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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses a dual-chart layout to contrast current stock price depression with the projected earnings recovery trajectory.",
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      "kind": "chart",
      "text": "Airline Industry Net Income / 2019A Net Income",
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      "text": "JETS Index performance from Jan-20 to May-22",
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      "text": "Airline share prices have 68% upside to pre-pandemic levels, and net income remains at just 19% of 2019A levels; only a stock-for-stock transaction allows shareholders to participate in the recovery",
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      "text": "Source: Capital IQ, Company Filings. 1. Market data as of May 20, 2022. 2. Historical non-GAAP net income as reported in Company Filings.",
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      "text": "An All-Cash Acquisition Would Strand Shareholders on the Tarmac as the Recovery Takes Off",
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