Ok, now you got me thinking about it again.

Last investor slides: http://ir.spirit.com/static-files/c9...f-4b9fd3eff1d5

Slide 3. Look at the listed opportunities. International. Bullet 2, cost gap relative to competitors. Improving guest relations.

Does a new aircraft meet those objectives? If you ask the airframe builders, yea. A new dramatically more efficient airframe certainly could help lead the trend for lower operating expenses and a better customer experience. However...

In slide 4, they point out that many of Spirit's routes are low frequency point to point. That does NOT argue for a smaller aircraft. There are multiple references to international destinations, which also don't seem to argue for smaller aircraft. We're looking at 320/321 aircraft with rafts, and they bring up those growth areas repeatedly. What planes do you want to take international?

Slide 5 just highlights why Spirit is different. Important, but not for the question of if you're gonna buy another airframe. Interestingly, it does seem to justify things like wifi though.

Slide 7 - PBS. You guys are gonna work just a bit more than you did in the past. Hopefully the contract keeps you from getting abused and you get paid well for the more efficient lines you're gonna be flying.

Slide 8 - more benefits of PBS plus a return to the use of the term "juniority", meaning they're relying on Spirit not being a true top tier airline from a career perspective, as a CASM driver. It's gonna be on you guys and ALPA to decide if that's a battleground or your happy place. Honestly I'm surprised to see this, but it's the brutal truth. Your new contract is miles ahead of the old one but it's still low cost compared to your competitors. Note that the more the company grows, the more important "juniority" is to the CASM bottom line (and the longer you'll be blessed with a 5 year upgrade). If the economy stagnates you'll find yourself in the same situation as SWA, with a very level seniority list who are are happy to stay where they are because the company is able to avoid bankruptcy when everyone else is drowning.

Slide 9 takeaway is the second to last bullet, about operational reliability. Is the company willing to risk one of their greatest advantages (fleet uniformity and reliability) to bring in a new and unproven aircraft type? My bet would be no, but your new CEO is a finance guy so he might be more comfortable counting beans than counting on-time dispatch rates.

Slide 7 - talking about existing and new routes having 150+ pax each way. That does NOT argue well for anything smaller than a 319 unless the reliability is PROVEN and the improved efficiency and bottom line dollar benefits are compelling.

Slide 10 also talks about how much lower you guys can go before an economic downturn will cause you to pull out of markets, with a stated ability to cut ticket prices by 25% and still survive. True for a 5 year outlook considering current and new markets.

Slide 12. Should have a sub-title in BOLD letters "Why we do not need another aircraft type". This slide is new to me, seems pretty straightforward unless it's intentionally deceptive (don't automatically discount that possibility).

Slide 13 - lots of new hires and upgrades for all my friends! Should be comforting and at the same time provide ammo for ALPA in their next negotiation window. 5 yrs.. ugh. Sorry guys.

Last bullet is scary. "Fleet options" past 2021. First mention of a new aircraft type, but it seems almost like it's trying to keep pressure on airbus to refresh the 320 family like boeing has kept the 737 alive with "real" upgrades and improvements. What's the real story there? First big question mark of the entire presentation!

Slide 14 - you guys are awesome but we're not giving you more money.

Slide 15 - we are awesome but we're not giving you more money.

Slide 16 - look how awesome we are because we're not paying you legacy compensation.


slide 17 - We're investing in our money-printing machinery because it's been working so well for us.

Slide 18 - Suckers! Boo-yah! #profit

Yea, my MBA was mail order. Suck it. Or educate yourself on what your company is doing and where they're going, BEFORE they spring PBS version 2 on you in a few years.

Edit - Slide 22, they add a line "Adjusted operating income adjusted for pilot work action and Hurricanes Harvey, Irma and Maria (5)". They're sticking to their story about how the pilot group tried to sabotage the company last May with the totally fabricated "work slowdown". See my above post about trust, and that's why I don't work for Spirit anymore in spite of all the things the company is doing right. That line right there is all you need to know about how the next contract negotiations are going to go.