Spirit Mergers and Acquisitions Presentation Deck
>>> The Spirit / Frontier Merger
We Believe JetBlue's Real Motivation Is to Break Up
107
Destinations Served
Spirit / Frontier Merger Creates National ULCC
with Greater Reach than JetBlue...
85
145+
JetBlue vs. Spirit / Frontier(¹)
S
30.1
Passengers (MM)
30.8
jetBlue
51.5
S
S
...And a Much Lower Cost Base to
Undercut JetBlue on Prices...JetBlue
Loses but Consumers Win!
CASM Ex-Fuel
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.
10.1¢
7.0¢
jetBlue
6.7¢
jetBlue S
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!
JetBlue Seems Afraid to Compete with a
Combined ULCC...and We Understand Why
• True national ULCC with an expansive network
S
• Unit costs are ~32% below JetBlue's unit costs
before cost savings(1)(2)
....With that scale advantage gone, JetBlue may be
understandably afraid of becoming irrelevant
●
JetBlue's high fares already repel many customers
leading to its weak financial performance relative to
ULCCS (or any other airline), but at least it has a scale
advantage...
JetBlue still wins if the Spirit / Frontier merger does
not happen, but Spirit shareholders and the
American public lose BIG TIME
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What Is JetBlue's Real Motivation?View entire presentation