Frontier Investor Conference Presentation Deck
Relative Cost Advantage Widens Post-COVID
Principal and interest payments from incremental debt
issued during the pandemic, per passenger
($)
4
S
FRONTIER spirit
21
Other Airlines
$
COUL
Other Airlines added approximately
$72 billion of debt to their balance
sheets during 2020 and 2021;
resulting interest burden will
widen our relative cost advantage
Note: Incremental debt reflects debt raised during 2020 and 2021 from public filings as of 12/31/21; principal and interest payment per passenger
reflects the average annual payment assuming 5-year amortization and 2019 passenger count; Other Airlines include Big 4, Middle 3 and Allegiant;
Frontier debt per passenger excludes the $150 million treasury loan, which was fully repaid in February 2022
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