jetBlue Mergers and Acquisitions Presentation Deck
Facts do not support Spirit management's projections; significantly overstate
potential shareholder value and consumer benefits of Frontier transaction
53%
$0.7
$0.5
2022
jetBlue
Spirit standalone projections are
unreasonably optimistic
EBITDAR Excluding Synergies ($bn)
24%
$1.4
$1.1
2023
% Difference Between Mgmt. vs.
Consensus
28%
$1.6
$1.4
2024
Mgmt Proj.
$2.1
$2.4
Mgmt CAGRs
22E-24E: 55%
22E-26E: 35%
2025 2026
Consensus
Projections are not based on reality or unit
cost performance
X
X
X
X
EBITDAR estimates are materially higher than
consensus, driven predominantly by unrealistic OpEx
forecasts
Wage inflation and continued attrition likely to increase
cost projections for standalone entity
Fuel costs are expected to stay elevated (versus 2019) in
2023 and beyond
Pilot shortages are a constraint to growth for the overall
industry, synergies do not contemplate upward wage
pressure from negotiating as fifth largest carrier
JetBlue's synergies are based on realistic assumptions that support the strategic rationale of the acquisition
Source: Definitive proxy statement filed by Spirit on May 11, 2022, IBES consensus estimates as of May 13, 2022. Note: Charts refer to standalone projections without synergies.
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