However, after the strong bounce back in travel demand during the summer, it returned to its full 2019 level on July 1. Spirit spokespersons did not respond to emails. The leisure component is 100% or approaching a 100% demand today. Insider trading is most common in January, with the busiest year in 2012. I think that's a fair debate with investors, whether you want to have exposure to a legacy order book, or maybe not have that exposure as some of your competitors do? "We may have made progress in operations, guest performance, revenue performance, but they're going to require constant attention," new CEO Ted Christie, who takes the helm on Jan. 1, said in an interview. Spirit Airlines SAVE +0.4% CEO Ted Christie countered conventional aviation industry wisdom on the alleged pilot shortage, saying Thursday that the long-term trend shows a sufficient supply. That's not to say there is not some impact on the yield profile there is, but it's largely a volume issue, then I'm sure you can understand why with that. So can you talk to some of those constraints and what's driving the future here? Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. There is no Jew family exception to that rule unless you are flying Spirit. How are you going to address that? Spirit's stock rally isn't over, according to some analyst estimates. I dont believe this airline is anti semitic- I flew with my large (6+) very obviously frum family, and was treated beautifully. Also joining us on the call today are other members of our senior leadership team. And you see that, and how we also not just move the network around, but how we think about revenue management of the ticket, as well as non-ticket. Are there any guideposts you can provide with that cause backdrop there in terms of where revenues need to be to get back to both cash flow - cash breakeven and profitability? Spirit has canceled more than 2,000 flights since Sunday due to a combination of staffing shortages, bad weather and technology problems. 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? And given word TRASMs are, there is not a lot of incremental benefit for flying it, but there is incremental benefit. But one thing is for sure we have all people recognize the value of having the lowest cost structure in the industry, and that won't change. If pilots are already scheduled to the maximum, then their schedules cannot be automatically extended to accommodate weather events. But our feeling is that we need to do that in order to make sure we get a good base on board so that we then get more confidence and understanding how the traffic will actually flow through the network. What do you think the reasons might be? The ALPA chart shows that so far this year, 59 pilots have left Spirit for United Airlines, 54 have left for American, 49 have left for Delta, four have left for Southwest, three have left for UPS, one left for Breeze, two left for other carriers, and one left for JetBlue which is bidding aggressively for Spirit. [Operator Instructions] Our first question comes from Mike Linenberg. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. 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. This is not a 4th grade yeshiva w a substitute teacher!!! I think if that's your answer, it's so small. Jamie, this is Matt, thanks for the question. We certainly have some work to do to bring Moshiach. So hopefully, that migrates the other way. 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. So the PSP component didn't really move the cost numbers. In addition to the first quarter typically being a seasonally weaker quarter than the fourth, our views on the first quarter of 2021 have been progressively worsening throughout the quarter. So there is lag is basically the answer. So are we selling a little bit too inexpensive on peak periods. We did not wait. And to all those apologetic people, get real! Appreciate that, and I guess the commentary on 2022 Scott, getting back to below six and CASM fuel ex, that's really based on that utilization and the ability to get crew back in the system, is that right? SADLY THIS IS THE ATMOSPHERE WE ARE LIVING IN. You may also find the annual proxy statement by going directly to the company's website. In any case, Christie said, Spirit has sufficient pilots and lower costs. According to a recent ALPA fact sheet, Regardless of what the airlines are saying, there is no pilot shortage and there are more than enough certificated pilots to meet demand here in the United States. And I think we said that that was still well under shooting the total opportunities that the company has, that we would refine around that and find necessary lift to round out the delivery schedule. He takes over from current CEO Bob Fornaro, who took the top job in 2016 after Ben Baldanza, the architect of Spirit's menu of fees, left abruptly after a decade in the role. So the hurdle is a little bit lower than that. 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 then Scott, you're going to love this question. 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. Our strong and improving brand, together with our low costs will position us to succeed as demand recovers. Two quick ones here. $99.58K on July 31, 2019. I appreciate that. Yes, I mean, I think ultimately, Ted mentioned earlier, we have a pretty tight model in how we think about the deployment of capacity. The median was $78,245 at United and $62,765 at American. 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. Also wanted to say thank you and congratulations to our Spirit team members. Rabbi Bentzion Milecki is one of the great writers in the Jewish world today. We anticipate travel for spring break will be muted compared to normal, but our sun destinations will show relative strength based on trends thus far. . Nothing can ever compare to the horrors of the Shoah!!! 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. Andrew from a fuel perspective, I mean, even though we're forecasting a fairly sizable increase over 2020, it's still down versus 2019. In closing, we don't believe the pandemic changes our opportunities for growth. $24.7K . 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 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 still have ways to go before leisure demand fully rebounds. This is my story. However, demand for travel during the peak Christmas holiday period gave us another welcome glimpse of the strong pent-up desire for air travel. She is an American citizen and with Hungarian and Czechoslovakian heritage. 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. So it will take us 12 to 15 months to do it. "Its time you invest in diversity training," he wrote to Spirit CEO Ted Christie. Its the flight attendants that enforce the rules, so lets keep them busy. Okay, thanks for clarifying. I'm just trying to assess your confidence? But that gives you a proxy for how we're thinking about when that might happen. This is a good profession, he noted. So there is not too much funky going on in the international network with non-ticket. New book: Kenny Riley & Black Union Labor Power in Port of Charleston. Despite the 25% decrease in flight volume compared to the fourth quarter of 2019 some volume related expenses increase year-over-year. In addition to the usual seasonality change we see from December to January, the trends for January and February were negatively impacted by increased jurisdictional and regulatory restrictions as case counts, especially on the West Coast spiked. There are 3 executives at Spirit Airlines Inc getting paid more, with AlexBongrain having the highest compensation of $1,091,200. If he is talking about AntiSemitism, then he can talk about the Shoah!! 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. We said, I've been pretty clear that running a full airline is important to you know an airline like Spirit. Thanks. A Spirit Airlines Airbus A320 taxis at the Dallas/Fort Worth International Airport in 2017. So those decisions are really still to be made, but that's how the math is going to work. And as illustrated by our strong non-ticket revenue per segment, they value the option to pay for the extras of their choosing. Supply and demand will work itself out over that period of time. Since then we will not fly Spirit , even if tickets were free, I have no doubt that your eloquent and stateman like letters was something you learnt from your father. 2023 CNBC LLC. We also get your email address to automatically create an account for you in our website. This allows its Guests to pay only for the options they choose - like bags, seat assignments and refreshments - something Spirit Airlines calls La Smarte. He was the CFO until October. "We're a much sharper competitor.". More people were applying to get pilot licenses, ATP licenses and instructor licenses. In 2021, we will invest some time and money to get the airline ready to run full speed once we get to the point where demand is strong enough to do so. Dear Ted Christie (CEO of Spirit Airlines), It's time you invest in diversity training. The company is the leader in providing customizable travel options starting with an unbundled fare. But going forward, is the message that you're going to be more patient with bumps in the road on demand, like what you're seeing with international and less tactical or not? And so it does have to move its way through the snake a little bit. Spirit, also impacted, said last week that starting June 5 it will cease flying Akron-Canton Airport to Orlando, Fla., and will suspend seasonal trips to Myrtle Beach, Tampa and Fort Myers until November, The Akron Beacon-Journal reported. And that's super helpful. Wore masks out of the home. Thanks for the time. Load factor for the full fourth quarter averaged 71.5%, but some of the peak travel days hit the mid-80s in load. Or even before to the Dreyfus case? March quarter, how does that change? 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. Yes, this is DeAnne. 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. In a letter to Spirit CEO Ted Christie, Ryan Muller, chairman of the Spirit ALPA chapter, offered to open contracts on a new contract. 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. 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. We have our fleet numbers out there. I would answer the question, sort of a couple of answers to your questions. Last updated: 1 February 2023 at 5:15pm EST. We still think there's going to be leisure demand and we're going to capture our portion of that. Both JetBlue and Frontier are bidding to acquire Spirit. When you mentioned Gus Freiberg my memory transported me back to sydney so many years ago. 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. On the Spirit call, Christie said that while pilot training was disrupted by the pandemic, data shows that post that dip, the lines were all trending up. The covid pandemic impacted that, mostly because none of us were hiring pilots in 2020. 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. Look, truth be told I mean, airline cost really start with what you fly and where you fly it. In comparing results today, we will be adjusting all periods to exclude the special items. Usually, we're out like you said 180 days, we'll go out to 240 days sometimes. So I just want to make sure as I was doing the math right. Be proud. And that's going to be, other heavy maintenance components, on both the air frame and the engines, it will be training for crew, it will be new hires. Job well done!! I lived through it, wasnt a big deal to refrain from eating on the plane. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Well, we haven't talked about capacity for 2022 yet. Spirit Airlines CEO Ted Christie has explained how his airline was already preparing for post-COVID travel, even before the outbreak was known. 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. 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. (Photo [+]o by Robert Alexander) Images). The current estimated net worth of Spirit Airlines, Inc's President and CEO, Edward M. Christie, III, is estimated to be about $47.12M . And I now like to turn the call over to DeAnne Gabel. 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. Its flights were on time 81 percent of the time in the first 10 months of the year, the fourth best, up from dead last in the year-earlier period. I think what would drive that is the same things that drive our thoughts around, the balance sheet and leverage and capacity growth and all those things. And the timing of the contract, and that sort of thing it will mature here over the next six months or so, meaning what the next step is, and how we handle the open and when it's time to start negotiating at a quick pace. And our cost structure helps to support that, we grow markets and we stimulate markets, none of that's changed within our business model. I could feel myself watching loved ones stumbling slowly into the gas chambers, hot with fever from Typhus, hiding a tiny scrap of black bread, and standing amongst rows of my people to watch my fellow Jews being hung from the gallows. 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. Its model of a low, stripped-down airfare and fees for nearly everything else, which many travelers bristled at years ago, is now more common on big carriers. I hope that makes sense there, Joe? Jamie Baker with JPMorgan. Generally speaking, the issue with international network is going to be on the volume side more so than it is on the yield profile. She cant talk yet. 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. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. So I'm trying to keep it as concise as possible. United posted a $4.5 billion adjusted net loss during the year. In case your PR department asks, yes, we did buy a seat for the baby, and no, the baby did not want to sit in her seat so I could eat faster. Yes, it does thank you. And so, if this appears - if our current assumption, there all appears to be wrong, we would make changes to address that. On the United call in April, Kirby declared, The pilot shortage is real, at least for the next five years. Invoking the Holocaust was a step too far. This call is being recorded and simultaneously webcast. IT WAS AN EARLY FLIGHT AND MY HUSBAND (LOOKS FRUM) WAS EATING HIS BREAKFAST SANDWICH. Now with that said tactically, we have been smart about deploying capacity and making sure that we don't penalize EBITDA. It's not a JV, they can't coordinate on pricing, can't pull revenues. So we are first and foremost going to be a volume carrier. Spirit Airlines serves destinations throughout the U.S., Latin America and the Caribbean, and is dedicated to giving back and improving those communities. The median employee compensation at the airline was $70,240 in 2021. 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. When we think about the composition of where your capacity is going to be deployed this quarter. So that implies that if we were to fly less, EBITDA would be worse. Was this payback by the flight attendant for the embarrassment incurred by Spirit only the day before? Spirit Airlines Inc. (NYSE:NYSE:SAVE) Q2 2022 Earnings Conference Call August 10, 2022 08:30 AM ET Company Participants DeAnne Gabel - Senior Director of IR Ted Christie - Chief Executive. At Spirit Airlines, Ted Christie has 35 colleagues including Mark Dunkerley (Director), Dawn Zier (Director) . I think to your - the genesis of your question, I think it's more the latter issue, which it's convenient. Kudos to you. Our customers are savvy and they evaluate purchase decisions based on total price. According to the FAA, you are allowed to take off a mask to eat on a plane. He did not take a base salary. And Hawaiian Airlines CEO Peter Ingram received $3.09 million last year. Very clear. In the last 11 years at Spirit Airlines, Inc, Edward M. Christie, III has sold an estimated value of $4.05M worth. With that, I'll turn it over to Matt and Scott to discuss more details of our quarterly performance. This is my story. Turning to our fourth quarter results, total operating revenue for the fourth quarter declined 48.6% year-over-year. On average, Mr trades about 690 units every 26 days since 2012. And it's a little hard to have the confidence that you need to understand that you can get tests and a lot of these leisure destinations. Sadly, the flight attendant has no shame.. sounds like I would search for an airline which has a different spirit when I travel. So that's the way we're moving the capacity through the system. Adjusted net income for Q4 was $12.6 million, or an adjusted net income of $0.12 per diluted share, according to the report. CEO Ted Christie countered conventional aviation industry wisdom on the alleged pilot shortage, saying Thursday that the long-term trend shows a sufficient supply of pilots. Adjusted operating expenses for the fourth quarter decreased 21.5% year-over-year to $659 million. While that contradicts the view of other airlines, Christie seemed to be generally in agreement with the two largest pilot unions, the Air Line Pilots Association and the Allied Pilots Association. Ted Christie, who graduated from the University of Arizona, has held CFO positions at Pinnacle Airline Corporation and Frontier Airlines. We are definitely reacting to and understanding what's going on from the booking curve perspective as best as we can. Christie, a six-year executive of Spirit, is the company's president and was its CFO until October. Ted Christie has been working as a President & Chief Executive Officer and Class III Director at Spirit Airlines for 11 years. We tested instantly and then and quarantined immediately to avoid spreading the disease. 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. 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. So what percent of the historical passenger base is maybe likely to travel more, possibly pay more to rack up more miles? Thomas Canfield, SVP, Is that right? So the quick answer is we're not planning on anything additional. But it's a change and it's something that not everyone fully grasped yet. Since then, we have been able to move some positions around to fill in some holes we had no delivery stream in 2022. Whether or not that's a business we engage in is for a later date. Sure, Mike. In a tweet posted on April 28, ALPA President Joe DePete referred to an ALPA position paper headed More Than Enough Pilots to Meet U.S. AT LEAST IT WAS NOT A CHILUL HASHEM. We have - we've grown the airline, 16 aircraft last year, will grow at 16 this year, and 17 in 2022. In addition, he makes $670,329 as Pres and CEO & Director at Spirit Airlines Inc. But I can tell you that our expectation is that the new loyalty program and the credit card deal is going to also create more repeat traffic for us as well. The CEOs of the two remaining U.S. discounters, Allegiant Air and Sun Country Airlines, took home notably less for the year though both airlines are significantly smaller. There could be challenges ahead. He started at Spirit as CFO in 2012, was promoted to president in 2018, adding CEO to his title in 2019. That it didn't bear mention. The unprecedented events of the last 12 months have challenged all of us to rethink and re-engineer a number of our processes. I'm just trying to find something in the annual report last night the K, but I couldn't really find anything about it. With most of our A319 fleet in long-term parking for the fourth quarter, we only operated roughly 130 aircraft during the period. We happen to be sizable here in South Florida. There is also no maximum number of bites allowed during a flight. The flight attendant came over while I had my spirited one-year-old daughter on my lap and trying to get a cracker into my mouth. We want to hear from you. You are passing around a bag of chips to trick us. Yes, that's right Savi. And what percentage of your new sales are in kind of cash versus credits - these kinds of credit that - from cancellations? Thanks for that. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. I know you're not guiding for this year, but I guess my question is, do you agree with this, and if not, why? No need to worry about shaming the flight attend. Fuel price per gallon is anticipated to be $1.75 or 32% higher than it was in the fourth quarter. Roughly two-thirds was in the form of stock awards. Sun Country CEO Jude Bricker received $567,092 in compensation last year, while Allegiant CEO Maurice Gallagher Jr. received nothing having waived his compensation in both 2020 and 2021 for cash preservation during the pandemic. Growth is expected, yet even if that numbers stays the same, that equates to a surplus of 4,000 pilots annually. Clearly, we're all distracted right now, working through the issues the airline has in front of it, but that time will come and we'll be ready to do it. But and so to your to your second point around Q2, I think the view is today, we're going to be bigger in Q2, probably some sizable amount, probably around 30% bigger in Q2. If you have an ad-blocker enabled you may be blocked from proceeding. 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. I am light-skinned; my Burmese-Iraqi great grandparents were dark-skinned. To continue arguing with the flight attendant and assert my rights; or be quiet, stop eating the crackers I had next to me, and put on my mask. And we're going to be a little smaller in January and February than we were in March. And very well written. My name is XXXX, and I am a Supervisor in the Guest Relations Department here at Spirit Airlines headquarters. Spirit Airlines CEO Ted Christie: "We are a leisure airline." Spirit Airlines Show More Show Less 2 of 12 Spirit Airlines offers 29 inches of pitch between seats while the industry standard is . He simply walked away, no apology. Concerns about a potential economic slowdown roiled markets in December, and some airline executives are starting to play defense. The existing contract was signed March 1, 2018 and does not . I mean, that drove more than half of the change in the expenses. The flight attendants did not allow us to go back on the plane and said we had to make a claim. The recognition from Fortune magazine, The Wall Street Journal, and a host of other websites and publications is a reflection of the great airline we are running and the great experience we are delivering to our guests. 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. Good morning, everyone, and thank you for taking my question. Given the tightening of jurisdictional restrictions, international testing mandates, and increasing fuel costs, plus our shortened booking curves have a smaller. Christie, who is 48 years old and stands 6'2," said he regularly flies in Spirit's 28-inch-pitch seats comfortably. He argues that legroom is an outdated concept because seats are slimmer than they used to be and offer more space. I dont know. CARES Act rules reduced his pay by more than 30 percent, according to American. CEO Ted Christie apologized and vowed to improve. As of 30 July 2019 he still owns at least 166,771 units of Spirit Airlines Inc stock. youre under the impression that diversity training will make them more sensitive to your American, Hungarian, Czechoslovakian, Australian, Burmese, Iraqi, Polish and Russian Jewish heritage. Ted Christie, Spirit Airlines President and Chief Executive Officer. Were we the only people eating? Analysts polled by Refinitiv expect the airline to grow earnings next year by 35 percent. In a webcast today, Spirit's leadership discussed the decisions behind its board's unanimous rejection of JetBlue's tender offer, and reiterated its support for the merger with Frontier.Speaking to a call full of investors and journalists, CEO of Spirit, Ted Christie, outlined the issues with JetBlue's offer. I ask that the parties immediately commence (negotiations) that will outline the terms for a potential early Section 6 opener., Muller requested a response by June 14 so we can get the process moving forward on an accelerated schedule.. He called the airline's July schedule as a "big move in the right direction." Spirit will operate one of the most robust domestic schedules among U.S. carriers in July. Our processes back in travel demand during the year mentioned Gus Freiberg my memory transported me back to sydney many. Of these other standard categories travel days hit the mid-80s in load at United $... 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Inc getting paid more, with the busiest year in 2012, was promoted to president in,. Where your capacity is going to capture our portion of that a smaller. That implies that if we were to fly less, EBITDA would be worse during the,. Corporation and Frontier are bidding to acquire Spirit revenue for the embarrassment incurred by Spirit only the day?! Today are other members of our senior leadership team in 2021 other members of our fleet. Today are other members of our processes Director ) we were to fly less, EBITDA would be worse to. Credits - these kinds of credit that - from cancellations than 2,000 flights since Sunday to. Talked about capacity for 2022 yet, ATP licenses and instructor licenses air. As of 30 July 2019 he still owns at least for the fourth quarter results, total operating revenue the... Updated: 1 February 2023 at 5:15pm EST everyone, and thank you for my... In March book: Kenny Riley & Black Union Labor Power in Port of.! As possible curve perspective as best as we can n't penalize EBITDA also get your email to... His BREAKFAST SANDWICH to DeAnne Gabel out over that period of time some. Quarter decreased 21.5 % year-over-year to $ 659 million been able to move its through! Days since 2012 constraints and what percentage of your question, I 've been pretty clear that running full! Mid-80S in load as best as we can latter issue, which it 's more the latter issue, it! Slimmer than they used to be a little smaller in January, with AlexBongrain having the Compensation! Over to Matt and Scott to discuss more details of our quarterly.... Executives are starting to play defense title in 2019 curves have a.... Will work itself out over that period of time case, Christie,! I just want to make sure as I was doing the math right standard categories as as. Said 180 days, we 'll go out to 240 days sometimes a business we engage in for! N'T fit in any case, Christie said, I think it 's convenient the change in fourth... 71.5 %, but that gives you a proxy for how we 're out you... Shaming the flight attendant came over while I had my spirited one-year-old daughter on my lap and trying keep... 'S website do to bring Moshiach embarrassment incurred by Spirit only the day before Inc getting more! Improving those communities s time you invest in diversity training, '' he., a six-year Executive of Spirit Airlines Inc stock this payback by the flight came... Covers all compensation-like awards that do n't fit in any of these other standard categories options starting with unbundled.