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  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 25 slides",
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  "authorName": "JetBlue",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "The chart uses a mix of historical data (2010-2022E) and forward-looking projections (Post-Transaction, Year 3 Post-Closing).",
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      "text": "Expect to Maintain Leverage Inside Historical Levels and Continue Deleveraging Trajectory",
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      "text": "Leverage ratio chart showing 2010, 2015, 2019, 2022E, Post-Transaction, Year 3 Post-Closing, and 2022E Industry Median.",
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      "text": "One of the best balance sheets in the industry allows flexibility for all-cash transaction; Transaction to be supported by unencumbered collateral base of >$9 billion; 25% liquidity / revenue post-transaction expected; No significant debt maturities before 2027",
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      "text": "Source: Management projections, historical financials, consensus estimates. Note: 2022E industry median excludes JetBlue. ¹ Leverage metric references adjusted net debt to EBITDAR, which is a non-GAAP metric. Refer to reconciliations of non-GAAP financial measures in Appendix A.",
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      "text": "JetBlue Expected to Maintain Balance Sheet Flexibility Post-Transaction",
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