
Spirit Airlines will furloughing approximately 240 pilots and downgrading approximately 100 captains
Delivering on Cost Saving Initiatives and Network Changes
On track to achieve $100 million of annual run-rate cost savings with approximately $75 million expected to be achieved by year-end 2024
Initiatives include:
Temporarily suspending the recruitment of pilots and flight attendants and related training costs
Offering voluntary unpaid leaves of absences to flight attendants
Right-sizing overhead and non-crew operational positions
Reducing discretionary capital spend
Furloughing approximately 240 pilots and downgrading approximately 100 captains • Realigning the network
Compared to the third quarter 2023, in the third quarter 2024 the Company will have exited 42 markets and added 77 new ones
Offering more day of week routes which allows for route expansion at a lower risk profile
Aggressively managing capacity to better match seasonal and daily demand variances
Aligning capacity to markets where the supply/demand trends are more in balance
In addition to other liquidity-enhancing initiatives, the Company deferred all aircraft on order with Airbus that were scheduled to be delivered in the second quarter of 2025 through the end of 2026 to 2030-2031
Read more https://s24.q4cdn.com/507316502/files/doc_financials/2024/q2/Earnings-Release-2Q24.pdf
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