Spirit Mergers and Acquisitions Presentation Deck
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The Strategic Opportunity is Reinforced by $500MM of
Annual Operating Synergies and Network Benefits
Shareholders also benefit from substantial potential upside from future synergies
✓ Expect annual run-rate operating synergies of $500MM¹
Primarily driven by scale efficiencies and procurement savings across the enterprise
Approximately $400MM of annual synergies are network benefits; the remaining $100MM relate to cost
synergies
✓ Synergy estimates were developed through bottom-up analysis with the assistance of third-party
consultants, including Campbell-Hill Aviation Group
Synergies thesis and analysis developed over an extended period of time, with Spirit and Frontier
business combination discussions explored on and off since as early as November 2016.
1. One-time costs to achieve of $400 million
LO
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