Those 2,000 applicants with applications on file also have their application in at Delta, United, American, FedEx, and UPS. Junior pilots at the ULCC’s will leave at the drop of the hat for those carriers. It’s millions of dollars difference in income over an entire pilot career. No ULCC is in good shape Pilot wise right now. Even Southwest and JetBlue are losing junior pilots.

Thanks, I should have mentioned in my original post: Actually ULCC is in really good shape pilot wise compared to the rest of the industry, per their earnings call this is what the CEO said: Barry Biffle -- President and Chief Executive Officer"I mean I think there's some airlines with some real challenges. But in our particular case, in the near term, we have an excess of the pilots, for example. And so while we've seen some attrition greater than years past, Frontier is really in a fortunate position" "I mean, we have over 2,000 qualified applicants on file right now. We've got a robust pipeline, there's plenty coming. And as I just mentioned, we're going to double our training footprint beginning in August" https://www.fool.com/earnings/call-transcripts/2022/04/29/frontier-group-holdings-inc-ulcc-q1-2022-earnings/

I like ALGT, I prefer ULCC though. IIRC ULCCs is providing slightly better guidance for Q2 and beyond, ULCC has better fuel efficiency, and ALGT is much harder to scale into given price/share is \~$150.

Yes, although the ULCC & SAVE merger is still being voted on June 10th. From these levels, I think SAVE is a really strong play as well.: Should the SAVE & ULCC merger not get approved, JBLU is offering $30-33 cash/share, which is a 75% premium to SAVEs current price.

Allegiant is also a good pick. ULCC with low Debt to Equity and good guidance. they also have 20% more capacity than pre pandemic. new planes that are more fuel efficient.