{
  "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": 18,
  "pageCount": 43,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a red dashed line to represent the 'JetBlue's Illusory Offer' benchmark.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-daab-71fa-9e0d-54796d84e17b/18",
  "deckHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b",
  "deckJsonHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b.json",
  "deckAnchorHref": "/decks/019de072-daab-71fa-9e0d-54796d84e17b#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.67
      },
      "kind": "callout",
      "text": "Based on third party earnings estimates (which are consistent for the broader airline industry), the value upside from a pandemic recovery alone exceeds a cash offer that, even if it could close, would take up to 2 years to deliver cash proceeds to shareholders: Don't miss out on the recovery!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e624db66-7eec-4dd0-93c9-41ae66f907a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.84,
        "x": 0.08,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Comparison of Spirit standalone vs Frontier merger valuations",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da9870c7-544c-4f4e-a1d4-0af74ebf6298",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.2,
        "x": 0.77,
        "y": 0.94
      },
      "kind": "other",
      "text": "JetBlue's Misleading Math",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "198fca41-d49a-4ad1-91cb-0824dd00462b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.72,
        "x": 0.03,
        "y": 0.84
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Company Filings. 1. Market data as of May 20, 2022. 2. Illustrative share price calculated... 3. Illustrative value per share based on Spirit shareholder's 48.5% share...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac82f04f-75a1-441b-9c08-850b077ec37e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.72,
        "x": 0.14,
        "y": 0.03
      },
      "kind": "title",
      "text": "...With Synergies from Frontier Merger Creating Even More Potential Upside for Spirit Shareholders",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1b4659a-2bf3-40dd-96ee-4a75986fab18",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}