Acquisition of Hawaiian by Alaska
VALUE CREATION
ACQUIRING A CARRIER WITH A HISTORICAL TRACK
RECORD OF PROFITABILITY AT AN ATTRACTIVE VALUATION
ADDS STRONG REVENUE BASE WITH PROFIT UPSIDE...
Hawaiian Historical Revenue and Adjusted EBITDAR (1) Margin
...AT ATTRACTIVE TRANSACTION METRICS
Transaction Enterprise Value / Last Twelve Months Revenue
21%
$2.8
2%
$2.8
1.7x
0.7x
2019
Domestic Revenue
(USD in Billions)
Source: Company filings, merger proxies.
LTM 9/30/2023
Pacific Revenue
Adjusted EBITDAR
Margin
(USD in Billions)
(1) See Appendix for a reconciliation of Hawaiian Adjusted EBITDAR.
Industry Average (2)
LTM 9/30/2023 (3)
(2) Industry Average Transaction Enterprise Value multiples based on Revenue as of twelve months ended prior to announcement. Based on JetBlue / Spirit, Frontier / Spirit, Alaska / Virgin, Southwest / Air Tran,
and Delta/Northwest.
(3) Transaction Enterprise Value / Revenue multiples based on Revenue of $2,778M for twelve months ended September 30, 2023.
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