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  "documentTitle": "Citi | Investment Banking Pitch Book | 25 slides",
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  "presentationDate": "2019-10-01 00:00:00",
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  "notes": "The slide outlines three distinct financial scenarios for modeling purposes.",
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      "kind": "list",
      "text": "Lower Growth Sensitivity: Aircraft acquisitions reduced to $1 billion - $1.4 billion per year; Debt / equity of 2.5x - 2.9x",
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      "text": "Higher Growth Sensitivity: Aircraft acquisitions increased to $1.7 billion - $2.2 billion per year; Debt / equity of 3.0x by 2021E",
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      "text": "Base Case: Assumes aircraft acquisitions of $1.4 billion - $1.7 billion per year; Debt / equity of 2.5x - 2.8x",
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      "text": "Source: Europa Management. Note: Base Case and sensitivities assume no share repurchases and treat forecast stock based compensation as a cash cost.",
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