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  "documentTitle": "2024 08 Investor Presentation",
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  "authorName": "Alaska Air Group",
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  "notes": "The slide uses a dual-chart layout to contrast operational performance (revenue/margin) with valuation metrics (EV/Revenue).",
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      "text": "Hawaiian Historical Revenue and Adjusted EBITDAR Margin",
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      "text": "Source: Company filings, merger proxies. (1) See Appendix for a reconciliation of Hawaiian Adjusted EBITDAR. (2) Industry Average Transaction Enterprise Value multiples based on Revenue as of twelve months ended prior to announcement. Based on JetBlue / Spirit, Frontier / Spirit, Alaska / Virgin, Southwest / Air Tran, and Delta / Northwest. (3) Transaction Enterprise Value / Revenue multiples based on Revenue of $2,778M for twelve months ended September 30, 2023.",
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      "text": "ACQUIRING A CARRIER WITH A HISTORICAL TRACK RECORD OF PROFITABILITY AT AN ATTRACTIVE VALUATION",
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