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  "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",
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  "pageNumber": 20,
  "pageCount": 43,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "competitive_analysis",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The slide uses a 'villain' framing to characterize JetBlue's strategic motives.",
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  "slideHref": "/slides/019de072-daab-71fa-9e0d-54796d84e17b/20",
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  "components": [
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      "kind": "callout",
      "text": "With fares >3x higher than Spirit and Frontier, JetBlue appears to be worried about competing against a combined ULCC that has greater reach and a larger network than JetBlue!",
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      "kind": "chart",
      "text": "Comparison of Destinations, Passengers, and CASM Ex-Fuel",
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      "kind": "list",
      "text": "JetBlue Seems Afraid to Compete with a Combined ULCC...and We Understand Why",
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      "kind": "source-note",
      "text": "1. Based on FY2021 or as of December 31, 2021. 2. Based on average of Spirit and Frontier 2021 CASM Ex-Fuel vs. JetBlue 2021 CASM Ex-Fuel.",
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      "kind": "title",
      "text": "We Believe JetBlue's Real Motivation Is to Break Up The Spirit / Frontier Merger",
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      "name": "Cost Of Inaction",
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      "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",
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