Way too many variables to consider, of course the main one being the state of the economy in the coming years. Some are of the opinion the ULCC model is recession proof. There may be a grain of truth to that but the airline industry in general is volatile so we will never know how F9 will weather the storm until the music stops playing.

If you are looking for explosive growth from a seniority perspective, you can’t beat the legacies. They will have close to 50% turnover in the next decade without a single additional airplane on property just due to retirements. Frontier has a relatively young pilot group, with maybe 1 or 2 retirements a month being the average.