Frontier Group Holdings, Inc. (NASDAQ:ULCC) Q2 2022 Earnings Conference Call July 28, 2022 4:30 PM ET

Company Participants

David Erdman - Senior Director of Investor Relations

Barry Biffle - President & Chief Executive Officer

Daniel Shurz - Senior Vice President, Commercial

Jimmy Dempsey - Executive Vice President & Chief Financial Officer

Conference Call Participants

Jamie Baker - JPMorgan

Duane Pfennigwerth - Evercore ISI

Mike Linenberg - Deutsche Bank

Scott Group - Wolfe Research

Savanthi Syth - Raymond James

Helane Becker - Cowen

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Frontier Group Holdings Q2 2022 Earnings Call. [Operator Instructions]

I would now like to turn the call over to your host, David Erdman. You may begin.

David Erdman

Thank you and good afternoon, everyone. Welcome to our second quarter 2022 earnings call. Today's speakers will be Barry Biffle, President and CEO; Jimmy Dempsey, EVP and CFO; and Daniel Schurz, Senior Vice President, Commercial. Each will deliver brief prepared remarks and then we'll get to your questions.

But first, let me quickly cover 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 may also discuss non-GAAP financial measures which are reconciled to the nearest comparable GAAP measure in the appendix of the earnings announcement. And then lastly, we will be participating in several investor conferences in August and September and we certainly hope to see you at one of those events.

And so, I'll give the floor to Barry to begin his comments. Barry?

Barry Biffle

Thanks, David and good afternoon, everyone. Needless to say, it's been an interesting few months since our last earnings call. While public attention was largely centered on the merger, behind the scenes we realized the highest quarterly revenue in history at $909 million, 43% above the comparable 2019 quarter and a record ancillary revenue of $75 per passenger.

The strong revenue performance in the second quarter enabled us to overcome elevated fuel prices and generate an adjusted pretax margin of 3%. We were able to lessen the impact of the weather and air traffic control limitations through proactive measures which led to an improvement in our completion factor as the quarter progressed, with a completion factor of 99% during June and over 99% during the busy 4th of July week.