Pre-covid their CASM-ex was around $0.07 IIRC, basically half of the legacies. They were eating everyone's lunch. Looks like on the latest quarterly it's $.0767, so not much has changed. This is definitely a revenue issue.

Spirit's prices were so low they were stimulating demand, they weren't just stealing pax from other carriers. But they were also making money at those prices. Not quite sure what happened here.