Spirit Airlines, Inc.

Welcome to the fourth quarter and fiscal year 2020 conference call. My name is James, and I'll be your operator for today's call. All participants are in listen-only mode. Later, we will conduct a question-and-answer session. During the Q&A session, if you have a question, please press star 1 on your phone. And I'd now like to turn the call over to Deanne Gable. Deanne, you may begin.

Thank you, James, and welcome, everyone, to Spirit Airlines' fourth quarter earnings 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 Harrelson, our Chief Financial Officer. Also joining us on the call today are other members of our senior leadership team. Following our prepared remarks, there will be a question-and-answer session for sell-side analysts. Today's discussion contains forward-looking statements that are based on the company's current expectations, are not a guarantee of future performance, and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those reflected by the forward-looking statements are included in our reports on file with the SEC. 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 fourth quarter 2020 earnings release, which is available on our website, for the reconciliation of our non-GAAP measures. With that, I turn the call over to Ted.

Thanks, Deanne, and thanks to everyone for joining us today. As we report the results of the final quarter of the most difficult year in Spirit's history, my thoughts turn first to the resiliency and grit of the Spirit team. My sincerest and humblest thanks to our team members for their contributions throughout the year. They met the challenges of 2020 with a winning attitude and pulled together to ensure that Spirit is well positioned for the opportunities ahead. Together, we have built a company with the pillars necessary for success. Our guests have noticed the improvements we have made and others are taking notice as well. I want to take this opportunity to congratulate the Spirit team on being named to Fortune's 2021 list of the world's most admired companies. Spirit was not just the only ULCC to be named on the list. We are also one of only three U.S. airlines and one of only eight airlines worldwide to be included, a very validating and earned recognition. As we all know, The pandemic had an abrupt and devastating impact on our industry, and 2020 certainly turned out much differently than how it began. But from adversity comes strength, and that's definitely been true for Spirit. I am very proud of how our team pivoted as needed and came up with solutions to new problems. From the beginning, our top priority was and continues to be the well-being of our team members and guests. We quickly moved to adopt enhanced cleaning and sanitization protocols. along with many other measures that met or exceeded the CDC guidelines and rules. We redefined how to make tactical changes to our schedule faster and closer to departure than ever before, which has been an asset, especially given the choppiness of the recovery. And we did so while delivering strong operational performance. For the full year 2020, our completion factor was 97.9%, which based on preliminary results, earned us a first place ranking among reporting carriers. And our on-time performance was 86.7%, earning us a third place ranking. During 2020, we furthered our commitment to invest in the guests by leveraging technology-driven solutions to enhance self-service options. And we also launched an entirely new mobile app experience that has earned a 4.8 star rating. I could go on and on, but I'll summarize by saying I am very proud of our talented and dedicated team. With case counts declining and the vaccine rollout underway, now is the time to turn our focus to preparing for the recovery. And thanks to the efforts of all the SPIRIT team members, we are very well positioned to do just that. There are still many uncertainties about how the recovery will play out, but one thing we know is that our leading low-cost structure remains a key competitive advantage, and we intend to protect that asset to ensure our leadership position in the industry is maintained. With that, I'll turn it over to Matt and Scott to discuss more details of our quarterly performance.