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  "documentTitle": "jetBlue | Mergers and Acquisitions Presentation Deck | 37 slides",
  "authorId": "jetblue",
  "authorName": "jetBlue",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses a 'X' icon list to frame the contradiction between management and market reality.",
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      "kind": "callout",
      "text": "JetBlue’s synergies are based on realistic assumptions that support the strategic rationale of the acquisition",
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      "kind": "chart",
      "text": "EBITDAR Excluding Synergies ($bn)",
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      "text": "EBITDAR estimates are materially higher than consensus, driven predominantly by unrealistic OpEx forecasts. Wage inflation and continued attrition likely to increase cost projections. Fuel costs expected to stay elevated. Pilot shortages are a constraint.",
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      "text": "Source: Definitive proxy statement filed by Spirit on May 11, 2022, IBES consensus estimates as of May 13, 2022. Note: Charts refer to standalone projections without synergies.",
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      "kind": "title",
      "text": "Facts do not support Spirit management’s projections; significantly overstate potential shareholder value and consumer benefits of Frontier transaction",
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