{
  "docId": "019de072-c341-71d9-a771-38221f867f14",
  "docSlug": "357af61acb8666d6e4e6e90e444a7b4c",
  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 9 slides",
  "authorId": "jetblue",
  "authorName": "JetBlue",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 6,
  "pageCount": 9,
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  "slideType": "competitive_analysis",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 32,
  "notes": "Uses stacked bar charts to compare Spirit and Frontier combined projections against consensus. Includes a list of qualitative headwinds.",
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  "slideHref": "/slides/019de072-c341-71d9-a771-38221f867f14/6",
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  "deckAnchorHref": "/decks/019de072-c341-71d9-a771-38221f867f14#slide-6",
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      "kind": "callout",
      "text": "JetBlue has a realistic view of Spirit and is committed to the strategic rationale of the acquisition",
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      "kind": "chart",
      "text": "Revenue Excluding Synergies ($bn)",
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      "bbox": {
        "h": 0.25,
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      "kind": "chart",
      "text": "EBITDAR Excluding Synergies ($bn)",
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      "text": "2022 and 2023 EBITDAR estimates excluding synergies are 30% and 18% higher than consensus, respectively. Forecasted 2022E-2024E revenue CAGR of 22% and doubling in 4 years vs. average airline consensus growth of 12%. Wage inflation and continued attrition likely to increase cost projections. Fuel costs are expected to stay elevated (versus 2019) in 2023 and beyond. Pilot shortages are a constraint to growth for the overall industry.",
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      "kind": "source-note",
      "text": "Source: Frontier S-4, IBES consensus estimates as of 28-Apr-2022. Note: Charts combine standalone projections.",
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      "kind": "title",
      "text": "Facts do not Support Frontier and Spirit Projections; Significantly Overstate Potential Transaction Value",
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      "evidence": "Direct comparison of management projections vs consensus estimates",
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