Frontier Group Holdings, Inc. (NASDAQ:ULCC) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET
Company Participants
David Erdman - Senior Director, Investor Relations
Barry Biffle - Chief Executive Officer
Daniel Shurz - Senior Vice President, Commercial
Jimmy Dempsey - Executive Vice President and Chief Financial Officer
Conference Call Participants
Duane Pfennigwerth - Evercore ISI
Jamie Baker - JP Morgan Securities
Conor Cunningham - Melius Research
Helane Becker - Cowen
Andrew DiDora - Bank of America
Brandon Oglenski - Barclays
Shannon Doherty - Deutsche Bank
Christopher Stathoulopoulos - Susquehanna Investment Group
Operator
Good day, and thank you for standing by. Welcome to the Frontier Group Holdings' First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there are question-and-answer session. [Operator Instructions] Please be advised that today's conference is recorded.
I would now like to hand the conference over to your speaker today, David Erdman, Senior Director of Investor Relations. Please go ahead.
David Erdman
Good afternoon, everyone and welcome to our first quarter 2023 earnings call. Today's speakers will be Barry Biffle, President and CEO; Jimmy Dempsey, EVP and CFO; and Daniel Shurz, Senior Vice President, Commercial. Each will deliver brief prepared remarks, and then we'll get to your questions.
But first though, let me quickly review the customary safe harbor provisions. During this call, we will be making forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those predicted in these forward-looking statements. Additional information concerning risk factors which could cause such differences are outlined in the announcement we published earlier, along with reports we filed with the SEC. We will also discuss non-GAAP financial measures, which are reconciled to the nearest comparable GAAP measure in the appendix of the earnings announcement.
So I will give the floor to Barry to begin his remarks. Barry?
Barry Biffle
Thanks David, and good afternoon, everyone. Our results for the first quarter reflecting adjusted pretax loss margin of 1.9%, slightly outperforming expectations on a strong spring break period. While demand during January and the first half of February was seasonally weak, particularly in off peak days, demand strengthened as we progress from President's Day through the spring break period. In fact, we operated an average utilization of 11.8 hours per day in March. The progression in demand throughout the quarter helped drive revenue of $848 million, a record for any first quarter in the company's history. We expect the strengthen demand for leisure travel to continue to extend into the busy summer travel season.