Spirit Airlines, Inc. (NYSE:SAVE) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET

Company Participants

De Anne Gabel - Senior Director of Investor Relations

Ted Christie - Chief Executive Officer

Matt Klein - Chief Commercial Officer

Scott Haralson - Chief Financial Officer

Conference Call Participants

Duane Pfennigwerth - Evercore

Savi Syth - Raymond James

Catherine O'Brien - Goldman Sachs

Conor Cunningham - MKM Partners

Mike Linenberg - Deutsche Bank

Jamie Baker - JPMorgan

Tom McCaffrey - Cowen

Daniel McKenzie - Seaport Global

Chris Stathoulopoulos - Susquehanna International

Operator

Welcome to the Spirit Airlines' First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode until Q&A. [Operator Instructions]

I would now like to hand the conference over to your speaker today, De Anne Gabel, Senior Director, Investor Relations. You may begin.

De Anne Gabel

Thank you, Suzanne, and welcome, everyone, to Spirit Airlines' First Quarter 2022 Earnings Conference Call. This call is being recorded and simultaneously webcast. A replay of this call will be archived on our website for 60 days. Presenting on today's call are Ted Christie, Spirit's Chief Executive Officer; Matt Klein, our Chief Commercial Officer; and Scott Haralson, our Chief Financial Officer. Also joining us in the room are other members of our senior leadership team.

Following our prepared remarks, there will be a question-and-answer session for analysts. Today's discussion contains forward-looking statements that are based on the company's current expectations and are not a guarantee of future performance. There could be significant risks and uncertainties that cause actual results to differ materially from those reflected by the forward-looking statements, including the risk factors discussed in our reports on file with the SEC and the consummation of the merger with Frontier Group Holdings, pursuant to the merger agreement entered into on February 5, 2022.

The merger is expected to close in the second half of 2022, subject to satisfaction of customary closing conditions, including completion of the regulatory review process and approval by Spirit stockholders. We undertake no duty to update any forward-looking statements. In comparing results today, we will be adjusting all periods to exclude special items. Please refer to our first quarter 2022 earnings release, which is available on our website for the reconciliation of our non-GAAP measures.

And with that, I turn the call over to Ted.

Ted Christie

Thanks, De Anne. Thanks to everyone for joining us today. We were very pleased with the strength and demand we saw build throughout the quarter from mid-February on. March saw exceptional strength with total revenue per passenger segment up nearly 10%, compared to March 2019, and the improvement in April versus 2019 was even stronger. As we head into the peak summer period, we are very excited by the robust demand strength we are seeing. We estimate our second quarter TRASM will be up between 18% and 21% compared to the second quarter 2019, which translates into a TRASM that is the highest we've seen since 2014. Very encouraging.