Frontier Group Holdings, Inc.

Good day. Thank you for standing by. Welcome to the Frontier Group Holdings, Inc. Second Quarter 2024 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automatic message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, David Erdman, Senior Director of Investillations. Please go ahead.

Thank you. Good morning, everyone, and welcome to our second quarter 2024 earnings call. On the call with me this morning are Barry Biffle, Chief Executive Officer, Jimmy Dempsey, President, Mark Mitchell, Chief Financial Officer, and Bobby Schroeder, Chief Commercial Officer. Before yielding, I'd like to recite the customary 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 released earlier, along with reports we file with the Securities and Exchange Commission. We will also discuss non-GAAP financial measures which are reconciled to the nearest comparable GAAP measure in the appendix of the earnings announcement. So I'll give the floor to Barry to begin his prepared remarks. Barry?

Thanks, David, and good morning, everyone. Despite industry oversupply across the United States, we effectively navigated the quarter due in part to our network and revenue diversification combined with our unique and improved cost advantage. While consumer travel demand has remained resilient, post-pandemic travel patterns have compelled us to concentrate our flying on peak days. Coupled with the maturity of the new revenue initiatives and our unique cost advantage, we believe we will drive margin improvement and be the clear low-cost winner in 2025 and beyond. Our cost advantage is bolstered by the program we launched late last year, which has generated more than $100 million in annual run rate savings tied to the network simplification, and I'm confident there's more to come. To mitigate excess industry capacity headwinds, we quickly responded by adjusting our post-summer capacity to focus on peak days of the week, which we believe will drive RASM improvement and ultimately margin growth in our business. In addition, we're also adjusting our fleet plan to accommodate for moderating growth over the next several years. This morning, we announced a revised delivery schedule with Airbus, which defers 54 aircraft out of 2025 through 2028, reducing our planned growth to approximately 10% per year from the previously expected high team growth. Moreover, we continue to optimize our suite of products and services to better align with customer demand. During the quarter, we launched the new Frontier, which provides clear upfront pricing and options, along with additional benefits. We'll also soon launch a new app in NDC, A new website early next year and all of this will improve the customer experience and ultimately drive higher revenue per passenger. Before yielding the call, I want to extend my gratitude to every member of Team Frontier for their resilience and determination in the face of this challenging landscape and for remaining focused on our top priority of delivering a safe and reliable experience for our customers following our mission of low fares done right. I'll now turn the call over to Jimmy for a commercial overview.