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    Atul Maheswari • UBS Group

    Atul Maheswari's questions to Frontier Group Holdings Inc (ULCC) leadership

    Atul Maheswari's questions to Frontier Group Holdings Inc (ULCC) leadership • Q2 2025

    Question

    Atul Maheswari noted that Frontier no longer expects a profitable second half and asked what changed from the prior quarter's outlook. He also requested the non-stage-adjusted RASM guidance.

    Answer

    CEO Barry Biffle explained that a significant sales slump from mid-June to mid-July negatively impacted bookings for July, a critical month for the quarter, making the previous forecast for a profitable second half less certain. CFO Mark Mitchell provided the expected Q3 average stage length of 915 miles to help calculate the non-adjusted RASM.

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    Atul Maheswari's questions to Frontier Group Holdings Inc (ULCC) leadership • Q1 2025

    Question

    Atul Maheswari of UBS questioned whether the Q2 guidance miss was driven more by costs or a weaker RASM outlook, and also asked how the back-half profitability expectation compares to original plans.

    Answer

    CEO Barry Biffle and CFO Mark Mitchell explained that Q2 costs are higher due to the short lead time to adjust for capacity cuts, fewer aircraft deliveries, and the non-recurrence of a Q1 lease benefit. President James Dempsey clarified that they still expect positive year-over-year RASM in Q2. Biffle declined to give a full-year guide but confirmed they target H2 profitability, though it will be below original double-digit margin expectations for the year.

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    Atul Maheswari's questions to Allegiant Travel Co (ALGT) leadership

    Atul Maheswari's questions to Allegiant Travel Co (ALGT) leadership • Q2 2025

    Question

    Atul Maheswari questioned the company's confidence in the forecasted Q4 RASM acceleration, asking if recent bookings supported such a ramp. He also asked if the strong 2023 EPS of over $7 was an anomaly or an achievable target, and what fundamental business elements have changed since then.

    Answer

    SVP & CCO Drew Wells confirmed an uptick in demand is visible but cautioned that with over 85% of Q4 left to book, it is a small sample size. President and CEO Gregory Anderson noted that 2023 had a very strong demand backdrop but also new pilot pay accruals. He expressed confidence that through current initiatives, the company has a path to return to and exceed historical earnings performance, without providing a specific timeline.

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    Atul Maheswari's questions to JetBlue Airways Corp (JBLU) leadership

    Atul Maheswari's questions to JetBlue Airways Corp (JBLU) leadership • Q2 2025

    Question

    Atul Maheswari of UBS inquired about the directional outlook for fourth-quarter RASM compared to the third quarter, assuming current demand levels hold. He also asked where future capacity growth would be concentrated and how the company would prevent RASM dilution.

    Answer

    President Marty St. George declined to provide Q4 guidance, citing the unpredictability of close-in booking patterns and industry capacity. CEO Joanna Geraghty added that less than 20% of Q4 is booked. Regarding future growth, she did not specify markets but stressed that the growth is capital-efficient as it uses existing aircraft. She assured that the company has multiple levers, including fleet actions and utilization adjustments, to manage growth and protect RASM.

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