Frontier Group Holdings, Inc.

and thank you for standing by. Welcome to the Frontier Group Holdings first quarter 2022 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1 on your telephone. Please be advised that this conference may be recorded. I would now like to hand the conference over to your speaker today, David Erdman, Senior Director of Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. Welcome to our first quarter 2022 earnings call. Today's speakers will be Barry Biffle, President and CEO, Jimmy Dempsey, EVP and CFO, and Daniel Scherz, Senior Vice President, Commercial. Each will deliver brief prepared remarks, and then we'll get to your questions. But first, let me quickly cover the safe harbor provisions. During this call, we will be making forward-looking statements which are subject to risks and uncertainties. Actual results may differ materially from those predicted in these forward-looking statements. Additional information concerning risk factors which could cause such differences are outlined in the announcement we published earlier and with reports we have filed with the SEC. We may also discuss non-GAAP financial measures which are reconciled to the nearest comparable GAAP measure in the appendix of the earnings announcement. As well, during the call, any commentary regarding the proposed combination of frontier and spirit does not constitute an offer to sell or the solicitation of any offer to buy any securities or solicitation of any vote or approval. A registration statement and subsequent amendment were previously filed in Form S-4 with the SEC, and you should closely read those documents as they contain important information related to the proposed combination. And just lastly, we will be participating in several investor conferences in the coming months, and we hope to see you at one of those events. With that, I'll give the floor to Barry to begin his comments.

Thanks, David. Good afternoon, everyone, and thanks for joining our call. As we progress through the first quarter, we entered a period of post-pandemic when demand for air travel is on solid path to recovery. Our revenue for the first quarter was 11% higher than the comparable pre-COVID quarter in 2019 and included $69 of ancillary revenue per passenger, 21% higher than the first quarter of 2019. In addition, capacity in the first quarter increased by 20% versus the comparable pre-COVID quarter in 2019. The recovery began in earnest in March and has continued into the second quarter. The strength of the recovery is the strongest I've experienced in my career, and we expect it to gain momentum as we progress through the year. Accordingly, we expect record revenue in the second quarter with RASM growth of over 20% compared to the second quarter of 2019 and continued strength in our ancillary performance leading to an expectation of a further improvement to $70 per passenger in the second quarter. As we position the airline to be a leader in the post-pandemic recovery, we are focused on balancing capacity in response to elevated fuel prices and the current demand environment to enable the airline to return to profitability in the second quarter and full year 2022. Utilization in the first quarter was impacted by COVID in January and February and severe weather in March exacerbated by staffing shortages at the Jackson Air Traffic Control Center. Daniel will elaborate further on this in his prepared remarks later. We plan to grow second quarter capacity 10% to 12% versus the comparable quarter in 2019 and full year capacity by 12% to 15% versus the full year of 2019. Utilization should continue to improve as overall passenger volumes increase through year end. our expectation of record revenue for the second quarter, and our industry-leading fuel efficiency validate our ultra-low-cost model, even in a high-cost fuel environment, providing confidence in our return to profitability. Before I turn the call over to Daniel for a commercial update, I wanted to highlight how proud I am of Team Frontier, which has successfully navigated the airline through the pandemic and positioned us to succeed in the recovery while upholding our mission of low fares done right. With that, I'll hand the call over to Daniel.