Frontier Group Holdings, Inc(NASDAQ:ULCC) 
Frontier Group Holdings, Inc., a low-fare airline company, provides air transportation for passengers. The company operates an airline that serves approximately 110 airports throughout the United States and international destinations in the Americas. As of December 31, 2020, it had a fleet of 104 Ai...
Website: http://www.flyfrontier.com
Founded: 2013
CEO: Barry L Biffle
Sector: Industrials
Industry: Airlines
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
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operating revenues: | ||||||||||||||||||||
passenger | 952,000,000 | 962,000,000 | 854,000,000 | 898,000,000 | 884,000,000 | 978,000,000 | 910,000,000 | 950,000,000 | 845,000,000 | 945,000,000 | 830,000,000 | 887,000,000 | 883,000,000 | 890,000,000 | 588,000,000 | 592,000,000 | 610,000,000 | 536,000,000 | 262,000,000 | |
other | 40,000,000 | 35,000,000 | 32,000,000 | 31,000,000 | 28,000,000 | 24,000,000 | 25,000,000 | 23,000,000 | 20,000,000 | 22,000,000 | 18,000,000 | 19,000,000 | 23,000,000 | 19,000,000 | 17,000,000 | 17,000,000 | 20,000,000 | 14,000,000 | 9,000,000 | |
total operating revenues | 992,000,000 | 997,000,000 | 886,000,000 | 929,000,000 | 912,000,000 | 1,002,000,000 | 935,000,000 | 973,000,000 | 865,000,000 | 967,000,000 | 848,000,000 | 906,000,000 | 906,000,000 | 909,000,000 | 605,000,000 | 609,000,000 | 630,000,000 | 550,000,000 | 271,000,000 | |
operating expenses: | ||||||||||||||||||||
aircraft fuel | 268,000,000 | 227,000,000 | 234,000,000 | 230,000,000 | 238,000,000 | 229,000,000 | 261,000,000 | 288,000,000 | 263,000,000 | 244,000,000 | 292,000,000 | 304,000,000 | 306,000,000 | 335,000,000 | 215,000,000 | 186,000,000 | 166,000,000 | 139,000,000 | 84,000,000 | |
salaries, wages and benefits | 271,000,000 | 262,000,000 | 251,000,000 | 254,000,000 | 249,000,000 | 241,000,000 | 236,000,000 | 244,000,000 | 233,000,000 | 211,000,000 | 203,000,000 | 187,000,000 | 182,000,000 | 174,000,000 | 172,000,000 | 162,000,000 | 161,000,000 | 154,000,000 | 139,000,000 | |
aircraft rent | 265,000,000 | 212,000,000 | 181,000,000 | 194,000,000 | 161,000,000 | 192,000,000 | 177,000,000 | 147,000,000 | 159,000,000 | 148,000,000 | 131,000,000 | 155,000,000 | 140,000,000 | 133,000,000 | 128,000,000 | 131,000,000 | 128,000,000 | 133,000,000 | 138,000,000 | |
station operations | 192,000,000 | 186,000,000 | 173,000,000 | 178,000,000 | 180,000,000 | 173,000,000 | 164,000,000 | 163,000,000 | 137,000,000 | 124,000,000 | 124,000,000 | 96,000,000 | 101,000,000 | 120,000,000 | 105,000,000 | 99,000,000 | 108,000,000 | 107,000,000 | 70,000,000 | |
maintenance, materials and repairs | 142,000,000 | 59,000,000 | 52,000,000 | 47,000,000 | 51,000,000 | 65,000,000 | 53,000,000 | 42,000,000 | 49,000,000 | 52,000,000 | 45,000,000 | 39,000,000 | 42,000,000 | |||||||
sales and marketing | 43,000,000 | 41,000,000 | 38,000,000 | 39,000,000 | 41,000,000 | 45,000,000 | 46,000,000 | 47,000,000 | 40,000,000 | 44,000,000 | 40,000,000 | 44,000,000 | 42,000,000 | 46,000,000 | 32,000,000 | 29,000,000 | 33,000,000 | 30,000,000 | 17,000,000 | |
depreciation and amortization | 62,000,000 | 26,000,000 | 24,000,000 | 21,000,000 | 20,000,000 | 19,000,000 | 19,000,000 | 18,000,000 | 16,000,000 | 12,000,000 | 11,000,000 | 9,000,000 | 8,000,000 | 15,000,000 | 13,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 8,000,000 | |
other operating | 32,000,000 | -65,000,000 | 10,000,000 | 41,000,000 | 18,000,000 | -7,000,000 | -40,000,000 | -1,000,000 | -1,000,000 | 53,000,000 | 26,000,000 | 25,000,000 | 41,000,000 | 39,000,000 | 48,000,000 | 41,000,000 | 24,000,000 | 19,000,000 | 17,000,000 | |
total operating expenses | 1,275,000,000 | 948,000,000 | 963,000,000 | 1,004,000,000 | 958,000,000 | 957,000,000 | 916,000,000 | 948,000,000 | 896,000,000 | 888,000,000 | 873,000,000 | 861,000,000 | 850,000,000 | 902,000,000 | 758,000,000 | 695,000,000 | 587,000,000 | 532,000,000 | 363,000,000 | |
operating income | -283,000,000 | 49,000,000 | -77,000,000 | -75,000,000 | -46,000,000 | 45,000,000 | 19,000,000 | 25,000,000 | -31,000,000 | 79,000,000 | -25,000,000 | 45,000,000 | 56,000,000 | 7,000,000 | -153,000,000 | -86,000,000 | 43,000,000 | 18,000,000 | -92,000,000 | |
yoy | 515.22% | 8.89% | -505.26% | -400.00% | 48.39% | -75.95% | -200.00% | -168.89% | 1028.57% | -83.66% | -152.33% | 30.23% | -61.11% | 66.30% | ||||||
qoq | -677.55% | -163.64% | 2.67% | 63.04% | -202.22% | 136.84% | -24.00% | -180.65% | -416.00% | -155.56% | -19.64% | 700.00% | -104.58% | 77.91% | -300.00% | 138.89% | -119.57% | |||
other income: | ||||||||||||||||||||
interest expense | -12,000,000 | -12,000,000 | -15,000,000 | -10,000,000 | -9,000,000 | -9,000,000 | -10,000,000 | -8,000,000 | -9,000,000 | -7,000,000 | -6,000,000 | -5,000,000 | -4,000,000 | -3,000,000 | -9,000,000 | -2,000,000 | -4,000,000 | -5,000,000 | -22,000,000 | |
capitalized interest | 8,000,000 | 9,000,000 | 10,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 7,000,000 | 9,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
interest income and other | 6,000,000 | 6,000,000 | 6,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 10,000,000 | 8,000,000 | 7,000,000 | 10,000,000 | 8,000,000 | 5,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | ||||
total other income | 2,000,000 | 3,000,000 | 1,000,000 | 5,000,000 | 6,000,000 | 6,000,000 | 8,000,000 | 7,000,000 | 7,000,000 | 9,000,000 | 8,000,000 | -1,250,000 | 2,000,000 | 1,000,000 | -8,000,000 | -2,000,000 | -4,000,000 | -21,000,000 | ||
income before income taxes | -281,000,000 | 52,000,000 | -76,000,000 | -70,000,000 | -40,000,000 | 51,000,000 | 27,000,000 | 32,000,000 | -24,000,000 | 88,000,000 | -17,000,000 | 50,000,000 | 58,000,000 | 8,000,000 | -161,000,000 | -86,000,000 | 41,000,000 | 14,000,000 | -113,000,000 | |
income tax expense | -9,000,000 | -1,000,000 | 1,000,000 | 3,000,000 | -3,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 17,000,000 | -4,000,000 | 10,000,000 | 27,000,000 | -5,000,000 | -40,000,000 | -33,000,000 | 18,000,000 | -5,000,000 | -22,000,000 | ||
net income | -272,000,000 | 53,000,000 | -77,000,000 | -70,000,000 | -43,000,000 | 54,000,000 | 26,000,000 | 31,000,000 | -26,000,000 | 71,000,000 | -13,000,000 | 40,000,000 | 31,000,000 | 13,000,000 | -121,000,000 | -53,000,000 | 23,000,000 | 19,000,000 | -91,000,000 | |
yoy | 532.56% | -1.85% | -396.15% | -325.81% | 65.38% | -63.38% | -338.46% | -165.00% | 446.15% | -89.26% | -175.47% | 34.78% | -31.58% | 32.97% | ||||||
qoq | -613.21% | -168.83% | 10.00% | 62.79% | -179.63% | 107.69% | -16.13% | -219.23% | -646.15% | -132.50% | 29.03% | 138.46% | -110.74% | 128.30% | -330.43% | 21.05% | -120.88% | |||
earnings per share: | ||||||||||||||||||||
basic | -1.18 | 0.24 | -0.34 | -0.31 | -0.19 | 0.23 | 0.11 | 0.14 | -0.12 | 0.32 | -0.06 | 0.19 | 0.13 | 0.06 | -0.56 | -0.25 | 0.1 | 0.08 | -0.46 | |
diluted | -1.18 | 0.24 | -0.34 | -0.31 | -0.19 | 0.23 | 0.11 | 0.14 | -0.12 | 0.31 | -0.06 | 0.19 | 0.13 | 0.06 | -0.56 | -0.25 | 0.1 | 0.08 | -0.46 | |
transaction and merger-related costs | 1,000,000 | 2,000,000 | -12,000,000 | 9,000,000 | 11,000,000 | |||||||||||||||
cares act credits | -72,000,000 | -87,000,000 | -136,000,000 | |||||||||||||||||
maintenance materials and repairs | 31,000,000 | 34,000,000 | 37,000,000 | 29,000,000 | 27,000,000 | 26,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
cash and cash equivalents | 772,000,000 | 671,000,000 | 566,000,000 | 563,000,000 | 686,000,000 | 740,000,000 | 576,000,000 | 658,000,000 | 622,000,000 | 609,000,000 | 780,000,000 | 790,000,000 | 761,000,000 | 674,000,000 | 766,000,000 | 727,000,000 | 918,000,000 | 802,000,000 | 936,000,000 | 429,000,000 |
accounts receivable | 118,000,000 | 85,000,000 | 93,000,000 | 98,000,000 | 89,000,000 | 73,000,000 | 147,000,000 | 95,000,000 | 98,000,000 | 93,000,000 | 91,000,000 | 96,000,000 | 90,000,000 | 65,000,000 | 63,000,000 | 60,000,000 | 50,000,000 | 49,000,000 | 48,000,000 | 48,000,000 |
supplies | 106,000,000 | 90,000,000 | 90,000,000 | 86,000,000 | 81,000,000 | 79,000,000 | 76,000,000 | 78,000,000 | 75,000,000 | 79,000,000 | 60,000,000 | 57,000,000 | 55,000,000 | 54,000,000 | 54,000,000 | 41,000,000 | 29,000,000 | 29,000,000 | 20,000,000 | 20,000,000 |
other current assets | 102,000,000 | 112,000,000 | 98,000,000 | 85,000,000 | 97,000,000 | 98,000,000 | 111,000,000 | 116,000,000 | 108,000,000 | 90,000,000 | 78,000,000 | 99,000,000 | 114,000,000 | 99,000,000 | 71,000,000 | 48,000,000 | 40,000,000 | 212,000,000 | 222,000,000 | 223,000,000 |
total current assets | 1,098,000,000 | 958,000,000 | 847,000,000 | 832,000,000 | 953,000,000 | 990,000,000 | 910,000,000 | 947,000,000 | 903,000,000 | 871,000,000 | 1,009,000,000 | 1,042,000,000 | 1,020,000,000 | 892,000,000 | 954,000,000 | 876,000,000 | 1,037,000,000 | 1,092,000,000 | 1,226,000,000 | 720,000,000 |
property and equipment | 485,000,000 | 510,000,000 | 492,000,000 | 458,000,000 | 396,000,000 | 376,000,000 | 367,000,000 | 350,000,000 | 330,000,000 | 309,000,000 | 260,000,000 | 242,000,000 | 226,000,000 | 213,000,000 | 195,000,000 | 191,000,000 | 186,000,000 | 187,000,000 | 179,000,000 | 177,000,000 |
operating lease right-of-use assets | 4,599,000,000 | 4,806,000,000 | 4,321,000,000 | 4,270,000,000 | 4,242,000,000 | 3,930,000,000 | 3,723,000,000 | 3,589,000,000 | 3,117,000,000 | 2,964,000,000 | 2,638,000,000 | 2,623,000,000 | 2,484,000,000 | 2,405,000,000 | 2,396,000,000 | 2,403,000,000 | 2,426,000,000 | 2,491,000,000 | 2,390,000,000 | 2,292,000,000 |
pre-delivery deposits for flight equipment | 383,000,000 | 428,000,000 | 509,000,000 | 466,000,000 | 415,000,000 | 404,000,000 | 390,000,000 | 392,000,000 | 394,000,000 | 407,000,000 | 380,000,000 | 348,000,000 | 371,000,000 | 346,000,000 | 301,000,000 | 285,000,000 | 260,000,000 | 196,000,000 | 199,000,000 | 212,000,000 |
intangible assets | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 |
other assets | 425,000,000 | 491,000,000 | 505,000,000 | 471,000,000 | 448,000,000 | 426,000,000 | 409,000,000 | 384,000,000 | 348,000,000 | 330,000,000 | 308,000,000 | 302,000,000 | 265,000,000 | 258,000,000 | 269,000,000 | 251,000,000 | 199,000,000 | 165,000,000 | 175,000,000 | 164,000,000 |
total assets | 7,017,000,000 | 7,220,000,000 | 6,701,000,000 | 6,524,000,000 | 6,481,000,000 | 6,153,000,000 | 5,826,000,000 | 5,689,000,000 | 5,206,000,000 | 4,993,000,000 | 4,708,000,000 | 4,670,000,000 | 4,499,000,000 | 4,246,000,000 | 4,245,000,000 | 4,136,000,000 | 4,235,000,000 | 4,252,000,000 | 4,288,000,000 | 3,680,000,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
accounts payable | 115,000,000 | 130,000,000 | 159,000,000 | 169,000,000 | 120,000,000 | 115,000,000 | 128,000,000 | 137,000,000 | 131,000,000 | 134,000,000 | 91,000,000 | 79,000,000 | 89,000,000 | 78,000,000 | 102,000,000 | 93,000,000 | 86,000,000 | 90,000,000 | 73,000,000 | 79,000,000 |
air traffic liability | 459,000,000 | 352,000,000 | 325,000,000 | 324,000,000 | 358,000,000 | 294,000,000 | 292,000,000 | 323,000,000 | 328,000,000 | 253,000,000 | 353,000,000 | 424,000,000 | 313,000,000 | 296,000,000 | 372,000,000 | 363,000,000 | 273,000,000 | 252,000,000 | 334,000,000 | 230,000,000 |
frequent flyer liability | 21,000,000 | 16,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 10,000,000 | 11,000,000 | 12,000,000 | 13,000,000 | 13,000,000 | 14,000,000 | 14,000,000 | 13,000,000 | 12,000,000 | 14,000,000 | 12,000,000 |
current maturities of long-term debt | 240,000,000 | 301,000,000 | 363,000,000 | 326,000,000 | 263,000,000 | 261,000,000 | 190,000,000 | 263,000,000 | 265,000,000 | 251,000,000 | 237,000,000 | 215,000,000 | 157,000,000 | 193,000,000 | 161,000,000 | 145,000,000 | 127,000,000 | 85,000,000 | 88,000,000 | 110,000,000 |
current maturities of operating leases | 793,000,000 | 779,000,000 | 718,000,000 | 700,000,000 | 686,000,000 | 664,000,000 | 632,000,000 | 601,000,000 | 576,000,000 | 549,000,000 | 497,000,000 | 487,000,000 | 465,000,000 | 451,000,000 | 440,000,000 | 446,000,000 | 444,000,000 | 450,000,000 | 444,000,000 | 423,000,000 |
other current liabilities | 610,000,000 | 525,000,000 | 527,000,000 | 508,000,000 | 497,000,000 | 500,000,000 | 470,000,000 | 485,000,000 | 486,000,000 | 461,000,000 | 456,000,000 | 463,000,000 | 518,000,000 | 421,000,000 | 461,000,000 | 387,000,000 | 383,000,000 | 349,000,000 | 438,000,000 | 369,000,000 |
total current liabilities | 2,238,000,000 | 2,103,000,000 | 2,110,000,000 | 2,045,000,000 | 1,942,000,000 | 1,852,000,000 | 1,724,000,000 | 1,821,000,000 | 1,797,000,000 | 1,658,000,000 | 1,645,000,000 | 1,680,000,000 | 1,555,000,000 | 1,452,000,000 | 1,550,000,000 | 1,448,000,000 | 1,326,000,000 | 1,238,000,000 | 1,391,000,000 | 1,223,000,000 |
long-term debt | 343,000,000 | 313,000,000 | 305,000,000 | 234,000,000 | 244,000,000 | 241,000,000 | 279,000,000 | 189,000,000 | 201,000,000 | 219,000,000 | 193,000,000 | 212,000,000 | 272,000,000 | 228,000,000 | 212,000,000 | 207,000,000 | 287,000,000 | 280,000,000 | 275,000,000 | 242,000,000 |
long-term operating leases | 3,872,000,000 | 4,070,000,000 | 3,646,000,000 | 3,610,000,000 | 3,598,000,000 | 3,302,000,000 | 3,126,000,000 | 3,016,000,000 | 2,565,000,000 | 2,440,000,000 | 2,157,000,000 | 2,152,000,000 | 2,034,000,000 | 1,973,000,000 | 1,964,000,000 | 1,964,000,000 | 1,991,000,000 | 2,053,000,000 | 1,966,000,000 | 1,881,000,000 |
long-term frequent flyer liability | 45,000,000 | 44,000,000 | 36,000,000 | 34,000,000 | 32,000,000 | 31,000,000 | 34,000,000 | 33,000,000 | 34,000,000 | 35,000,000 | 32,000,000 | 32,000,000 | 32,000,000 | 33,000,000 | 34,000,000 | 37,000,000 | 41,000,000 | 43,000,000 | 44,000,000 | 50,000,000 |
other long-term liabilities | 297,000,000 | 199,000,000 | 170,000,000 | 95,000,000 | 95,000,000 | 123,000,000 | 114,000,000 | 110,000,000 | 125,000,000 | 134,000,000 | 115,000,000 | 106,000,000 | 97,000,000 | 92,000,000 | 59,000,000 | 71,000,000 | 60,000,000 | 62,000,000 | 62,000,000 | 65,000,000 |
total liabilities | 6,795,000,000 | 6,729,000,000 | 6,267,000,000 | 6,018,000,000 | 5,911,000,000 | 5,549,000,000 | 5,277,000,000 | 5,169,000,000 | 4,722,000,000 | 4,486,000,000 | 4,142,000,000 | 4,182,000,000 | 3,990,000,000 | 3,778,000,000 | 3,819,000,000 | 3,727,000,000 | 3,705,000,000 | 3,676,000,000 | 3,738,000,000 | 3,461,000,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
common stock, 0.001 par value per share... | ||||||||||||||||||||
additional paid-in capital | 440,000,000 | 437,000,000 | 434,000,000 | 429,000,000 | 423,000,000 | 414,000,000 | 414,000,000 | 411,000,000 | 406,000,000 | 403,000,000 | 396,000,000 | 392,000,000 | 393,000,000 | 389,000,000 | 385,000,000 | 381,000,000 | 381,000,000 | 374,000,000 | 371,000,000 | 60,000,000 |
retained earnings | -213,000,000 | 59,000,000 | 6,000,000 | 83,000,000 | 153,000,000 | 196,000,000 | 142,000,000 | 116,000,000 | 85,000,000 | 111,000,000 | 180,000,000 | 109,000,000 | 122,000,000 | 82,000,000 | 51,000,000 | 38,000,000 | 159,000,000 | 212,000,000 | 189,000,000 | 170,000,000 |
accumulated other comprehensive income | -5,000,000 | -5,000,000 | -6,000,000 | -6,000,000 | -6,000,000 | -6,000,000 | -7,000,000 | -7,000,000 | -7,000,000 | -7,000,000 | -10,000,000 | -13,000,000 | -6,000,000 | -3,000,000 | -10,000,000 | -10,000,000 | -10,000,000 | -10,000,000 | -10,000,000 | -11,000,000 |
total stockholders’ equity | 222,000,000 | 491,000,000 | 434,000,000 | 506,000,000 | 570,000,000 | 604,000,000 | 549,000,000 | 520,000,000 | 484,000,000 | 507,000,000 | 566,000,000 | 488,000,000 | 509,000,000 | 468,000,000 | 426,000,000 | 409,000,000 | 530,000,000 | 576,000,000 | 550,000,000 | 219,000,000 |
total liabilities and stockholders’ equity | 7,017,000,000 | 7,220,000,000 | 6,701,000,000 | 6,524,000,000 | 6,481,000,000 | 6,153,000,000 | 5,826,000,000 | 5,689,000,000 | 5,206,000,000 | 4,993,000,000 | 4,708,000,000 | 4,670,000,000 | 4,499,000,000 | 4,246,000,000 | 4,245,000,000 | 4,136,000,000 | 4,235,000,000 | 4,252,000,000 | 4,288,000,000 | 3,680,000,000 |
aircraft maintenance deposits | 87,000,000 | 84,000,000 | 85,000,000 | 85,000,000 | 105,000,000 | 104,000,000 | 102,000,000 | 102,000,000 | 98,000,000 | 92,000,000 | 90,000,000 | 86,000,000 | ||||||||
common stock, 0.001 par value... | ||||||||||||||||||||
common stock |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||
net loss | -272,000,000 | -43,000,000 | 23,000,000 | ||||||||||||||||
adjustments to reconcile net loss to cash from operating activities: | |||||||||||||||||||
deferred income taxes | -9,000,000 | -1,000,000 | 1,000,000 | 0 | 3,000,000 | 0 | 1,000,000 | 2,000,000 | 17,000,000 | -4,000,000 | 10,000,000 | 27,000,000 | -5,000,000 | -40,000,000 | -23,000,000 | 18,000,000 | -5,000,000 | -22,000,000 | |
depreciation and amortization | 25,000,000 | 26,000,000 | 24,000,000 | 21,000,000 | 20,000,000 | 19,000,000 | 19,000,000 | 18,000,000 | 16,000,000 | 12,000,000 | 11,000,000 | 9,000,000 | 8,000,000 | 15,000,000 | 13,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 8,000,000 |
gains recognized on sale-leaseback transactions | -47,000,000 | -145,000,000 | -67,000,000 | -34,000,000 | -56,000,000 | -76,000,000 | -70,000,000 | -77,000,000 | -71,000,000 | -17,000,000 | -40,000,000 | -38,000,000 | -21,000,000 | -21,000,000 | -7,000,000 | -5,000,000 | -19,000,000 | -21,000,000 | -15,000,000 |
stock-based compensation | 5,000,000 | 5,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 4,000,000 | 3,000,000 | 5,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 |
early return agreement charges | 104,000,000 | ||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||
accounts receivable | -33,000,000 | 8,000,000 | 5,000,000 | -9,000,000 | -16,000,000 | 75,000,000 | -52,000,000 | 3,000,000 | -4,000,000 | 9,000,000 | 19,000,000 | -22,000,000 | 0 | 3,000,000 | -9,000,000 | 1,000,000 | 3,000,000 | 2,000,000 | -20,000,000 |
supplies and other current assets | -19,000,000 | 39,000,000 | -36,000,000 | 2,000,000 | 6,000,000 | 16,000,000 | 3,000,000 | -3,000,000 | 4,000,000 | -5,000,000 | -1,000,000 | -21,000,000 | -13,000,000 | 161,000,000 | 6,000,000 | 20,000,000 | -13,000,000 | ||
other long-term assets | -82,000,000 | -78,000,000 | -76,000,000 | -54,000,000 | -49,000,000 | -48,000,000 | -37,000,000 | -57,000,000 | -48,000,000 | -56,000,000 | -37,000,000 | -26,000,000 | -26,000,000 | -25,000,000 | -17,000,000 | -13,000,000 | -9,000,000 | -7,000,000 | -8,000,000 |
accounts payable | 5,000,000 | -32,000,000 | -20,000,000 | 47,000,000 | 4,000,000 | -17,000,000 | -7,000,000 | 4,000,000 | 5,000,000 | 14,000,000 | -8,000,000 | 9,000,000 | -21,000,000 | 3,000,000 | 5,000,000 | -3,000,000 | 14,000,000 | -4,000,000 | 6,000,000 |
air traffic liability | 107,000,000 | 27,000,000 | 1,000,000 | -34,000,000 | 64,000,000 | 2,000,000 | -31,000,000 | -5,000,000 | 75,000,000 | -71,000,000 | 111,000,000 | 17,000,000 | -76,000,000 | 9,000,000 | 90,000,000 | 21,000,000 | -82,000,000 | 104,000,000 | 95,000,000 |
other liabilities | 256,000,000 | 6,000,000 | 25,000,000 | -8,000,000 | -24,000,000 | 60,000,000 | -11,000,000 | 3,000,000 | 25,000,000 | 4,000,000 | -64,000,000 | 100,000,000 | -26,000,000 | 50,000,000 | 6,000,000 | 27,000,000 | -107,000,000 | 93,000,000 | 71,000,000 |
cash from operating activities | 40,000,000 | -91,000,000 | -215,000,000 | -133,000,000 | -86,000,000 | 87,000,000 | -156,000,000 | 9,000,000 | -22,000,000 | -9,000,000 | -25,000,000 | 94,000,000 | -105,000,000 | 20,000,000 | -87,000,000 | 120,000,000 | -146,000,000 | 212,000,000 | 30,000,000 |
cash flows from investing activities: | |||||||||||||||||||
capital expenditures | -12,000,000 | -22,000,000 | -2,000,000 | -33,000,000 | -18,000,000 | -14,000,000 | -14,000,000 | -31,000,000 | -17,000,000 | -12,000,000 | -11,000,000 | -10,000,000 | -17,000,000 | -7,000,000 | -7,000,000 | -7,000,000 | -8,000,000 | -9,000,000 | -3,000,000 |
free cash flows | 28,000,000 | -113,000,000 | -217,000,000 | -166,000,000 | -104,000,000 | 73,000,000 | -170,000,000 | -22,000,000 | -39,000,000 | -21,000,000 | -36,000,000 | 84,000,000 | -122,000,000 | 13,000,000 | -94,000,000 | 113,000,000 | -154,000,000 | 203,000,000 | 27,000,000 |
pre-delivery deposits for flight equipment, net of refunds | 45,000,000 | 81,000,000 | -43,000,000 | -51,000,000 | -11,000,000 | -14,000,000 | 2,000,000 | 2,000,000 | 13,000,000 | -32,000,000 | 23,000,000 | -25,000,000 | -45,000,000 | -16,000,000 | -25,000,000 | -64,000,000 | 3,000,000 | 13,000,000 | 12,000,000 |
cash from investing activities | 33,000,000 | 59,000,000 | -45,000,000 | -84,000,000 | -29,000,000 | -29,000,000 | -12,000,000 | -27,000,000 | -7,000,000 | -43,000,000 | 10,000,000 | -37,000,000 | -60,000,000 | -24,000,000 | -33,000,000 | -71,000,000 | -6,000,000 | 3,000,000 | 7,000,000 |
cash flows from financing activities: | |||||||||||||||||||
proceeds from issuance of debt, net of issuance costs | 51,000,000 | 138,000,000 | 253,000,000 | 68,000,000 | 33,000,000 | 58,000,000 | 276,000,000 | 73,000,000 | 69,000,000 | 16,000,000 | 36,000,000 | 59,000,000 | 73,000,000 | ||||||
principal repayments on debt | -83,000,000 | -192,000,000 | -145,000,000 | -15,000,000 | -28,000,000 | -27,000,000 | -259,000,000 | -87,000,000 | -74,000,000 | -13,000,000 | -38,000,000 | -51,000,000 | -26,000,000 | -24,000,000 | -165,000,000 | 0 | -37,000,000 | -38,000,000 | -22,000,000 |
proceeds from sale-leaseback transactions | 62,000,000 | 193,000,000 | 155,000,000 | 41,000,000 | 52,000,000 | 79,000,000 | 69,000,000 | 68,000,000 | 48,000,000 | 38,000,000 | 51,000,000 | 22,000,000 | 26,000,000 | 16,000,000 | 16,000,000 | 14,000,000 | 13,000,000 | ||
proceeds from the exercise of stock options | 0 | 0 | 0 | 6,000,000 | 0 | 0 | 0 | 1,000,000 | |||||||||||
tax withholdings on share-based awards | -2,000,000 | -2,000,000 | 0 | 0 | -2,000,000 | -4,000,000 | 0 | 0 | -2,000,000 | ||||||||||
cash from financing activities | 28,000,000 | 137,000,000 | 263,000,000 | 94,000,000 | 61,000,000 | 106,000,000 | 86,000,000 | 54,000,000 | 42,000,000 | 42,000,000 | 44,000,000 | 30,000,000 | 73,000,000 | 43,000,000 | -71,000,000 | 67,000,000 | 18,000,000 | 292,000,000 | 14,000,000 |
net increase in cash, cash equivalents and restricted cash | 101,000,000 | -123,000,000 | -54,000,000 | 36,000,000 | 13,000,000 | -10,000,000 | 29,000,000 | 87,000,000 | -92,000,000 | 39,000,000 | -191,000,000 | 116,000,000 | -134,000,000 | 507,000,000 | 51,000,000 | ||||
cash, cash equivalents and restricted cash, beginning of period | 671,000,000 | 0 | 0 | 0 | 740,000,000 | 0 | 0 | 0 | 609,000,000 | 0 | 761,000,000 | 0 | 0 | 0 | 918,000,000 | 0 | 0 | 0 | 378,000,000 |
cash, cash equivalents and restricted cash, end of period | 772,000,000 | 105,000,000 | 3,000,000 | -123,000,000 | 686,000,000 | 164,000,000 | -82,000,000 | 36,000,000 | 622,000,000 | -10,000,000 | 790,000,000 | 87,000,000 | -92,000,000 | 39,000,000 | 727,000,000 | 116,000,000 | -134,000,000 | 507,000,000 | 429,000,000 |
net income | 53,000,000 | -77,000,000 | 54,000,000 | 26,000,000 | 31,000,000 | -26,000,000 | 71,000,000 | -13,000,000 | 40,000,000 | 31,000,000 | 13,000,000 | -121,000,000 | -91,000,000 | ||||||
adjustments to reconcile net income to cash from operating activities: | |||||||||||||||||||
loss on extinguishment of debt | 0 | 0 | 0 | 0 | 7,000,000 | ||||||||||||||
amortization of cash flow hedges, net of tax | |||||||||||||||||||
aircraft maintenance deposits | 0 | 0 | 86,000,000 | -4,000,000 | -5,000,000 | -4,000,000 | -4,000,000 | -4,000,000 | -6,000,000 | -4,000,000 | -6,000,000 | -6,000,000 | -4,000,000 | -4,000,000 | |||||
other | -1,000,000 | 0 | 2,000,000 | -3,000,000 | 1,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | 0 | -1,000,000 | -1,000,000 | -2,000,000 | |||||||
net decrease in cash, cash equivalents and restricted cash | |||||||||||||||||||
warrant liability unrealized loss | 0 | 0 | 2,000,000 | 20,000,000 | |||||||||||||||
proceeds from initial public offering, net of offering costs, underwriting discounts and commissions | |||||||||||||||||||
minimum tax withholdings on share-based awards | 0 | -5,000,000 | -1,000,000 | 0 | 0 | -3,000,000 | 0 | 0 | -3,000,000 | ||||||||||
cash flows from operating leases | |||||||||||||||||||
amortization of swaption cash flow hedges, net of tax | 0 | 0 | 0 | ||||||||||||||||
proceeds from initial public offering, net of offering costs and underwriting discounts | 0 | ||||||||||||||||||
proceeds from issuance of debt | 97,000,000 | 48,000,000 | 39,000,000 | 50,000,000 | 26,000,000 | ||||||||||||||
cash flows for derivative instruments | |||||||||||||||||||
dividends paid | |||||||||||||||||||
losses from de-designated derivative positions | |||||||||||||||||||
cash flows from derivative instruments |