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

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	S-1/A	S-1/A	S-1/A	S-1/A
Revenues:
Domestic					2,040
Latin America					116
Total revenues [+]	3,326	2,060	1,250	2,508	2,156	1,714	1,604	1,593
Other					54
Revenue growth	61.5%	64.8%	-50.2%	16.3%		6.9%	0.7%
Cost of goods sold [+]	2,999	2,224	1,607	1,959	1,382	887	875	982
Labor costs	715	616	533	529
Sales commissions and fees					441	287	285	258
Fuel costs	1,160	575	338	640	589	343	369	538
Maintenance and operations costs					75	48	50	39
Aircraft maintenance, materials and repairs	146	119	83	86
Aircraft rental	556	530	396	368	277	209	171	147
Landing fees and other rentals	422	384	257	336
Gross profit	327	-164	-357	549	774	827	729	611
Gross margin	9.8%	-8.0%	-28.6%	21.9%	35.9%	48.2%	45.4%	38.4%
Selling, general and administrative [+]	164	109	78	130	110	72	79	87
Sales and marketing	164	109	78	130	110	72	79	87
Other operating expenses	153	-194	-103	64	572	363	363	267
EBITDA [+]	10	-79	-332	355	170	392	287	257
EBITDA growth	-112.7%	-76.2%	-193.5%	108.8%		36.6%	11.7%
EBITDA margin	0.3%	-3.8%	-26.6%	14.2%	7.9%	22.9%	17.9%	16.1%
Depreciation	44	38	32	45	78	75	54	29
EBITA	-34	-117	-364	310	92	317	233	228
EBITA margin	-1.0%	-5.7%	-29.1%	12.4%	4.3%	18.5%	14.5%	14.3%
Amortization of intangibles	1		1	1
EBIT [+]	-35	-117	-365	309	92	317	233	228
EBIT growth	-70.1%	-67.9%	-218.1%	235.9%		36.1%	2.2%
EBIT margin	-1.1%	-5.7%	-29.2%	12.3%	4.3%	18.5%	14.5%	14.3%
Non-recurring items	10
Interest expense, net [+]	4	7	2	-6	13	9	8	5
Interest expense	14	9	7	10	13	9	8	5
Interest income	10	2	5	16
Other income (expense), net	4	-20	-5	10	26	8	3	1
Pre-tax income	-45	-144	-372	325	105	316	228	224
Income taxes	-8	-42	-147	74	25	116	82	84
Tax rate	17.8%	29.2%	39.5%	22.8%	23.8%	36.7%	36.0%	37.5%
Net income	-37	-102	-225	251	80	200	146	140
Net margin	-1.1%	-5.0%	-18.0%	10.0%	3.7%	11.7%	9.1%	8.8%

Basic EPS [+]	($0.17)	($0.48)	($1.13)	$1.26	$0.37	$36.76	$26.60	$26.12
Growth	-64.8%	-57.3%	-189.6%	240.7%		38.2%	1.8%
Diluted EPS [+]	($0.17)	($0.48)	($1.13)	$1.26	$0.36	$36.23	$26.15	$25.75
Growth	-64.8%	-57.3%	-189.8%	249.3%		38.5%	1.6%

Dividends per share [+]				$0.76		$18,950,000.00
Growth			-100.0%

Shares outstanding (basic) [+]	218	211	199	199	216	5	5	5
Growth	2.9%	6.1%	0.1%	-7.9%		-0.9%	2.4%
Shares outstanding (diluted) [+]	218	211	199	200	222	6	6	5
Growth	2.9%	6.1%	-0.2%	-10.2%		-1.1%	2.7%

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