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Here are 1-3 brief analogies for Frontier (ULCC):

• The Spirit Airlines of the Western U.S.
• The Aldi of air travel.
• Like Ryanair or easyJet, but for flights within and from the U.S.

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• Air Transportation: Provides scheduled passenger air travel services, connecting various domestic and international destinations.
• Optional Travel Enhancements: Offers a range of add-on services for an additional fee, such as baggage allowance, seat selection, and priority boarding, allowing customers to customize their travel experience.

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• Airbus (AIR.PA)
• RTX Corporation (RTX) - Parent company of Pratt & Whitney
• General Electric (GE) - Parent company of GE Aerospace, a joint venture partner in CFM International
• Safran S. A. (SAF.PA) - Joint venture partner in CFM International

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Barry L. Biffle, President and Chief Executive Officer

Mr. Biffle has served as Chief Executive Officer of Frontier Airlines since March 2016 and as President since July 2014. He has over two decades of experience in the aviation industry, with a focus on turn-around situations and the development of ultra-low-cost carriers (ULCCs). Prior to joining Frontier, he was the Chief Executive Officer of VivaColombia, the first ULCC in South America, from July 2013 to April 2014. From February 2005 to July 2013, Mr. Biffle served as Chief Marketing Officer and Executive Vice President at Spirit Airlines, where he was instrumental in the company's financial turnaround and development. He also held various management roles at US Airways and American Eagle Airlines.

Mark C. Mitchell, Senior Vice President and Chief Financial Officer

Mr. Mitchell was promoted to Senior Vice President and Chief Financial Officer in October 2023. He joined Frontier in 2015 and has played a key role in the company's financial challenges, including its initial public offering (IPO) during the COVID-19 pandemic. His previous experience includes leadership positions at Starwood Hotels & Resorts Worldwide, where he served as Vice President of Accounting and Corporate Controller for Starwood Vacation Ownership. He also held roles focusing on corporate accounting, financial reporting, compliance, and audit management at Hard Rock Cafe International, Hughes Supply/HD Supply, Equitable Resources, and Deloitte & Touche.

James G. Dempsey, President

Mr. Dempsey was promoted to President in October 2023. He joined Frontier in 2014 as Chief Financial Officer and served as Executive Vice President and Chief Financial Officer from December 2019 until his promotion. Before joining Frontier, Mr. Dempsey held senior management roles at Ryanair Holdings PLC, including Treasurer from July 2006 to April 2014 and Head of Investor Relations from 2003 to 2006. He also worked in various management roles at PricewaterhouseCoopers from 2000 to 2003.

Howard M. Diamond, Executive Vice President, Legal and Corporate Affairs

Mr. Diamond was promoted to Executive Vice President, Legal and Corporate Affairs in February 2024. He has served Frontier since July 2014, initially as Senior Vice President, General Counsel and Corporate Secretary. Prior to Frontier, he was Vice President, General Counsel and Corporate Secretary of Thales USA, Inc. from January 2008 to July 2014. He also held the role of Chief Counsel at BAE Systems Land and Armaments and began his legal career as an officer in the U.S. Army JAG Corps.

Steve Schuller, Senior Vice President, Human Resources

Mr. Schuller was named Senior Vice President, Human Resources in February 2024, having joined Frontier in September 2018 as Vice President, Human Resources. With over 30 years of HR expertise, he has held leadership positions in diverse companies, ranging from entrepreneurial startups to global corporations, including Wyndham Worldwide and JC Penney. Before joining Frontier, he served as Vice President of Talent and Chief Learning Officer for Catapult Health.

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The key risks to Frontier Airlines (ULCC) primarily revolve around its ability to achieve sustained profitability in a highly competitive and cost-sensitive market.

1. Persistent Profitability Challenges and Cash Burn: Frontier has consistently faced negative operating margins, persistent losses, and ongoing cash burn, making it a significant challenge to achieve break-even and maintain financial health. This issue is underscored by lowered EBITDA estimates and continued negative free cash flow projections.
2. Intense Competitive Pressure and Industry Overcapacity: The ultra-low-cost carrier (ULCC) market is characterized by fierce fare competition and overcapacity, particularly in domestic leisure markets. This environment puts significant pressure on Frontier’s yields and its ability to maintain profit margins, as rivals ease capacity discipline and engage in price wars.
3. Rising Operating Costs and Cost Convergence: Frontier's ultra-low-cost business model is challenged by surging operating expenses, including significant increases in labor and maintenance costs, which have risen by 30-40% post-pandemic. This cost convergence with larger carriers erodes Frontier's competitive advantage in offering deeply discounted fares, making profitability harder to achieve. Fuel price volatility also remains a consistent operational risk.

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Frontier Airlines (ULCC) operates as an ultra-low-cost carrier (ULCC), with its primary product being affordable passenger air transportation. The company focuses on offering low base fares and generates additional revenue through ancillary services such as baggage fees, seat selection, and other optional add-ons.

The addressable market for Frontier Airlines' main products and services is the U.S. domestic air travel market, particularly within the low-cost carrier segment.

The market size for the U.S. Domestic Airlines industry is estimated to be $243.8 billion in 2025.

More specifically, the U.S. Low-Cost Carrier (LCC) market, which directly addresses Frontier's business model, is projected to grow from $50 billion in 2024 to $350 billion by 2035, with a compound annual growth rate (CAGR) of 19.35% from 2025 to 2035. Ultra-low-cost carriers have seen their market share in the U.S. domestic market increase from 6% to 11% between 2015 and 2023.

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• Return to Capacity Growth: Frontier anticipates a return to capacity growth in 2026, following a period of relatively flat capacity in late 2025. This expansion of available seat miles directly increases the potential for higher ticket sales and overall revenue.
• Route Network Expansion: The company is actively expanding its route network, with 42 new routes slated to launch through early 2026, including an increased international presence. By reaching new destinations and markets, Frontier aims to attract a broader customer base and enhance revenue generation.
• Growth in Loyalty Program and Ancillary Revenues: Frontier has invested significantly in its loyalty program and is focused on growing ancillary revenues. The loyalty program generated approximately $7.50 in revenue per passenger in Q3 2025, a 40% increase year-over-year, with projections to potentially double loyalty revenue per passenger over time through new credit card benefits and expanded redemption options. Strategic initiatives around premium product offerings and effective ancillary revenue strategies are expected to support higher revenue per passenger.
• Introduction of New Product Offerings: Frontier plans to introduce "First Class" seating by spring 2026. This new product offering is expected to enhance the company's value proposition to customers and create an additional revenue stream.
• Favorable Competitive Landscape and RASM Growth: A shift in the competitive landscape, primarily due to a major competitor reducing capacity, is expected to create a more favorable environment for Frontier. This is anticipated to enable the airline to accelerate commercial initiatives, drive revenue per available seat mile (RASM) growth, and achieve pricing recovery.

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Share Repurchases

• No significant dollar amount of share repurchases made or authorized to be made in the future was identified in the provided information for the last 3-5 years.

Share Issuance

• Frontier Airlines went public on April 1, 2021, through an Initial Public Offering (IPO) on the Nasdaq exchange under the ticker symbol ULCC.
• The IPO offered 30 million shares at a price of $19.00 per share.
• Frontier itself received approximately $266 million in net proceeds from the IPO.

Outbound Investments

• In early 2022, Frontier attempted to acquire Spirit Airlines (another ULCC) in a cash-and-stock deal valued at US$2.8 billion, but the offer was rejected by Spirit shareholders on July 27, 2022.
• Frontier confirmed a proposal in January 2025 to combine with Spirit Airlines, involving the issuance of new Frontier debt and common stock.

Capital Expenditures

• Frontier's capital expenditures averaged $78.8 million annually from fiscal years ending December 2020 to 2024.
• Capital expenditures peaked at $152 million in December 2022 and reached a 5-year low of $16 million in December 2020.
• For the full year 2024, other capital expenditures were estimated to be between $150 million and $170 million, which included capitalized heavy maintenance. The company expects capital expenditures to remain high for 2025.