Frontier Group Holdings Q3 2024 10-Q Filing
Ticker: ULCC · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1670076
Sentiment: neutral
Topics: 10-Q, airline, financials, quarterly-report
Related Tickers: ULCC
TL;DR
**FRON Q3 2024 10-Q FILED: Check financials & ops for latest airline performance.**
AI Summary
Frontier Group Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's activities in the air transportation sector.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational details for Frontier Airlines, crucial for understanding the company's current health and future prospects in the competitive airline industry.
Risk Assessment
Risk Level: medium — Airline industry is subject to significant volatility from fuel prices, competition, and economic conditions, impacting Frontier's financial stability.
Key Numbers
- 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
- 2024-09-30 — Period End Date (The specific date up to which financial information is reported.)
- 2023-09-30 — Prior Year Period End (For comparative financial analysis.)
Key Players & Entities
- Frontier Group Holdings, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241029 (date) — Filing date
- AIR TRANSPORTATION, SCHEDULED [4512] (industry) — Standard Industrial Classification
- DENVER (location) — Company business and mailing address city
- DE (location) — State of incorporation
FAQ
What were Frontier's total revenues for the third quarter of 2024?
The filing does not explicitly state the total revenue figure for Q3 2024 in the provided snippet, but it indicates reporting for the period of 2024-07-01 to 2024-09-30.
What is Frontier Group Holdings' primary business?
Frontier Group Holdings, Inc. is primarily involved in AIR TRANSPORTATION, SCHEDULED, as indicated by its Standard Industrial Classification code [4512].
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on 20241029.
What is the company's state of incorporation?
Frontier Group Holdings, Inc. is incorporated in Delaware (DE).
What fiscal year end does Frontier Group Holdings observe?
Frontier Group Holdings, Inc. observes a fiscal year end of December 31 (1231).
Filing Stats: 4,805 words · 19 min read · ~16 pages · Grade level 18.3 · Accepted 2024-10-29 08:05:26
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share ULCC The Nasdaq Sto
Filing Documents
- fron-20240930.htm (10-Q) — 1476KB
- ex311q32024.htm (EX-31.1) — 9KB
- ex312q32024.htm (EX-31.2) — 9KB
- ex321q32024.htm (EX-32.1) — 5KB
- ex322q32024.htm (EX-32.2) — 5KB
- frontier-ex101axjsa_fronti.htm (EX-10.1(A)) — 812KB
- frontier-ex101bxjsaxstepxi.htm (EX-10.1(B)) — 589KB
- frontier-ex102axtenthamend.htm (EX-10.2(A)) — 868KB
- frontier-ex102bxarstepxina.htm (EX-10.2(B)) — 361KB
- frontier-ex103xrevolvingcr.htm (EX-10.3) — 1597KB
- frontier-ex104ax3rdamendme.htm (EX-10.4(A)) — 41KB
- frontier-ex104bx4thamendme.htm (EX-10.4(B)) — 39KB
- frontier-ex105axairbusamen.htm (EX-10.5(A)) — 18KB
- frontier-ex105bxairbusamen.htm (EX-10.5(B)) — 63KB
- picture1.jpg (GRAPHIC) — 4KB
- picture2.jpg (GRAPHIC) — 2KB
- fron-20240930_g1.jpg (GRAPHIC) — 91KB
- 0001670076-24-000155.txt ( ) — 11805KB
- fron-20240930.xsd (EX-101.SCH) — 49KB
- fron-20240930_cal.xml (EX-101.CAL) — 74KB
- fron-20240930_def.xml (EX-101.DEF) — 198KB
- fron-20240930_lab.xml (EX-101.LAB) — 558KB
- fron-20240930_pre.xml (EX-101.PRE) — 394KB
- fron-20240930_htm.xml (XML) — 793KB
Financial Information
Part I. Financial Information
Condensed Consolidated Financial Statements (unaudited)
Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Cash Flows 6 Condensed Consolidated Statements of Stockholders' Equity 7 Notes to Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Glossary of Airline Terms 43
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 45
Controls and Procedures
Item 4. Controls and Procedures 45
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 47
Risk Factors
Item 1A. Risk Factors 47
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 47
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 47
Other Information
Item 5. Other Information 47
Exhibits
Item 6. Exhibits 48 Signature 50 1 Cautionary Statement Regarding Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q should be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Words such as "may," "might," "will," "should," "could," "would," "expect," "intends," "plan," "anticipate," "believe," "estimate," "project," "targets," "predict," "potential" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC") on February 20, 2024 (the "2023 Annual Report"). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FRONTIER GROUP HOLDINGS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except share data) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 576 $ 609 Accounts receivable, net 147 93 Supplies, net 76 79 Other current assets 111 90 Total current assets 910 871 Property and equipment, net 367 309 Operating lease right-of-use assets 3,723 2,964 Pre-delivery deposits for flight equipment 390 407 Aircraft maintenance deposits — 84 Intangible assets, net 27 28 Other assets 409 330 Total assets $ 5,826 $ 4,993 Liabilities and stockholders' equity Accounts payable $ 128 $ 134 Air traffic liability 292 253 Frequent flyer liability 12 10 Current maturities of long-term debt, net 190 251 Current maturities of operating leases 632 549 Other current liabilities 470 461 Total current liabilities 1,724 1,658 Long-term debt, net 279 219 Long-term operating leases 3,126 2,440 Long-term frequent flyer liability 34 35 Other long-term liabilities 114 134 Total liabilities 5,277 4,486 Commitments and contingencies (Note 9) Stockholders' equity: Common stock, $ 0.001 par value per share, with 224,518,145 and 222,998,790 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 414 403 Retained earnings 142 111 Accumulated other comprehensive income (loss) ( 7 ) ( 7 ) Total stockholders' equity 549 507 Total liabilities and stockholders' equity $ 5,826 $ 4,993 See Notes to Condensed Consolidated Financial Statements 3 FRONTIER GROUP HOLDINGS, INC. Condensed Consolidated Statements of Operations (unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating revenues: Passenger $ 910 $ 862 $ 2,705 $ 2,637 Other 25 21 68 61 Total operating revenues 935 883 2,773 2,698 Operating expenses: