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FRONTIER LOW FARES DONE RIGHT Frontier Airlines Reports Financial Results for the Second Quarter of 2021 August 4 , 2021 DENVER , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- Frontier Group Holdings , Inc. , parent company of Frontier Airlines , Inc. ( NASDAQ : ULCC ) , today reported its financial results for the second quarter of 2021 . Frontier experienced strengthening demand for leisure travel during the second quarter , with capacity , as measured by ASMS , exceeding the levels achieved in the comparable pre - COVID quarter in 2019. The Company was profitable on a GAAP basis and ended the quarter with $ 936 million of unrestricted cash and cash equivalents , the highest cash balance in the Company's history . Frontier is focused on positioning the airline to be an industry leader in the recovery from the COVID - 19 pandemic , and during the quarter returned all of its aircraft and employees into service across all of its stations . Frontier had 109 aircraft at the end of the quarter , 11 percent higher than the corresponding prior year period . The airline is expected to take delivery of five additional A320neo aircraft in the third quarter of 2021 with no aircraft expected to be delivered in the fourth quarter . Frontier opened 15 new stations during the second quarter of 2021 and operated over 400 flights per day during the quarter , which was 10 percent higher than the comparable pre - COVID quarter in 2019. While restoring the operation to pre - pandemic levels , Frontier remained financially disciplined , with the business ending the quarter in a very strong liquidity position . " I am extremely proud of our Frontier team for all of their hard work , dedication and professionalism with our customers through the pandemic and their commitment to our mission of Low Fares Done Right , " said Barry Biffle , Frontier's president and CEO . " During the quarter , as the recovery in leisure travel progressed , our capacity exceeded the comparable pre - COVID quarter and we leveraged our financial discipline and relative cost advantage to be profitable on a GAAP basis . Our focus on leisure travel , along with the strength and resilience of our business model and available liquidity , positions us to continue to be an industry leader in the recovery . " The following is a summary of select financial results for the second quarter of 2021 , including both GAAP and adjusted ( Non - GAAP ) metrics . Please see " Reconciliation of Non - GAAP Financial Information " on page 9 below . ( unaudited , in millions , except for percentage and per share amounts ) 2021 As Reported ( GAAP ) $ $ $ Total operating revenues Total operating expenses Net income ( loss ) Net income ( loss ) margin Diluted earnings ( loss ) per share² $ Recent Company Highlights : 550 532 19 3.5 % 0.08 Adjusted ( Non - GAAP ) $ 550 $ $ $ 613 ( 50 ) ( 9.1 ) % $ $ $ ( 0.24 ) Three Months Ended June 30 , 2020 As Reported ( GAAP ) $ 194 188 17 8.8 % 0.08 2019 Adjusted ( Non - GAAP ) As Reported ( GAAP ) $ 637 $ 194 $ 536 $ 284 ( 37 ) ( 19.1 ) % $ $ 81 12.7 % $ ( 0.19 ) $ 0.37 Adjusted ( Non - GAAP ) 637 538 79 12.4 % 0.40 $ $ $ $ • Frontier completed the second quarter of 2021 with $ 936 million of unrestricted cash and cash equivalents , the highest cash balance in the Company's history . • The Company reported $ 19 million of net income on a GAAP basis during the quarter as the recovery in demand for air travel across the U.S. continued to strengthen . • Frontier's capacity during the quarter , as measured by ASMS , exceeded the levels achieved in the comparable pre - COVID quarter in 2019 . • Frontier took delivery of five A320neo aircraft during the quarter . This brings the airline's total fleet count to 109 aircraft , which is 11 percent higher than the prior year . Frontier expects to take delivery of an additional five A320neo aircraft during the third quarter of 2021 , with no deliveries expected in the fourth quarter . • Frontier's fleet continues to be the most fuel - efficient of all major U.S. carriers when measured by ASMS per fuel gallon consumed , generating over 100 ASMS per gallon during the second quarter of 2021 . • Frontier signed a letter of intent with two of its leasing partners to add ten additional A321 aircraft through direct leases , with deliveries expected to begin in the second half of 2022 and continuing into the first half of 2023. The additional A321 aircraft will enable the Company to boost its ASM growth rate as the recovery from the COVID - 19 pandemic continues . • The Company generated approximately $ 60 of ancillary revenue per passenger , which was 6.1 percent higher than the ancillary revenue per passenger generated during the comparable pre - COVID quarter in 2019 . • Frontier added more leisure destinations for customers for the second half of 2021 , including a significant expansion in its schedule in Orlando , Las Vegas and Atlanta , with over 160 destinations collectively from these cities , and further international expansion , including Antigua , Aruba , Belize , Costa Rica , St. Maarten , and Turks and Caicos . Cash and Liquidity :