jetBlue Mergers and Acquisitions Presentation Deck
JetBlue Expected to Maintain Balance Sheet Flexibility Post-Transaction
jetBlue
Expect to Maintain Leverage¹ Inside Historical Levels and Continue Deleveraging Trajectory
4.4x
2010
1.1x
2015
1.2x
2019
Post-transaction
leverage well inside of
historical levels
< 1.0x
2022E
~ 3.0x
Post-
Transaction
JetBlue expected
to return to
historical
deleveraging
trajectory as it
captures
synergies
Year 3
Post-Closing
4.5x
2022E
Industry
Median
One of the best balance sheets in
the industry allows flexibility for all-
cash transaction
Transaction to be supported by
unencumbered collateral base of
>$9 billion
25% liquidity / revenue post-
transaction expected
No significant debt maturities
before 2027
Source: Management projections, historical financials, consensus estimates. Note: 2022E industry median excludes JetBlue. ¹ Leverage metric references adjusted net debt to EBITDAR, which is a non-GAAP metric. Refer to
reconciliations of non-GAAP financial measures in Appendix A.
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