Frontier Group Holdings, Inc.

Good day, and thank you for standing by. Welcome to the 2024 Third Quarter Frontier Group Holdings 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 the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To retry your question, please press star 1-1 again. Please be advised that today's conference has been recorded. I'm going to hand the call to your first speaker today, David Ertman, Senior Director of Investor Relation. Please go ahead.

Yes, thank you, and good morning, everyone. Welcome to our third 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. Each will deliver brief prepared remarks, but before they do, I'll 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 Actual results of which are reconciled to the nearest comparable gap 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. Our revenue and network initiatives helped to overcome headwinds from excess domestic capacity, and we saw green shoots midway through the quarter as we optimized our capacity and other carriers made needed cuts of their own. Domestic capacity growth has now slowed to its lowest rate post-pandemic, And in fact, for the first time in 10 years, it's trailing gross domestic product, excluding COVID years. September RASM inflected higher by approximately 5%, excluding the lean impact. And while lower capacity was a factor, we're seeing continued progress with our sales platform, the new frontier, and loyalty program enhancements. Bobby will expand on these items in just a moment. Our third quarter adjusted pre-tax margin loss of 1.1% was at the midpoint of our guidance despite a challenging conclusion of the quarter as Hurricane Helene struck the Southeast United States. Including the impact from the hurricane and the Microsoft CrowdStrike outage, our operation delivered year-over-year improvements across nearly every operational metric. This is a strong validation of our network simplification strategy, which also contributed to our 4% reduction in adjusted CASM ex-fuel on a stage-adjusted basis during the quarter. Improvements in our operations are helping to drive the lowest complaint rate we've had in three years. We expect the RASM inflection to strengthen in the fourth quarter, including the headwinds from Hurricane Milton, supported by the maturity of our network and revenue initiatives and moderating capacity growth. In addition, the schedule overlap with our closest to competitors is expected to significantly lower in the fourth quarter, and into 2025 across nearly all Frontier crew bases. Milton forced the cancellation of nearly 20% of our scheduled flights over a four-day period and caused demand softness for travel impacted areas on top of the lingering effects from Helene. I'd like to extend our thoughts to those affected by recent hurricanes, including many of our own employees who endured the brunt of them. As well, I'm grateful to the valued team member Frontier for safely navigating these challenges and working diligently to quickly and safely recover the operation. I'll now turn the call over to Jimmy for a commercial overview. Jimmy?