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FRONTIER Frontier Airlines Reports Financial Results for the First Quarter of 2021 DENVER , May 13 , 2021 -- Frontier Group Holdings , Inc. , parent company of Frontier Airlines , Inc. ( NASDAQ : ULCC ) , today reported its financial results for the first quarter of 2021 . During the quarter , Frontier experienced a strong rebound in demand as leisure travel strengthened ahead of spring break and Easter , leading the Company to be cash positive¹ in March . The Company ended the first quarter of 2021 with $ 853 million of unrestricted cash and cash equivalents and liquidity available under its Treasury Loan facility . On March 31 , 2021 , Frontier priced an initial public offering , which closed shortly after the end of the quarter . The IPO generated $ 271 million of net proceeds to Frontier before an estimated $ 6 million in offering expenses . " This is our first quarter reporting as a public company and we couldn't be more pleased with what we are seeing relative to the recovery in leisure travel , " said Barry Biffle , Frontier's president and CEO . " We believe our relative cost advantage driven by financial discipline coupled with our focus on leisure travel positions us well to be among the airline industry leaders as demand for leisure travel continues to rebound . In addition , we diligently limited the amount of debt added to our balance sheet while maintaining a strong liquidity position . " Biffle added , " We are well poised to take advantage of the recovery and expect to return to profitability in the second half of 2021. " The following is a summary of select financial results for the first quarter of 2021 , including both GAAP and adjusted ( Non - GAAP ) metrics . Please see “ Reconciliation of Non - GAAP Financial Information " below . ( unaudited , in millions , except for percentage and per share amounts ) Total operating revenues Total operating expenses Net income ( loss ) Net income ( loss ) margin Diluted earnings ( loss ) per share² $ $ $ $ Three Months Ended March 31 2021 2020 As As Reported Adjusted Reported Adjusted ( GAAP ) ( Non - GAAP ) ( GAAP ) ( Non - GAAP ) 271 $ 363 $ ( 91 ) $ ( 33.6 ) % ( 0.46 ) $ 271 $ 495 $ ( 173 ) $ ( 63.8 ) % ( 0.86 ) $ 544 $ 650 $ ( 64 ) $ ( 11.8 ) % ( 0.32 ) $ 544 587 ( 25 ) ( 4.6 ) % ( 0.12 )