2021 Q1 Form 10-Q Financial Statement

#000167007621000012 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $271.0M $544.0M
YoY Change -50.18%
Cost Of Revenue $222.0M
YoY Change
Gross Profit $49.00M
YoY Change
Gross Profit Margin 18.08%
Selling, General & Admin $252.0M
YoY Change
% of Gross Profit 514.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000M $8.000M
YoY Change 0.0%
% of Gross Profit 16.33%
Operating Expenses $141.0M
YoY Change
Operating Profit -$92.00M -$106.0M
YoY Change -13.21%
Interest Expense -$21.00M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$21.00M $3.000M
YoY Change -800.0%
Pretax Income -$113.0M -$103.0M
YoY Change 9.71%
Income Tax -$22.00M -$39.00M
% Of Pretax Income
Net Earnings -$91.00M -$64.00M
YoY Change 42.19%
Net Earnings / Revenue -33.58% -11.76%
Basic Earnings Per Share -$0.46 -$0.32
Diluted Earnings Per Share -$0.46 -$0.32
COMMON SHARES
Basic Shares Outstanding 199.5M shares 199.2M shares
Diluted Shares Outstanding 199.5M shares 199.2M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $429.0M
YoY Change
Cash & Equivalents $429.0M $612.0M
Short-Term Investments
Other Short-Term Assets $223.0M
YoY Change
Inventory
Prepaid Expenses $17.00M
Receivables $48.00M
Other Receivables $181.0M
Total Short-Term Assets $720.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $177.0M
YoY Change
Goodwill
YoY Change
Intangibles $29.00M
YoY Change
Long-Term Investments
YoY Change
Other Assets $164.0M
YoY Change
Total Long-Term Assets $2.960B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $720.0M
Total Long-Term Assets $2.960B
Total Assets $3.680B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.00M
YoY Change
Accrued Expenses $508.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $110.0M
YoY Change
Total Short-Term Liabilities $1.223B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $242.0M
YoY Change
Other Long-Term Liabilities $65.00M
YoY Change
Total Long-Term Liabilities $307.0M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.223B
Total Long-Term Liabilities $307.0M
Total Liabilities $3.461B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $170.0M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $219.0M $454.0M
YoY Change
Total Liabilities & Shareholders Equity $3.680B
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$91.00M -$64.00M
YoY Change 42.19%
Depreciation, Depletion And Amortization $8.000M $8.000M
YoY Change 0.0%
Cash From Operating Activities $30.00M -$180.0M
YoY Change -116.67%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$2.000M
YoY Change 50.0%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00
YoY Change
Cash From Investing Activities $7.000M -$11.00M
YoY Change -163.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $22.00M $43.00M
YoY Change -48.84%
Cash From Financing Activities $14.00M $35.00M
YoY Change -60.0%
NET CHANGE
Cash From Operating Activities $30.00M -$180.0M
Cash From Investing Activities $7.000M -$11.00M
Cash From Financing Activities $14.00M $35.00M
Net Change In Cash $51.00M -$156.0M
YoY Change -132.69%
FREE CASH FLOW
Cash From Operating Activities $30.00M -$180.0M
Capital Expenditures -$3.000M -$2.000M
Free Cash Flow $33.00M -$178.0M
YoY Change -118.54%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
429000000 USD
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Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and accompanying notes. Actual results could differ from those estimates.
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230000000 USD
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1000000 USD
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0 USD
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85000000 USD
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36000000 USD
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97000000 USD
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26000000 USD
CY2020Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
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0 USD
CY2021Q1 fron Accrued Landing Fees And Other Rentals Current
AccruedLandingFeesAndOtherRentalsCurrent
44000000 USD
CY2020Q4 fron Accrued Landing Fees And Other Rentals Current
AccruedLandingFeesAndOtherRentalsCurrent
33000000 USD
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LeasedAircraftReturnLiabilityCurrent
14000000 USD
CY2020Q4 fron Leased Aircraft Return Liability Current
LeasedAircraftReturnLiabilityCurrent
20000000 USD
CY2020Q4 fron Accrued Aircraft Maintenance Materials And Repairs Current
AccruedAircraftMaintenanceMaterialsAndRepairsCurrent
22000000 USD
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PassengerTaxesAndFeesPayableCurrent
63000000 USD
CY2020Q4 fron Passenger Taxes And Fees Payable Current
PassengerTaxesAndFeesPayableCurrent
41000000 USD
CY2021Q1 fron Accrued Fuel Costs Current
AccruedFuelCostsCurrent
16000000 USD
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AccruedFuelCostsCurrent
6000000 USD
CY2021Q1 fron Warrants And Rights Outstanding Current
WarrantsAndRightsOutstandingCurrent
39000000 USD
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WarrantsAndRightsOutstandingCurrent
18000000 USD
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46000000 USD
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30000000 USD
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369000000 USD
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267000000 USD
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361000000 USD
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357000000 USD
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110000000 USD
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101000000 USD
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9000000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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9000000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
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242000000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
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247000000 USD
CY2021Q1 us-gaap Interest Paid
InterestPaid
1000000 USD
CY2020Q1 us-gaap Interest Paid
InterestPaid
2000000 USD
CY2020Q1 fron Lessee Operating Lease Renewal Number Of Aircraft
LesseeOperatingLeaseRenewalNumberOfAircraft
2 aircraft
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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79000000 USD
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
52000000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
20000000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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150000000 USD
CY2021Q1 fron Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
60000000 USD
CY2021Q1 us-gaap Long Term Debt
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361000000 USD
CY2020Q1 fron Lessee Operating Lease Number Of Amendments
LesseeOperatingLeaseNumberOfAmendments
2 amendment
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
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LesseeOperatingLeaseLessorIncentiveRefund
17000000 USD
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LesseeOperatingLeaseRenewalNumberOfAircraft
2 aircraft
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AircraftRentExpense
138000000 USD
CY2020Q1 fron Aircraft Rent Expense
AircraftRentExpense
103000000 USD
CY2021Q1 fron Supplemental Rent Expense Non Recoverable
SupplementalRentExpenseNonRecoverable
1000000 USD
CY2020Q1 fron Supplemental Rent Expense Non Recoverable
SupplementalRentExpenseNonRecoverable
1000000 USD
CY2021Q1 fron Supplemental Rent Expense Lease Return Obligations
SupplementalRentExpenseLeaseReturnObligations
14000000 USD
CY2020Q1 fron Supplemental Rent Expense Lease Return Obligations
SupplementalRentExpenseLeaseReturnObligations
4000000 USD
CY2021Q1 fron Aircraft Maintenance Deposits Expected To Be Recoverable
AircraftMaintenanceDepositsExpectedToBeRecoverable
92000000 USD
CY2020Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable
AircraftMaintenanceDepositsExpectedToBeRecoverable
82000000 USD
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AircraftMaintenanceDepositsExpectedToBeRecoverableEligibleMaintenancePerformed
6000000 USD
CY2020Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable Eligible Maintenance Performed
AircraftMaintenanceDepositsExpectedToBeRecoverableEligibleMaintenancePerformed
1000000 USD
CY2021Q1 fron Deposits On Aircraft Maintenance Noncurrent
DepositsOnAircraftMaintenanceNoncurrent
86000000 USD
CY2020Q4 fron Deposits On Aircraft Maintenance Noncurrent
DepositsOnAircraftMaintenanceNoncurrent
82000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Year Four
LesseeOperatingLeaseMaintenanceReservePaymentYearFour
3000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Year One
LesseeOperatingLeaseMaintenanceReservePaymentYearOne
3000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Year Three
LesseeOperatingLeaseMaintenanceReservePaymentYearThree
3000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Year Two
LesseeOperatingLeaseMaintenanceReservePaymentYearTwo
3000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Remainder Of Fiscal Year
LesseeOperatingLeaseMaintenanceReservePaymentRemainderOfFiscalYear
3000000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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3000000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000 USD
CY2021Q1 fron Lessee Operating Lease Maintenance Reserve Payment Due After Year Four
LesseeOperatingLeaseMaintenanceReservePaymentDueAfterYearFour
11000000 USD
CY2021Q1 fron Number Of Airports
NumberOfAirports
110 airport
CY2021Q1 fron Lessee Operating Lease Payment Deferral Impact
LesseeOperatingLeasePaymentDeferralImpact
-11000000 USD
CY2021Q1 fron Lessee Operating Lease Payment Deferral Impact Yet To Be Recognized
LesseeOperatingLeasePaymentDeferralImpactYetToBeRecognized
22000000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
107000000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
98000000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
65000000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
45000000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
172000000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
143000000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
108000000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
99000000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021Q1 us-gaap Multiemployer Plan Pension Significant Employees Covered By Collective Bargaining Arrangement To All Entitys Employees Percentage
MultiemployerPlanPensionSignificantEmployeesCoveredByCollectiveBargainingArrangementToAllEntitysEmployeesPercentage
0.87
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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640121 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.64
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.02
CY2021Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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522000000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Next Twelve Months
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765000000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Second Year
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1095000000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Third Year
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1144000000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Fourth Year
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1422000000 USD
CY2021Q1 fron Purchase Obligation To Be Paid After Year Four
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3906000000 USD
CY2021Q1 fron Multiemployer Plan Number Of Employee Groups
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7 employee_group
CY2020Q4 us-gaap Self Insurance Reserve
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4000000 USD
CY2021Q1 us-gaap Self Insurance Reserve
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4000000 USD
CY2021Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Net Income Loss
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-64000000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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0 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-91000000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-64000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199482701 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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199187260 shares
CY2021Q1 us-gaap Earnings Per Share Basic
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-0.46
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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0 USD
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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199187260 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2021Q1 us-gaap Net Income Loss
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-91000000 USD
CY2020Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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0 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-91000000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-64000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199482701 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199187260 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199482701 shares
CY2020Q1 us-gaap Earnings Per Share Diluted
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-0.32
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
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20000000 USD

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