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  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 29 slides",
  "authorId": "spirit",
  "authorName": "Moelis & Company",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "The slide uses a combination of a bar chart for passenger revenue and a stacked bar chart for pro forma EBITDAR growth including synergies.",
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      "kind": "callout",
      "text": "Our future is brighter with Frontier...",
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      "text": "2019A – 2026E Pro Forma EBITDAR ($MM)",
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      "text": "2021A Available Seat Miles / Total Passenger Revenue per Passenger, 2019",
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      "kind": "paragraph",
      "text": "The Big Four airlines are on average 80%+ more expensive per passenger than to the Combined Company. With an ultra-low base fare of only $54, customers of the Combined Company pay only for the services they value, further increasing choice and savings",
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      "text": "Source: Company filings, Management Estimates. 1. Spirit standalone EBITDAR margin based on revenue and EBITDAR per management; Pro Forma EBITDAR margin based on Spirit and Frontier pro forma revenue including phased-in revenue synergies and EBITDAR per management",
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      "text": "A Merger with Frontier Creates a Much Stronger Competitor Than Spirit Standalone",
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