprised of non-cash adjustments to aircraft fuel expense. 26

27 Thank You

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