jetBlue Mergers and Acquisitions Presentation Deck slide image

jetBlue Mergers and Acquisitions Presentation Deck

JetBlue Expected to Maintain Balance Sheet Flexibility Post-Transaction jetBlue Expect Leverage¹ Inside Historical Levels and a Return to Deleveraging Trajectory Post-close 4.4x 2010² 1.1x 2015² 0.8x 2019 - 3.5-4.0x 2022E Post-transaction leverage inside of historical levels ~ 3.0 - 3.5x Post- Transaction JetBlue expected to return to historical deleveraging trajectory as it captures synergies 1 <2.0x Run-rate synergy capture 5.5x 2022E Industry Median One of the best balance sheets in the industry allows flexibility for all- cash transaction Post-close, expect to maintain $2B+ of unencumbered collateral No significant debt maturities before 2026 Source: Management projections, historical financials, consensus estimates. Note: 2022E industry median excludes JetBlue and is based on consensus estimates as of July 19, 2022. Post-transaction net leverage is based on management projections for 2023E Adjusted Net Debt to 2023E EBITDAR and use leveragable EBITDAR where there is 50% synergy credit given to post-transaction figure and 100% synergy credit given to run-rate synergy capture figure. 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. 22010 and 2015 metrics pre-date IFRS 16 lease accounting changes and are calculated using the capitalized aircraft rent methodology. Refer to reconciliations of non-GAAP financial measures in Appendix A. 15
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