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  "docSlug": "67cec7f559d2e59b",
  "documentTitle": "2024 08 Investor Presentation",
  "authorId": "Alaska-Airlines",
  "authorName": "Alaska Air Group",
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  "notes": "The slide uses a bar chart comparison to highlight the 'attractive' valuation of the subject company relative to historical industry transactions.",
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      "kind": "chart",
      "text": "Transaction Enterprise Value / Last Twelve Months Adjusted EBITDAR",
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      "kind": "chart",
      "text": "Transaction Enterprise Value / Last Twelve Months Revenue",
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      "kind": "disclaimer",
      "text": "Source: Company filings, merger proxies. (1) Industry Average Transaction Enterprise Value multiples based on Revenue and Adjusted EBITDAR as of twelve months ended prior to announcement, unless otherwise noted. (2) Revenue multiples based on Revenue of $2,778M for twelve months ended September 30, 2023. (3) EBITDAR multiple based on 2019 Adjusted EBITDAR of $926M for twelve months ended December 31, 2019. (4) EBITDAR multiples based on 2019 Adjusted EBITDAR of $604M for twelve months ended December 31, 2019. See Appendix for reconciliations of LTM EBITDAR.",
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      "text": "Transaction Enterprise Value / LTM Revenue: 0.7x",
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      "kind": "title",
      "text": "VALUATION IS VERY ATTRACTIVE RELATIVE TO RECENT AIRLINE TRANSACTIONS",
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