Frontier Group Holdings, Inc. (ULCC) [Rocket]

In millions, except per share items	Dec-31-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21	Dec-31-20
	8-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K
Total revenues [+]	906	909	605	609	630	550	271	267
Net interest income	19
Revenue growth	48.8%	65.3%	123.2%	128.1%	157.1%	183.5%	-50.2%	-59.2%
Cost of goods sold [+]	646	793	654	615	592	560	457	413
Labor costs		174	172	162	161	154	139	127
Sales commissions and fees	187
Fuel costs	304	335	215	186	166	139	84	57
Aircraft maintenance, materials and repairs		31	34	37	29	27	26	24
Aircraft rental	155	133	128	131	128	133	138	130
Landing fees and other rentals		120	105	99	108	107	70	75
Gross profit	260	116	-49	-6	38	-10	-186	-146
Gross margin	28.7%	12.8%	-8.1%	-1.0%	6.0%	-1.8%	-68.6%	-54.7%
Selling, general and administrative [+]	44	46	32	29	33	30	17	16
Sales and marketing	44	46	32	29	33	30	17	16
Other operating expenses	162	39	48	41	-48	-68	-119	12
EBITDA [+]	54	31	-129	-76	53	28	-84	-174
EBITDA growth	-171.1%	10.7%	53.6%	-56.3%	-172.6%	115.4%	-14.3%	-320.3%
EBITDA margin	6.0%	3.4%	-21.3%	-12.5%	8.4%	5.1%	-31.0%	-65.2%
Depreciation and amortization	9	15	13	10	10	10	8	10
EBIT [+]	45	16	-142	-86	43	18	-92	-184
EBIT growth	-152.3%	-11.1%	54.3%	-53.3%	-153.1%	200.0%	-13.2%	-370.6%
EBIT margin	5.0%	1.8%	-23.5%	-14.1%	6.8%	3.3%	-33.9%	-68.9%
Non-recurring items		9	11
Interest expense, net [+]		-2	2	1	-1		1
Interest expense			2	2			1	1
Interest income		2		1	1			1
Other income (expense), net	5	-1	-6	1	-3	-4	-20	-9
Pre-tax income	50	8	-161	-86	41	14	-113	-193
Income taxes	10	-5	-40	-33	18	-5	-22	-66
Tax rate	20.0%		24.8%	38.4%	43.9%		19.5%	34.2%
Net income	40	13	-121	-53	23	19	-91	-127
Net margin	4.4%	1.4%	-20.0%	-8.7%	3.7%	3.5%	-33.6%	-47.6%

Basic EPS [+]	$0.18	$0.06	($0.56)	($0.25)	$0.11	$0.09	($0.46)	($0.64)
Growth	-173.2%	-32.6%	22.1%	-60.7%	-141.7%	3.9%	42.0%	-326.5%
Diluted EPS [+]	$0.18	$0.06	($0.56)	($0.25)	$0.11	$0.09	($0.46)	($0.64)
Growth	-172.5%	-32.5%	22.1%	-60.7%	-141.2%	3.2%	42.0%	-327.6%


Shares outstanding (basic) [+]	218	218	217	211	215	214	199	199
Growth	3.1%	1.5%	8.9%	6.1%	8.1%	7.6%	0.1%	0.1%
Shares outstanding (diluted) [+]	220	219	217	211	218	216	199	199
Growth	4.1%	1.4%	8.9%	6.1%	9.5%	8.3%	0.1%	-0.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.