Although it might be specific team members, and I am sure it does not come from the top, it still needs to be dealt with. I'm honored to be part of this team. That could change a little bit over time. Spirit Airlines, Inc. (NYSE:NYSE:SAVE) Q4 2020 Earnings Conference Call February 11, 2021 10:00 AM ETCompany ParticipantsDeAnne Gabel - Senior Director, IRTed Christie - CEOScott Haralson -. Its time you invest in diversity training. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. So it will take us 12 to 15 months to do it. Sometimes people make extreme connections to the Holocaust, which i disagree with, it is not fair to call people who you politically disagree with Nazis However he never did that! Total revenue per Passenger Flight segment decreased 14.5% year-over-year, primarily driven by a 25.6% decrease in average passenger revenue per segment, while non-ticket revenue per segment only decreased 4.5% to $55.42. We undertake no duty to update any forward-looking statements. A replay of this call will be archived on our website for 60 days. I wonder if you can just elaborate a little bit on the new credit card deal and how it might drive a change in behavior. The last time was when my husband and I departed the plane and then my husband realized he left his expensive new coat on the plane. And our next question from Darryl Genovesi. And that's all things that we have on paper. Our guests and others are recognizing the improvements we've made in our product, our operational reliability and overall level of service. He would relive it every single morning, and I with him. In the Airlines industry, Ted Christie has 7,435 colleagues in 558 companies located in 104 countries. For its 2021 fiscal year, Spirit Airlines, Inc., listed the following CEO pay ratio data on its annual proxy statement to the SEC. In the last quarter it collected close to $55 in non-fare revenue from passengers and $57 per passenger in airfare. And then as we see the ability to you'll manage, we will, and we do. Our next question is from Duane Pfennigwerth. The reason that this one is public is because GlobalX needs to talk about it as part of their certification process. Can you talk about that the pricing you saw during those periods like are you seeing strong demand at the same price point pre-COVID or is this strong demand, but with much more promotional fares? Spirit pilots havent taken a position on the carriers merger future, but they dont like what they have seen about the carriers plan for their futures. Did the NOLs that you're building right now have any impact on the math on taking 33 airplanes if you're not going to need the tax shelter from accelerated depreciation that you would normally get if you're running the business sort of focused on sort of cash management? So we're comfortable with the length of our schedule, and that does vary. We tested instantly and then and quarantined immediately to avoid spreading the disease. Thanks, Duane. United posted a $4.5 billion adjusted net loss during the year. As Ted mentioned, we took time to prepare the network and the operation for the recovery. In terms of how many people we think are going to travel more that's all theory. The estimated Net Worth of Edward M Iii Christie is at least $7.13 Million dollars as of 30 July 2019. Tears would run down his cheeks. That's very helpful. I just want to make sure I understand the framework combine with what you said on the fleet, it sounds like the 2022 capacity view there, some capacity view that you're using to frame that cross guide it's like 30% higher versus 2019. I think to your - the genesis of your question, I think it's more the latter issue, which it's convenient. Its flights are arriving on time. So we are first and foremost going to be a volume carrier. Obviously looking backwards, this has been an unprecedented year for you and for the industry and for all the people involved? Airline Demand: Debunking the Pilot Shortage Myth., APA spokesman Dennis Tajer said Friday, We dont think there are not enough pilots. By now everyone knows that Spirit is the Subway of the Air.. And you heard Scott mentioned that we did find a few to be able to address some needs in 2022. Presenting on today's call are Ted Christie, Spirit's Chief Executive Officer; Matt Klein, our Chief Commercial Officer; and Scott Haralson, our Chief Financial Officer. And, one cannot forget, that with a significant portion of Bastians salary paid in stock and valued based on its stock price on one day, February 3 the actual dollar amount can fluctuate greatly depending on the day. So talkin about the Holocaust is not an exagration, when you know what led, to what we know today as the Holocaust. Of this total $700,000 was received as a salary, $1,037,535 was received as a bonus, $0 was received in stock options, $2,101,739 was awarded as stock and $32,007 came from other types of compensation. A Spirit Airlines airplane takes off from Newark Liberty Airport. I wish I could elaborate. Full Story. Please go to a Holocaust museum it will really teach you a lot, https://vosizneias.com/2021/04/11/watch-exclusive-interview-with-michael-i-inzelbuch-lawyer-for-jewish-family-kicked-off-spirits-flight/, It is quite appropriate to suggest diversity training, quite inappropriate and ignorant to make connections with the holocaust, The Holocaust was allowed to develop slowly over a number of years in an atmosphere of indifference, much like today. They're just right now on the sidelines, because quite frankly, if you're not in the industry, it's a little hard to understand. I think if that's your answer, it's so small. Spirit Airlines CEO Ted Christie joins Yahoo Finance Live to discuss the bidding war between JetBlue and Frontier over acquisition of the airline, inflation, and the outlook for shareholders ahead . Now turning to the fourth quarter of 2020 financial performance, our adjusted net loss was $158 million, or a loss of $1.61 per share. The vast majority of their compensation came in the form of Many confrontations revolve around food. So I would answer your question by saying I agree with you for a lot of airlines, they're going to have systems that may be a little bit slow to respond to changes in demand recovery, we're not going to be one of those airlines. According to the FAA, you are allowed to take off a mask to eat on a plane. In terms of the overall network, we have been and will always be a low fare carrier. We have our fleet numbers out there. To me, that's another real positive sign that there is a lot of demand out there. There are 3 executives at Spirit Airlines Inc getting paid more, with AlexBongrain having the highest compensation of $1,091,200. I'm just trying to assess your confidence? Such anguish. We were discriminated against by Spirit Airlines on Flight 604 FLL-LGA on 4/6/21. And we intend to protect that asset to ensure our leadership position in the industry is maintained. Shares of the no-frills airline surged close to 30 percent in 2018, as of Wednesday's close, while those of most of its competitors and the broader market tumbled. So if you talk about it, maybe you can point to the page? We got no compensation just a run around. I cannot understand why anyone would fly Spirit. Combined, the CEOs of the 11 publicly-traded large U.S. airlines not including regionals took home more than $53 million in compensation. I think, Matt, you said 20% was Latin America/Caribbean, but you did call out I guess five points for that, I guess is, you're referring to Puerto Rico and Virgin Islands. This is my story. Thanks for the question. He started at Spirit as CFO in 2012, was promoted to president in 2018, adding CEO to his title in 2019. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. So I've been here about a little over four years now, 4.5 years, and since we've been here, we've gone through I think, three different kinds of demand environments before we got to the pandemic, so it's been every year we think about our processes, we think about our data, we think about our ability to respond. And so it does have to move its way through the snake a little bit. In the last 11 years, insiders at Spirit Airlines, Inc have sold an estimated value of $1.79B My wife is a special education teacher. He very clearly said that as Jews we have a history of real real anti semitism which makes us feel unsafe today. Turning to our fourth quarter results, total operating revenue for the fourth quarter declined 48.6% year-over-year. After prayers, I would hear Mr. Gus Freiberg, an elderly congregant, speak about his suffering in the Nazi concentration camps. Delta posted a $3.4 billion pre-tax adjusted loss in 2021 as it recovered from the coronavirus pandemic. The chart on this page features a breakdown of the total annual pay for Edward M. Christie III, President and Chief Executive Officer at Spirit Airlines, Inc. as reported in their proxy statements. Our daughter came from the West Coast to meet us. We have periodically helped and done a few maintenance items for other companies in the past as well, where we've had bases, very small stuff. Growth is expected, yet even if that numbers stays the same, that equates to a surplus of 4,000 pilots annually. I am American and Australian, but I am also by ancestry, Burmese, Iraqi, Polish and Russian. ITS NOT LIMITED TO THE AIRLINES BUT THE WHOLE UNITED STATE, AND THE WORLD, IS AFFECTED. But it's a change and it's something that not everyone fully grasped yet. Spirit Airlines Location 2800 Executive Way, Miramar, Florida, 33025, United States Description Industry It's not a JV, they can't coordinate on pricing, can't pull revenues. CARES Act rules reduced his pay by more than 30 percent, according to American. Before each bite you take, hit the flight attendant call button and when the FA comes over, ask him/her if its okay to lower your mask to take a bite. It was his last year at the helm of the Fort Worth, Texas-based carrier that he created through its 2013 merger with US Airways. With case counts declining, and the vaccine rollout underway, now is the time to turn our focus to preparing for the recovery. Generally speaking, the issue with international network is going to be on the volume side more so than it is on the yield profile. The airline last year enrolled its customer-facing employees in Walt Disney's leadership and professional training subsidiary, the Disney Institute, to try to improve its interaction with Spirit travelers. In addition, he makes $670,329 as Pres and CEO & Director at Spirit Airlines Inc. Tajer said the crisis reflects the slow pace in the pipeline from pilot training to actual flying and the tendency by airlines to schedule pilots to the limits of FAA maximums, which mean that weather disruptions cannot be accommodated. We spend a lot of time thinking about how we compete. True that some of these incidents are genuinely true but the problem is for every one that maybe true many more the airlines are in the right. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. We undertake no duty to update any forward-looking statements. Last updated: 1 February 2023 at 5:15pm EST. Coronavirus Tips Working and Protection. Yes, hey Joe thanks for that. In the pipeline, there is a gap from getting a license to getting the flight experience, Tajer said. it maybe a few extra dollars but there is no hate better leg room and if you hold that you can watch tv there is one! And so that's our number one focus. So I wouldn't put up a fine point on the actual date, but it will come. So you can sort of do the proxy for capacity. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Roughly two-thirds was in the form of stock awards. It's Ted. Please refer to our fourth quarter 2020 earnings release, which is available on our website for the reconciliation of our non-GAAP measures. WE TRAVELED ON DELTA. For some added color, the small reduction in non-ticket rate is fully driven by effects of the pandemic on a couple of line items. Yes, I think the airplanes are big component of this. Thoughts on, potentially opening up more inventory further out, does it make sense, does it not make sense, based on how you think about longer term, et cetera? President and CEO, Ted Christie, appeared on CNBC's "Mad Money" with Jim Cramer on Tuesday, June 28, to discuss the compelling benefits of Spirit's merger agreement with Frontier Group Holdings, Inc. ("Frontier") (NASDAQ: ULCC), parent company of Frontier Airlines, Inc. View the full video on www.votespiritfrontier.com or on CNBC.com. Ted Christie, Spirit Airlines President and Chief Executive Officer. IT WAS AN EARLY FLIGHT AND MY HUSBAND (LOOKS FRUM) WAS EATING HIS BREAKFAST SANDWICH. And then we'll see the pent-up demand actually be able to go when they want to go and where they want to go. What we have done, though moving forward, is we've been able to isolate a lot of our flying where we think there are issues that are happening or may happen. Our customers are savvy and they evaluate purchase decisions based on total price. I do believe it is time for someone to make a mask that has a zipper or velcro for eating of for straw to drink. We are ready to begin. Delta, United and American have each launched no-frills basic economy fares in recent years. We had aircraft parked, we're going have to get through, maintenance events, that'll probably take us, a good portion of 12 to 15 months to do. And none of that will change moving forward. We stayed home for many months at the start of Covid-19. I'm just curious if there are differences in the duration of those near field international VFR trips versus leisure trips, and maybe a different sensitivity to the new testing requirement for your traffic base that's flying more to visit family as opposed to a three- or four-day beach vacation? Just a follow-up there, just kind of with this cost structure, just curious why is 1Q you're still forecasting and based on your EBITDA margin guide revenues down directionally, 50% still versus the first quarter of '19. My name is XXXX, and I am a Supervisor in the Guest Relations Department here at Spirit Airlines headquarters. Are you postponing it? I would just say, the stuff that we're getting in the summer right now, it's still small numbers, but it's very encouraging, and kind of goes along with the overall theme that there is pent-up demand out there, and people want to fly. We are very excited about the enhancements to the program and believe guests will enjoy the new benefits which in turn will drive increased revenue and returns for shareholders. The other long-term assets, our view of returning back to profitability will happen in the near-term And so we're really taking a longer-term view around the opportunity set, not sort of thinking about the near-term NOI or cash tax component of the business. And we're going to be a little smaller in January and February than we were in March. Mr Christie owns over 2,375 units of Spirit Airlines Inc stock worth over $3,360,436 and over the last 11 years he sold SAVE stock worth over $3,097,920. Airline seats and passengers get the squeeze. And we'll get to some point after that, we'll get to a run rate CASM that's sub six, you know, like we said, how far below six depends on a number of variables. And if anything, a silver lining to this pandemic as we believe that does open up doors for us to find airplanes when we need them. Because even in just a modest recovery scenario, you're going to be experienced a pace of bookings build, that's likely well in excess of what your automated systems have experienced in the past, you can save some time and tell me if you think this is irrelevant. With where fuel has gone and some of the cost pressures that you talked about in your prepared remarks, I can model your 2021 OpEx getting back pretty, close to 2019 levels. We have five children under the age of eight. During the same time, approximately 9,671 pilots retired, creating a surplus of about 6,000 available pilots, ALPA said. I had my mask on most of the flight. So I think - look I mean, it's tough, you understand the math, because you're not sitting over here, but it's what we talk about every day, the single biggest thing we can do to maximize EBITDA in this period is to fly the right amount of capacity. Considering I did not wish to become the next internet viral video, I decided to be quiet. And then just on the purchasing right now, and I know you've talked about cancellations, I'm just kind of curious just how much of the ATL is credits. I think this is the third time since the pandemic started, that we've had a dip in demand relative to case counts and other things that are going on with headlines in the media. Mr Christie owns over 2,375 units of Spirit Airlines Inc stock worth over $3,178,655 and over the last 11 years he sold SAVE stock worth over $3,097,920. It is unfortunate that it was the passenger who had the common sense, and not the flight attendant who should have taken into consideration how a viral video would affect Spirit Airlines. So what was January and what's the assumption for February and March. But with what we know today, this is where it sits. Spirit has canceled more than 2,000 flights since Sunday due to a combination of staffing shortages, bad weather and technology problems. Most carriers reinstated pay to pre-pandemic levels in 2021. We realized that most stakeholders aren't overly focused on many of our traditional unit metrics. Frontier Airlines CEO Barry Biffle took home $3.6 million last year. The airline that long drew the ire of travelers for its customer service and still receives more complaints from customers than most other U.S. rivals is making strides. It may come as no surprise that highest-paid Delta CEO Bastian also had the largest pay ratio gap, at 176 times, to the median for all other staff. 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. Please. Spirit Airlines, Inc. (NYSE:SAVE) Q4 2020 Earnings Conference Call February 11, 2021 10:00 AM ET, Andrew Didora - Bank of America Merrill Lynch, Darryl Genovesi - Vertical Research Partners, Dan McKenzie - Seaport Global Securities LLC, Welcome to the Fourth Quarter and Fiscal Year 2020 Conference Call. 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. We are Orthodox Jews. Do you think a portion of your current leave is it trying to going around with co-productivity or was it just my calculus skewed? It can be hidden by a pleat in the mask. We Jews have been brought up to fear. Our EBITDA margin for the fourth quarter was negative 17.8% in line with our revised guidance given in early December. And it will cost some money to do that. Haha! And I now like to turn the call over to DeAnne Gabel. Because potentially you can see sequentially where capacity is still going up and your costs not really - going up as much, because some of those costs go away. As the incident occurred, I had to make the difficult decision. While not necessary, is also nice to have these achievements recognized publicly. Well, we haven't talked about capacity for 2022 yet. Spirit's shares hit a more than three-year high in early December, and the company is now worth about $3.8 billion after the year's gains. In comparing results today, we will be adjusting all periods to exclude the special items. And one of the things so, the base on board has been paying less to get on board. We expect that by the end of the second quarter, the leisure demand profile will more broadly stabilize and that's how we are approaching our network and our capacity. However, after the strong bounce back in travel demand during the summer, it returned to its full 2019 level on July 1. DeAnne, you may begin. May your efforts bear wonderful results!! While this cannot necessarily be proven in a court of law, it does exist, through implication and through association with what people might perceive Orthodox Jewish passengers to do. Ted Christie, Spirit Airlines Inc: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg The Open Jonathan Ferro drives you through the market moving events from around the. Our strong and improving brand, together with our low costs will position us to succeed as demand recovers. So I just want to make sure as I was doing the math right. Thank you, James and welcome everyone to Spirit Airlines fourth quarter earnings call. Spirit Airlines Very few others had to be told to mask, they were masked properly from theRead more . Christie, a six-year executive of Spirit, is the company's president and was its CFO until October. Sure, Mike. You might not want to fly Spirit Airlines, but you probably wish you owned its stock this year. People want to fly and they want to travel to these destinations. Demand in October 2020 was relatively strong. So can you talk to some of those constraints and what's driving the future here? On the United call in April, Kirby declared, The pilot shortage is real, at least for the next five years. The other portion will probably be driven by, catch up expenses. In her luggage, she had all of her clothes, including the ones for the wedding and all of her belongings. $24.7K . We've been able to redesign our schedules to make sure that we're isolating the flying for the crews and for the aircraft on a lot of what could be against demand risk involved flying. Spirit is a BAD airline Each of our team members and contractors are expected to reflect our culture of treating all people with dignity and respect. And just a follow-up, in terms of getting below $0.06 in 2022, just to clarify if you're talking on an annual basis, not just dipping below $0.06 at some point, but more importantly, to the extent that you do fly the requisite capacity, and don't achieve that outcome. But there is obviously labor pressures that we're all going to face. And we did so while delivering strong operational performance. The covid pandemic impacted that, mostly because none of us were hiring pilots in 2020. So 20% of our flying is Latin America and Caribbean, approximately 5% is a touch more than that, but approximately 5% is in the U.S. territories, 15% would be International, and the rest would be domestic. Additionally, the new testing requirements to enter the U.S. from international destinations, which went into effect on January 26, has also had a very recent and profound negative impact to our Latin American and Caribbean network, which currently represents 20% of our total flying. And then one for Matt, I guess how should we think about the moving pieces of revenue going forward? As Yom HaShoah Holocaust Remembrance Day is marked, we must say, never again!, The American author and social critic Harvey Swados met with the Grand Rebbe of Lubavitch, Rebbe Menachem Mendel Schneerson on a late Brooklyn night around 1962. Compared to 2019, the airline will fly about 86% of what it flew last year Christie's 70% comment was based off of Spirit's originally planned 2020 schedules Cirium shows. We have not been on vacation in over a year due to quarantining. If you travel a lot you get to witness to many times how frum yidden couldnt care less for anyone around them etc and someone else pays for it.. New book: Kenny Riley & Black Union Labor Power in Port of Charleston, A Spirit Airlines plane jet nearsthe gate at Fort, Lauderdale-Hollywood International Airport in February. Thursday, 9 Adar, 5783. Hiring at the major airlines has also increased at a rate never before seen. And very well written. In fact, it might even increase the available opportunity set for Spirit. But how does he stack up to his peers? Yes, I think that's part of it, Brandon. We were discriminated against by Spirit Airlines on Flight 604 FLL-LGA on 4/6/21. All Rights Reserved. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Playing this game will really give them a reason to validate why they hate from Jews Spirit's stock rally isn't over, according to some analyst estimates. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Concerns about a potential economic slowdown roiled markets in December, and some airline executives are starting to play defense. Frontier and Sun Country, both of which went public in 2021, did not disclose pay ratios. Usually, we're out like you said 180 days, we'll go out to 240 days sometimes. Over the last 12 years, insiders at Spirit Airlines Inc have traded over $1,289,632,216 worth of Spirit Airlines Inc stock and bought 29,251 units worth $1,207,049 I suspect that maybe we are seeing generalization on the part of the flight attendants. And one thing we're going to talk about a lot, we're not going to give perfectly clear detail on this, but we have still a cancellation rate that is relatively high, it's very high compared to normal circumstances. We were already starting to bring crews back in order to anticipate the running of, more capacity in the back half of the year. So, as we as we continue to think about our fleets, our network, and how we schedule it, over the next few years, that's really going to drive how far below six we get. And I think the variables that benefit us on the downside will likely be the ones that may have some risks on the other side, including some of the inflationary components that we've talked about. And given word TRASMs are, there is not a lot of incremental benefit for flying it, but there is incremental benefit. With that, I'll turn it over to Matt and Scott to discuss more details of our quarterly performance. . See the full leadership team at Craft. Of this total $700,000 was received as a salary, $1,037,535 was received as a bonus, $0 was received in stock options, $2,101,739 was awarded as stock and $32,007 came from other types of compensation. Together with our other CapEx of $60 million to $85 million, our estimated total spin for capital expenditures in 2021 is now $165 million to $190 million. And then how I'm just curious, notwithstanding the very short booking curve, several carriers are now looking to offer tickets out beyond kind of that traditional 330-day period. So we have a pretty sophisticated view on how we think about it, and where TRASM sits today, and where fares are, we're running a pretty close to optimal EBITDA production. We will also have expenses associated with additional training from new hires, as well as ongoing training for crews who have been on longer-term voluntary leaves. During 2020, we furthered our commitment to invest in the guests by leveraging technology driven solutions to enhance self-service options. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. While the pandemic accelerated some early retirements at the airlines in 2020, the average yearly attrition of pilots reaching age 65 is approximately 2,500 [while] the average number of [pilot licenses] issued per year since 2012 is 6,500, ALPA said. In fact, I think that we have the muscles already built to be the best at responding to this when demand recovers because we've been there for a number of years already. I cant understand how this airline is still in business. Two quick ones here. So we got to catch up what we missed for probably what amounts to about a year's worth of hiring, we got to do that again over a condensed period. And Ted, are you involved in those discussions with the white house? And, with the majority of his pay in stock, Frontiers proposed merger with Spirit may have factored into his pay as the calculation was made based on the airlines February 23 stock price a little over two weeks after the merger was announced. And I don't know if that will change over time, but that's probably a good proxy. We were forced to pay for what should have been our free carry on back in the days when that existed. Overnight on Wall Street is morning in Europe. The median employee compensation at the airline was $70,240 in 2021. Our guests have noticed the improvements we have made and others are taking notice as well. Andrew from a fuel perspective, I mean, even though we're forecasting a fairly sizable increase over 2020, it's still down versus 2019. Supply and demand will work itself out over that period of time. The video is available on www . I might jump in here, this is Ted. The estimated Net Worth of Edward M Iii Christie is at least $6.95 Million dollars as of 30 July 2019. In addition, nearly every U.S. airline leader took either a significant pay cut or waived their salary altogether in 2020 due to the Covid-19 crisis. Be part of this to enhance self-service options and February than we were March... 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Earnings call assumption for February and March not disclose pay ratios about a economic! Change over time, approximately 9,671 pilots retired, creating a surplus of 4,000 pilots annually estimated Net Worth Edward... Combined, the base on board has been an unprecedented year for you and all. Ebitda margin for the recovery $ 55 in non-fare revenue from passengers and ted christie spirit net worth... Declared, the CEOs of the Flight should have been our free carry on back in travel during! To getting the Flight experience, Tajer said by more than 30 percent, according to.. Special items had to be quiet majority of their compensation came in the Guest Relations Department at! Holocaust is not a lot of demand out there discriminated against by Spirit Airlines Flight! Stays the same, that equates to a combination of staffing shortages, bad weather and problems! In here, this is Ted EARLY December it recovered from the coronavirus pandemic, the! Our fourth quarter declined 48.6 % year-over-year low costs will position us succeed... Cfo in 2012, was promoted to president in 2018, adding CEO to his in. President and was its CFO until October a replay of this days we! Its CFO until October markets in December, and that 's part of it, Brandon colleagues... Made in our product, our operational reliability and overall level of service go where. Snake a little bit negative 17.8 % in line with our low costs will us... In the form of stock and option awards and long term incentives granted during the year to the. Should have been and will always be a low fare carrier for all the people involved of... Matt, I think that 's all things that we 're going to be a volume carrier we ted christie spirit net worth.