jetBlue Mergers and Acquisitions Presentation Deck
A 50% Premium to Spirit's Current Share Price¹ Offers Full and Certain Value to
Spirit Shareholders
jetBlue
$3.6bn
$33.00
JetBlue
Proposal
Value per Share Comparison ($)
Aggregate Equity Value
+52%
+$11.27
$21.73
Spirit
Share Price as
of 4-Feb-2022
+50%
+$11.01
$21.99
Spirit
Share Price as
of 4-Apr-2022
+37%
+$8.93
$24.07
Implied Value
of Frontier
Transaction² as
of 4-Apr-2022
$33/share represents $11/share or 50% premium to Spirit's
share price as of 4-Apr-2022
Advantages of JetBlue Proposal
Provides Spirit shareholders immediate liquidity and certain value
Implies highly attractive transaction multiples for Spirit
7.9x³ 2019A EBITDAR
14.4x³ 2022E EBITDAR
O
O
Frontier transaction value is dependent on future operational
performance, and therefore, subject to market risk
1 Spirit current share price as of 04-Apr-2022. 2 Based on exchange ratio of 1.9126x, $2.13 of cash consideration per share, and Frontier closing price as of 04-Apr-2022. 3 Multiples based on Spirit's actual 2019A EBITDAR of $927mm and consensus estimates for Spirit 2022E EBITDAR
as of 04-Apr-2022. EBITDAR is a non-GAAP financial measure. Spirit enterprise value assumes fully diluted shares outstanding of approximately 109.5 million and adjusted net debt of $3.7bn, including operating leases (as of 31-Dec-2021, based on Spirit's Form 10-K).
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