If you're interested, below is a transcript of today's Frontier earnings call. I didn't really hear a vision to turn things around. There are generalities about serving more "underserved" markets, but you can see that the analysts are politely skeptical about this (underserved markets are underserved for a reason).

The most interesting fact is that they're currently only receiving $39 in fare revenue per passenger (down $19 from last year), and $76 in ancillary revenue. That ancillary number must include the online booking fee which, as we all know, is often way more than the actual fare (which can sometimes be just a few pennies). Frontier is optimistic (over-optimistic, I think) that their revised loyal program will bring in more revenue.

Something is definitely going to have to change here. It wasn't discussed, but I'm sure Frontier is hoping that the JetBlue/Spirit deal gets approved, giving them an open lane in the ULCC field. At the end of the day, though, it seems pretty obvious that the demand for ULCC flying is not unlimited in the USA, largely (I think) because the major airlines are already pretty low cost, and the public just prefers that product. The fact that those guys have way more lucrative credit card tie-ups no doubt also plays a role.

https://seekingalpha.com/article/464...all-transcript