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FLYYQ Spirit Airlines, Inc.

Bankruptcy 2024-11-18
Peak Score
207.8
top 3% of tracked companies
control ceiling: 51.5 · methodology ↗
score IQR: 7.1–59.6
last flagged: 2021-02-10
latest filing: 2024-02-09
z-score vs own history: -0.6σ
latest score percentile: 29.4th

Phrase Escalation Score Over Time

Overlays:
Score (left axis)

Filing Pair Breakdown

Annual (10-K) and quarterly (10-Q) pairs combined · click any row to expand signals.

10-K 2023-02 → 2024-02 Pre-event
RF: 22511→21696w (-3.6%)
2.1
Most Anomalous Sentences semantic score: 4.6
"We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.68 market specificity: 1.00 score: 0.682 risk_factors
anchor: we are subject to formal regulatory enforcement action
"As of December 31, 2023, our cash and cash equivalents was $865.2 million, a decrease of $481.1 million compared to the prior year."
distress relevance: 0.65 market specificity: 1.00 score: 0.651 mda
anchor: cash and cash equivalents declined significantly
"As a result, we have assessed the impact of such trends on our liquidity requirements and expect to have sufficient liquidity to meet our future cash needs for the next twelve months with cash and cash equivalents, cash flows from operations, the implementation of discretionary cost reduction strategies, and other financing arrangements."
distress relevance: 0.61 market specificity: 1.00 score: 0.613 mda
anchor: our available liquidity may be insufficient
"Cash and cash equivalents is generally driven by cash from our operating activities as well as capital from debt and equity financings, offset by cash used to fund PDPs and capital expenditures and principal payments related to our long- term debt."
distress relevance: 0.57 market specificity: 1.00 score: 0.571 mda
anchor: cash and cash equivalents declined significantly
"See also “Risks Related to Our Business—We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.57 market specificity: 1.00 score: 0.568 risk_factors
anchor: we are subject to formal regulatory enforcement action
10-K 2022-02 → 2023-02 Pre-event
RF: 23287→22511w (-3.3%)
13.0
Most Anomalous Sentences semantic score: 4.667
"We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.68 market specificity: 1.00 score: 0.682 risk_factors
anchor: we are subject to formal regulatory enforcement action
"Cash and cash equivalents is generally driven by cash from our operating activities as well as capital from debt and equity financings offset by cash used to fund PDPs and capital expenditures and principal payments related to our long-term debt."
distress relevance: 0.57 market specificity: 1.00 score: 0.570 mda
anchor: cash and cash equivalents declined significantly
"See also “Risks Related to Our Business—We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.57 market specificity: 1.00 score: 0.568 risk_factors
anchor: we are subject to formal regulatory enforcement action
"In 2022, we generated operating revenues of $5,068.4 million and had an operating loss of $598.9 million resulting in a negative operating margin of 11.8% and a net loss of $554.2 million."
distress relevance: 0.56 market specificity: 1.00 score: 0.562 mda
anchor: significant unrealized losses that would be realized if we sold securities
"As of December 31, 2022, our cash and cash equivalents was $1,346.4 million, an increase of $12.8 million compared to the prior year."
distress relevance: 0.56 market specificity: 1.00 score: 0.562 mda
anchor: our cash burn rate has increased significantly
10-K 2021-02 → 2022-02 Pre-event
RF: 21888→23287w (6.4%)
0.9
Most Anomalous Sentences semantic score: 5.3
"As of December 31, 2021, our cash and cash equivalents was $1,333.5 million, a decrease of $456.2 million compared to the prior year."
distress relevance: 0.69 market specificity: 1.00 score: 0.691 mda
anchor: cash and cash equivalents declined significantly
"See also “—We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.60 market specificity: 1.00 score: 0.605 risk_factors
anchor: we are subject to formal regulatory enforcement action
"Cash and cash equivalents is generally driven by cash from our operating activities offset by cash used to fund PDPs and capital expenditures and principal payments related to our long-term debt."
distress relevance: 0.57 market specificity: 1.00 score: 0.571 mda
anchor: cash and cash equivalents declined significantly
"There are limitations on our ability to mitigate the adverse financial impact of these items, including as a result of our significant aircraft-related fixed obligations."
distress relevance: 0.57 market specificity: 1.00 score: 0.569 risk_factors
anchor: our debt covenants restrict our ability to operate
"We have agreed to certain restrictions on our business by accepting financing under the legislation enacted in response to the COVID-19 pandemic."
distress relevance: 0.56 market specificity: 1.00 score: 0.563 risk_factors
anchor: regulatory consent order restricts our business activities
10-K 2020-02 → 2021-02 Pre-event
RF: 15077→21888w (+45.2%)
207.8
Most Anomalous Sentences semantic score: 5.8
"We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.68 market specificity: 1.00 score: 0.682 risk_factors
anchor: we are subject to formal regulatory enforcement action
"In July 2020, we distributed a letter to employees, including approximately 2,500 U.S.-based union represented employees, regarding the possibility of a workforce reduction at their work location."
distress relevance: 0.62 market specificity: 1.00 score: 0.623 mda
anchor: we have implemented significant workforce reductions
"If we are not able to comply with this complex regulatory regime, our business could be significantly harmed."
distress relevance: 0.62 market specificity: 1.00 score: 0.621 risk_factors
anchor: we are subject to formal regulatory enforcement action
"See also “—We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.60 market specificity: 1.00 score: 0.605 risk_factors
anchor: we are subject to formal regulatory enforcement action
"In addition, our operations in foreign countries are subject to regulation by foreign governments and our business may be affected by changes in law and future actions taken by such governments, including granting or withdrawal of government approvals and restrictions on competitive practices."
distress relevance: 0.57 market specificity: 1.00 score: 0.575 risk_factors
anchor: regulatory consent order restricts our business activities
10-K 2019-02 → 2020-02 Pre-event
RF: 73→15077w (+20553.4%)
59.6
Most Anomalous Sentences semantic score: 3.567
"We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.68 market specificity: 1.00 score: 0.682 risk_factors
anchor: we are subject to formal regulatory enforcement action
"In addition, we are required by some of our aircraft lessors to fund reserves in cash in advance for scheduled maintenance, and a portion of our cash is therefore unavailable until after we have completed the scheduled maintenance in accordance with the terms of the operating leases."
distress relevance: 0.67 market specificity: 1.00 score: 0.667 risk_factors
anchor: our cash reserves may be insufficient to fund operations
"We are highly dependent upon our cash balances and operating cash flows."
distress relevance: 0.62 market specificity: 1.00 score: 0.624 risk_factors
anchor: we are experiencing significant cash outflows
"If we are not able to comply with this complex regulatory regime, our business could be significantly harmed."
distress relevance: 0.62 market specificity: 1.00 score: 0.621 risk_factors
anchor: we are subject to formal regulatory enforcement action
"We may not have sufficient liquidity or creditworthiness to fund the purchase of aircraft and engines, including payment of PDPs, or for other working capital."
distress relevance: 0.62 market specificity: 1.00 score: 0.619 risk_factors
anchor: we may not have sufficient liquidity to meet our obligations
10-K 2018-02 → 2019-02 Pre-event
RF: 14388→73w (-99.5%)
24.5
Most Anomalous Sentences semantic score: 1.6
", our cash and cash equivalents was compared to the prior year."
distress relevance: 0.72 market specificity: 1.00 score: 0.719 mda
anchor: cash and cash equivalents declined significantly
"Residual values for new aircraft, new engines, major spare rotable parts, avionics and assemblies are generally estimated to be We record impairment charges on long-lived assets used in operations when events and circumstances indicate the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net boo"
distress relevance: 0.57 market specificity: 1.00 score: 0.575 mda
anchor: material impairment charges on our investment portfolio
"Cash and cash equivalents is driven by cash from our operating and financing activities offset by cash used to fund PDPs and capital expenditures."
distress relevance: 0.55 market specificity: 1.00 score: 0.551 mda
anchor: cash and cash equivalents declined significantly
"Any agreement we do reach could increase our labor and related expenses."
distress relevance: 0.53 market specificity: 1.00 score: 0.531 mda
anchor: we may need to raise additional capital to fund operations
"Loss on disposal of assets includes the net losses on the disposal of our fixed assets."
distress relevance: 0.52 market specificity: 1.00 score: 0.524 mda
anchor: unrealized losses on our available-for-sale securities portfolio
10-K 2017-02 → 2018-02 Pre-event
RF: 14413→14388w (-0.2%)
15.6
Most Anomalous Sentences semantic score: 5.033
", our cash and cash equivalents was compared to the prior year."
distress relevance: 0.72 market specificity: 1.00 score: 0.719 mda
anchor: cash and cash equivalents declined significantly
"We are subject to extensive and increasing regulation by the FAA, DOT, TSA and other U.S."
distress relevance: 0.68 market specificity: 1.00 score: 0.682 risk_factors
anchor: we are subject to formal regulatory enforcement action
"In addition, we are required by some of our aircraft lessors to fund reserves in cash in advance for scheduled maintenance, and a portion of our cash is therefore unavailable until after we have completed the scheduled maintenance in accordance with the terms of the operating leases."
distress relevance: 0.67 market specificity: 1.00 score: 0.667 risk_factors
anchor: our cash reserves may be insufficient to fund operations
"We are highly dependent upon our cash balances and operating cash flows."
distress relevance: 0.62 market specificity: 1.00 score: 0.624 risk_factors
anchor: we are experiencing significant cash outflows
"If we are not able to comply with this complex regulatory regime, our business could be significantly harmed."
distress relevance: 0.62 market specificity: 1.00 score: 0.621 risk_factors
anchor: we are subject to formal regulatory enforcement action
10-K 2016-02 → 2017-02 Pre-event
RF: 14100→14413w (2.2%)
4.9
Most Anomalous Sentences semantic score: 1.533
", our cash and cash equivalents was compared to the prior year."
distress relevance: 0.72 market specificity: 1.00 score: 0.719 mda
anchor: cash and cash equivalents declined significantly
"We had unrealized gains of $3.9 million and unrealized losses of $3.9 million related to mark to market adjustments in the fair value of our outstanding fuel derivatives during the twelve months ended December 31, 2015 and December 31, 2014, respectively."
distress relevance: 0.57 market specificity: 1.00 score: 0.574 mda
anchor: significant unrealized losses that would be realized if we sold securities
"Residual values for aircraft, major spare rotable parts, avionics and assemblies are generally estimated to be We record impairment charges on long-lived assets used in operations when events and circumstances indicate the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the as"
distress relevance: 0.57 market specificity: 1.00 score: 0.566 mda
anchor: material impairment charges on our investment portfolio
"Cash and cash equivalents is driven by cash from our operating activities offset by cash used to fund PDPs, capital expenditures and repurchases of common stock."
distress relevance: 0.55 market specificity: 1.00 score: 0.552 mda
anchor: cash and cash equivalents declined significantly
"Any agreement we do reach could increase our labor and related expenses."
distress relevance: 0.53 market specificity: 1.00 score: 0.531 mda
anchor: we may need to raise additional capital to fund operations
10-K 2015-02 → 2016-02 Pre-event
RF: 13117→14100w (7.5%)
15.8
Most Anomalous Sentences semantic score: 1.133
"Residual values for aircraft, major spare rotable parts, avionics and assemblies are estimated to be We record impairment charges on long-lived assets used in operations when events and circumstances indicate the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets excee"
distress relevance: 0.57 market specificity: 1.00 score: 0.574 mda
anchor: material impairment charges on our investment portfolio
", our cash and cash equivalents grew to compared to the prior year, mainly driven by cash from our operating activities offset by cash used to fund PDPs, capital expenditures and repurchases of common stock."
distress relevance: 0.57 market specificity: 1.00 score: 0.572 mda
anchor: cash and cash equivalents declined significantly
"Any agreement we do reach could increase our labor and related expenses."
distress relevance: 0.53 market specificity: 1.00 score: 0.531 mda
anchor: we may need to raise additional capital to fund operations
"Loss on disposal of assets includes the net losses on the disposal of our fixed assets."
distress relevance: 0.52 market specificity: 1.00 score: 0.524 mda
anchor: unrealized losses on our available-for-sale securities portfolio
"When it is not probable we will recover amounts currently on deposit with a lessor, such amounts are expensed as supplemental rent."
distress relevance: 0.49 market specificity: 1.00 score: 0.492 mda
anchor: our deposits have declined significantly
10-K 2014-02 → 2015-02 Pre-event
RF: 13097→13117w (0.2%)
23.1
Most Anomalous Sentences semantic score: 1.367
", our cash and cash equivalents grew to compared to the prior year, mainly driven by cash from our operating activities offset by cash used to fund PDPs and capital expenditures."
distress relevance: 0.58 market specificity: 1.00 score: 0.583 mda
anchor: cash and cash equivalents declined significantly
"Residual values for aircraft, major spare rotable parts, avionics and assemblies are estimated to be We record impairment charges on long-lived assets used in operations when events and circumstances indicate that the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets "
distress relevance: 0.58 market specificity: 1.00 score: 0.578 mda
anchor: material impairment charges on our investment portfolio
"Loss on disposal of assets includes the net losses on the disposal of our fixed assets."
distress relevance: 0.52 market specificity: 1.00 score: 0.524 mda
anchor: unrealized losses on our available-for-sale securities portfolio
"When it is not probable we will recover amounts currently on deposit with a lessor, such amounts are expensed as supplemental rent."
distress relevance: 0.49 market specificity: 1.00 score: 0.492 mda
anchor: our deposits have declined significantly
"For a detailed discussion of our significant accounting policies, please see “Notes to Financial Statements—1."
distress relevance: 0.49 market specificity: 1.00 score: 0.490 mda
anchor: our internal controls over financial reporting are not effective
10-K 2013-02 → 2014-02 Pre-event
RF: 13194→13097w (-0.7%)
63.7
Most Anomalous Sentences semantic score: 1.267
", our cash and cash equivalents grew to compared to the prior year, mainly driven by cash from our operating activities offset by cash used to fund PDPs and capital expenditures."
distress relevance: 0.58 market specificity: 1.00 score: 0.583 mda
anchor: cash and cash equivalents declined significantly
"Loss on disposal of assets includes the net losses on the disposal of our fixed assets, including losses on sale and leaseback transactions."
distress relevance: 0.55 market specificity: 1.00 score: 0.547 mda
anchor: unrealized losses on our available-for-sale securities portfolio
"We believe this is the best measure of the effect that fuel prices are currently having on our business because it most closely approximates the net cash outflow associated with purchasing fuel for our operations."
distress relevance: 0.53 market specificity: 1.00 score: 0.531 mda
anchor: we are experiencing significant cash outflows
"It also includes realized and unrealized gains and losses arising from any fuel price hedging activity."
distress relevance: 0.50 market specificity: 1.00 score: 0.497 mda
anchor: significant unrealized losses that would be realized if we sold securities
"When it is not probable we will recover amounts currently on deposit with a lessor, such amounts are expensed as supplemental rent."
distress relevance: 0.49 market specificity: 1.00 score: 0.492 mda
anchor: our deposits have declined significantly
10-K 2012-02 → 2013-02 Pre-event
RF: 13359→13194w (-1.2%)
7.1
Most Anomalous Sentences semantic score: 1.233
"Cash and cash equivalents increased by compared to the prior year, and as of , we had cash and cash equivalents of in revenue partially offset by increased fuel and other expenses."
distress relevance: 0.62 market specificity: 1.00 score: 0.620 mda
anchor: cash and cash equivalents declined significantly
"Loss on disposal of assets includes the net losses on the disposal of our fixed assets, including losses on sale and leaseback transactions."
distress relevance: 0.55 market specificity: 1.00 score: 0.547 mda
anchor: unrealized losses on our available-for-sale securities portfolio
"We believe this is the best measure of the effect that fuel prices are currently having on our business because it most closely approximates the net cash outflow associated with purchasing fuel for our operations."
distress relevance: 0.53 market specificity: 1.00 score: 0.531 mda
anchor: we are experiencing significant cash outflows
"Note 1 to our financial statements provides a detailed discussion of our significant accounting policies."
distress relevance: 0.51 market specificity: 1.00 score: 0.512 mda
anchor: our internal controls over financial reporting are not effective
"Special charges (credits) include termination costs, restructuring costs, secondary offering costs, and the gain on the sale of take-off and landing slots."
distress relevance: 0.50 market specificity: 1.00 score: 0.503 mda
anchor: restructuring charges related to headcount reduction

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