Spirit Mergers and Acquisitions Presentation Deck
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More effective ultra-low fare competitor against the Big 4
$195
A Merger with Frontier Creates a Much Stronger
Competitor Than Spirit Standalone
Our future is brighter with Frontier...
Total Passenger Revenue per Passenger, 2019
American
2021A Available Seat Miles
$211 $244 $128
Delta
United
$108 $182 $173 $109 $107 $112
Southwest
The Big Four airlines are on average 80%+ more expensive
per passenger than to the Combined Company
With an ultra-low base fare of only $54, customers of the
Combined Company pay only for the services they value,
further increasing choice and savings
JetBlue
Alaska
S
Significant earnings growth and margin accretion,
accelerated through $500MM in annualized synergies
Allegiant
% EBITDAR Margin(¹)
Pro Forma Margins:
Spirit Standalone Margins:
1,682
2019A - 2026E Pro Forma EBITDAR ($MM)
927
755
2019A
266
110
156
1,346
736
610
(70)
(334)
(404)
2020A 2021A 2022E
24%
22%
2,533
1,419
1,179
(65)
27%
24%
3,355
50
1,768
29%
25%
2023E 2024E 2025E 2026E
Phased-in Synergies
■Frontier
Spirit
Source: Company filings, Management Estimates.
1. Spirit standalone EBITDAR margin based on revenue and EBITDAR per management; Pro Forma EBITDAR margin based on Spirit and Frontier pro forma revenue including phased-in revenue synergies and EBITDAR per management
including phased-in synergies and costs to achieve.
4,152
250
2,069
1,537 1,833
31%
26%
5,131
500
2,424
2,207
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