{
  "docId": "019de072-daab-71fa-9e0d-54796d84e17b",
  "docSlug": "5ebaed02e9f7ede20c1db26a05a5ec33",
  "documentTitle": "Spirit | Mergers and Acquisitions Presentation Deck | 43 slides",
  "authorId": "spirit",
  "authorName": "Spirit",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7744917,
  "pageNumber": 16,
  "pageCount": 43,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "comparison_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a combination of a line chart for stock performance and a bar chart for earnings recovery to argue for holding airline assets.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-daab-71fa-9e0d-54796d84e17b/16",
  "deckHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b",
  "deckJsonHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b.json",
  "deckAnchorHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.33,
        "x": 0.16,
        "y": 0.24
      },
      "kind": "callout",
      "text": "Airline Stocks Have 68% Upside to Pre-Pandemic Levels",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28ede034-5453-4b29-a326-3868c25109de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Airline Industry Net Income recovery trajectory 2019A-2024E",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a0ed473-6280-42a1-a556-d154369df809",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "chart",
      "text": "JETS Index performance from Jan-20 to May-22",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0ebcc69-6200-47af-8811-f9eacda40fd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81acca77-a72b-41a9-b873-68702d97ceae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.72,
        "x": 0.14,
        "y": 0.02
      },
      "kind": "title",
      "text": "The Airline Industry Recovery Is Taking Off: A Cash Sale Precludes You from Riding the Upside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c772b76d-22f8-4ec8-867b-8bd742788a6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "2660db92-e26c-413f-9d4e-00d6b983844f",
      "evidence": "Compares pre-pandemic baseline to future recovery projections to frame the investment opportunity.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 15,
      "beatId": "c55fa2e0-f2b3-40ed-b5d9-ca2a9c396317",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The presentation provides evidence and data to support its claims, including comparisons of the two offers and analysis of JetBlue's financial and operational performance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 15,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6f1b7ae8-9872-45d4-8969-9d02b3a1978f",
      "evidence": "The presentation highlights the cost of inaction, including the potential loss of value for Spirit shareholders.",
      "position": 1,
      "objective": "What is the cost of not accepting the Frontier merger?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}