LCC A Spirited Defense: The ultra-high margins haven’t disappeared. But America’s largest ultra-LCC isn’t worry free Share LinkedIn icon Twitter icon facebook icon Mail icon LCC A Spirited Defense: The ultra-high margins haven’t disappeared. But America’s largest ultra-LCC isn’t worry free September 2016 2 min read Seth Kaplan Subscribe Issue Overview Is it silly to worry about an airline that earned a 22% operating margin last quarter? Maybe “worry” is too strong a word. But concerns about Spirit Airlines are serious, not silly.