Investor Update

April 15, 2015


This investor update provides Spirit's guidance for the first quarter ending March 31, 2015 and full year ending December 31, 2015. All data is based on preliminary estimates.

Capacity - Available Seat Miles (ASMs)

1Q15A

2Q15E 3Q15E

4Q15E

FY2015E

Year-over-Year % Change

25.0%

32.3% 34.5%

30.6 %

30.7%

1Q15E Operating Margin(1) Approximately 22.5% Operating Expense per ASM (CASM) (cents)


Adjusted CASM(1) 8.05 - 8.10

Less: Economic fuel expense per ASM(2) 2.34

Adjusted CASM ex-fuel(3) 5.71 5.76

Average Stage Length (miles) 991 Fuel Expense per Gallon ($)


Economic fuel cost(2) $1.95
Fuel gallons (thousands) 56,723

Selected Operating Expenses ($Millions)



Aircraft rent $52.8
Depreciation and amortization $14.9

Interest Expense, net of Capitalized Interest ($Millions)


Interest expense $2.8

Capitalized interest (2.5) Interest Expense, net of Capitalized Interest $0.3

Effective Tax Rate 37% Wtd. Average Share Count (Millions)

Basic 73.1
Diluted 73.4
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Full Year 2015E Capital Expenditures ($Millions)


Aircraft capital expenditures(4) $ 620
Other capital expenditures(5) 67
Gross capital expenditures(4) $ 687

Anticipated proceeds from issuance of long term debt and sale/leaseback transactions $ 545 Other Working Capital Requirements

Payments for heavy maintenance events(6) $ 20

Pre-delivery deposits for flight equipment, net of refunds $ 102
Pre-paid maintenance deposits, net of reimbursements $ 30

Fuel Hedges Period % of Est. Volume Instrument Avg. Price / Gallon

1Q15 83% USGC Jet Call Options $2.14

2Q15 70% USGC Jet Call Options $1.90
3Q15 20% USGC Jet Call Options $1.92
4Q15 17% USGC Jet Call Options $1.94

Footnotes

(1) Excludes special items which may include unrealized gains or losses related to fuel derivative contracts, loss on disposal of assets, and special charges or credits. Includes realized gains or losses related to fuel derivative contracts.
(2) Includes fuel taxes, into-plane fuel cost, and realized gains and losses related to fuel derivative contracts.
(3) Excludes all components of fuel expense, loss on disposal of assets, and special charges or credits.
(4) Includes amounts related to 14 aircraft scheduled for delivery in 2015, including $152 million that was funded as pre-delivery deposits in prior years that is held by the aircraft manufacturer. The Company has 15 aircraft scheduled for delivery in 2015. The Company has debt commitments for the first 11 aircraft delivering in 2015 and assumes it will debt finance 3 additional aircraft and direct lease 1 aircraft from a third-party.
(5) Includes the purchase of a spare engine.
(6) Payments for heavy maintenance events are recorded as Long-term deposits and other assets within "Changes in operating assets and liabilities," on the Company's cash flow statement.
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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 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, guidance and estimates for the first quarter and full year 2015 including expectations regarding the delivery schedule of aircraft on order, announced new service routes, revenues, cost of operations, operating margin, capacity, CASM, CASM ex-fuel, fuel expense, economic fuel cost, expected unrealized mark-to-market gains or losses, capital expenditures and other working capital requirements, aircraft rent, depreciation and amortization,
fuel hedges and tax rates. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company has no intent, nor undertakes any obligation, to publicly update or revise any of these projections, 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.
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